Kinross signs $300m loan agreement for Mauritania mine
Canada-based Kinross Gold has signed a definitive loan agreement for up to $300-million for its Tasiast operation, in Mauritania, with the International Finance Corporation (IFC) and other lenders.
This is the IFC’s largest ever investment in Mauritania.
The agreement, which also includes Export Development Canada and the participation of ING Bank and Société Générale, underscores the attractive foreign investment climate in Mauritania, Kinross president and CEO Paul Rollinson said on Monday.
“Tasiast has continued to achieve strong results and has operationally outperformed since the completion of the initial expansion. We believe this agreement will contribute to the long-term success of Tasiast for the benefit of both Kinross and the people of Mauritania.”
Kinross in September announced a $150-million investment to incrementally expand the throughput capacity at Tasiast to 24 000 t/d. The Tasiast 24k project comes at a significantly lower capital cost than the previously contemplated 30 000 t/d Phase 2 expansion.
The eight-year loan, which is non-recourse to Kinross, matures in December 2027 and has a floating interest rate of London interbank offered rate plus 4.38%. The initial drawdown under the loan agreement is expected in early 2020, subject to the satisfaction of customary conditions precedent.
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