VANCOUVER (miningweekly.com) – With no debt maturing in the next four years, a strong balance sheet and excellent liquidity, Canadian gold producer Kinross Gold expects to have the financial flexibility to fund organic growth opportunities within its global portfolio.
The TSX- and NYSE-listed miner announced Thursday that it had repaid $250-million in senior notes that were due September 1, leaving it with no further debt maturities until 2020, as the maturity dates of the company's $500-million term loan and $1.5-billion revolving credit facility were extended by one year to August 10, 2020 and August 10, 2021, respectively.
With cash and cash equivalents of $968.2-million and available credit of $1.5-billion, for total liquidity of about $2.5-billion at its disposal, Kinross is looking towards the $300-million Tasiast Phase 1 expansion, in Mauritania, and a potential expansion at its Bald Mountain mine, which it acquired in January from Barrick Gold in a deal valued at $610-million.
The miner, with producing assets in the Americas, West Africa and Russia, has seen its TSX-listed stock double since the start of the year, and on Thursday it closed up 4.2% at C$5.46 apiece.