Canada-based gold miner Iamgold on Thursday announced that it had doubled its credit facility and said in a separate statement that the work stoppage at its Rosebel mine, in Suriname, had ended.
To fund its organic growth projects, The company amended its revolving credit facility, with the amount increased to $500-million from $250-million and the term extended to 2023.
To provide additional flexibility, the terms of the corporate facility had been modified to provide the option of securing a further $100-million through an accordion feature, as well as providing leasing for up to $250-million, up from $125-million.
The commitments are secured by a syndicate of lenders led by National Bank of Canada and Deutsche Bank, Canada Branch, and including Citibank, N.A., Canadian Branch, Morgan Stanley Senior Funding, Royal Bank of Canada, The Toronto-Dominion Bank, BNP Paribas, Canadian Imperial Bank of Commerce, Ressources Québec and Export Development Canada.
"The doubling of our credit facility, together with the other financing options available, provide us with ample financial flexibility at a time when our organic growth projects have gained significant traction," said executive VP and CFO Carol Banducci.
The company last week listed several so-called growth catalyst, including an oxygen plant at the Burkina Faso-based Essakane mine to improve recoveries, forthcoming investment and construction decisions for the Senegal-based Boto project and the Canada-based Côté projects, as well as a production start at Saramacca, in Suriname, and a ramp-up to full production at Westwood, in Canada.
Meanwhile, Iamgold said that normal operations at its Rosebel mine would resume, following a strike earlier in the week, which was deemed a breach of the collective labour agreement that was finalised in September.