Canadian-based senior gold mining company Kinross Gold Corporation, which has mines and projects in Ghana, the United States, Brazil, Russia, Mauritania and Chile has announced that it has repaid $250 million in senior notes that were due September 1, 2016.
With this repayment, Kinross said in a statement that it has no other debt maturities until 2020, as the maturity dates of the company’s $500 million term loan and $1,500 million revolving credit facility were extended by one year to August 10, 2020 and August 10, 2021, respectively.
With no debt maturing in the next four years, a strong balance sheet and excellent liquidity, Kinross said it expects to have the financial flexibility to fund organic growth opportunities within its global portfolio, including the Tasiast Phase One expansion and potential Bald Mountain expansion.
As of June 30, 2016, Kinross had cash and cash equivalents of $968.2 million and had available credit of $1,499.6 million for total liquidity of approximately $2.5 billion.
Kinross maintains listings on the Toronto Stock Exchange (TSX: K) and the New York Stock Exchange (NYSE: KGC).
Source: Ghana/AccraFM.com
