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Kinross says Export Development will guarantee letter of credit worth up to $125 million
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NEW YORK - Canadian gold mining operator Kinross Gold Corp. said Wednesday that Export Development Canada has agreed to guarantee a letter of credit worth up to $125 million.
The company expects to use the credit line to cover reclamation liabilities at several mining sites. It expires in November 2012.
The company said the new letter of credit will be used for liabilities at Fort Knox, an open pit mine near Fairbanks, Alaska; Round Mountain, an open pit mine north of Tonopah, Nev.; and Kettle River-Buckhorn mine sites in Washington state.
The new financing is in addition to a recently amended $450 million revolving credit facility. Chief Financial Officer Thomas M. Boehlert said the two moves gave the company more available credit to deal with future funding needs.
Shares of Kinross rose 27 cents to close at $19.61.
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