Iamgold takes $400m loan
Canadian gold miner Iamgold has announced a $400-million, five-year second lien secured term loan from three institutional lenders.
Oaktree Capital Management, through funds managed by Oaktree, is the lead lender; with significant participation by Värde Partners and CI Global Asset Management.
The loan is part of the ongoing initiatives by the company to proactively increase the strength of its balance sheet during the construction, commissioning and ramp-up of the Côté gold project, in Ontario.
The construction budget and schedule of Côté remains on track, with the project about 80% complete as of the end of March 2023.
"Following the strategic transactions announced at the end of last year, which have positioned Iamgold with sufficient funding to complete the construction and ramp-up of Côté Gold as currently contemplated, the company has continued to work on improving its balance sheet and liquidity. The announcement today is an important step for the company in its objectives of putting in place a more appropriate capital structure and positioning itself for an ultimate return to the 70% ownership interest in Côté in the future,” said president and CEO Renaud Adams.
Côté remains on track for production in early 2024.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation