Business
Kinross Completes New Credit Facilities Totaling US$500 Million
Kinross Completes New Credit Facilities Totaling US$500 Million.
About this update from Kinross Gold Corporation
[{"type":"text","content":"\n\n\n\n\nTORONTO, Sept. 20 /CNW/ - Kinross Gold Corporation (TSX: K, NYSE: KGC)\n(\"Kinross\") announced today that it has entered into a new revolving and term\ncredit facility with ScotiaCapital and a group of lenders. The US$300 million\nthree year revolving credit facility will support Kinross' liquidity and\nletter of credit needs. The five and a half year US$200 million term loan will\nsupport the previously announced expansion program at the Paracatu mine in\nBrazil.\nOther lenders include Export Development Canada, SociDetDe GDenDerale, Royal\nBank of Canada, and other international financial institutions.\n\"We are very pleased that our relationship banks have firmly supported\nthe Paracatu expansion project in providing this new term loan,\" said Thomas\nBoehlert, Kinross' CFO. \"The project will begin delivering significant new\ngold production in two years.\"\n\n-------------------------------------------------------------------------\nCautionary statements regarding forward-looking statements\n\nThis news release contains \"forward-looking statements\", within the\nmeaning of the United States Private Securities Litigation Reform Act of 1995\nand similar Canadian legislation, concerning the business, operations and\nfinancial performance and condition of each of Kinross and Crown. Generally,\nthese forward looking statements can be identified by the use of\nforward-looking terminology such as \"plans\", \"expects\" or \"does not expect\",\n\"is expected\", \"budget\", \"scheduled\", \"estimates\", \"forecasts\", \"intends\",\n\"anticipates\" or \"does not anticipate\", or \"believes\", or variations of such\nwords and phrases or state that certain actions, events or results \"may\",\n\"could\", \"would\", \"might\" or \"will be taken\", \"occur\" or \"be achieved\".\nForward-looking statements are based on the opinions and estimates of\nmanagement as of the date such statements are made, and they are subject to\nknown and unknown risks, uncertainties and other factors that may cause the\nactual results, level of activity, performance or achievements of Kinross and\nCrown to be materially different from those expressed or implied by such\nforward-looking statements, including but not limited to risks related to:\nunexpected variations in ore grade, tonnes mined, crushed or milled; delay or\nfailure to required appro...