Kinross Gold’s Tasiast unit signs $300 million eight-year loan

By Sarah Lizee

Olympia, Wash., Dec. 16 – Kinross Gold Corp. said wholly owned subsidiary Tasiast Mauritanie Ltd. SA signed a definitive loan agreement for up to $300 million for its Tasiast operation in Mauritania.

The loan agreement is with International Finance Corp. and Export Development Canada with the participation of ING Bank and Societe Generale.

The eight-year loan, which is non-recourse to Kinross, matures in December 2027 and has a floating interest rate of Libor plus 438 basis points.

The initial drawdown under the loan agreement is expected in early 2020, subject to the satisfaction of customary conditions.

Kinross is a Toronto-based gold mining company.

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