Kinross Gold / K, KGC (TSX, NYSE)

Kinross provides global update on COVID-19 response planning and financial position

Auszug
"TORONTO, April 01, 2020 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX:K; NYSE:KGC) (“Kinross” or the “Company”) continues to implement comprehensive and proactive measures to respond to the COVID-19 pandemic. While the Company cannot predict the future impact of the pandemic on its global operations, all Kinross mines continue to operate and have not been materially impacted to date"
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Kinross continues to maintain a strong financial position and liquidity. As a precautionary measure to protect against economic and business uncertainties caused by the pandemic and subsequent government actions, Kinross drew down $750 million from its $1.5 billion revolving credit facility on March 20, 2020. The Company does not currently plan to deploy the funds given its strong financial position. As of March 31, 2020, Kinross has more than $1 billion in cash and cash equivalents, reflecting cash flow from operations in Q1 2020 offset by payments related to the Chulbatkan acquisition, a tax payment in Brazil, a semi-annual interest payment for Kinross’ senior notes, and repayment of the amount drawn on the credit facility at December 31, 2019.
As previously planned, Kinross has submitted a drawdown notice for $200 million on the $300 million Tasiast project financing facility. The first funds are expected in mid-April 2020. The financing, which was signed on December 16, 2019, is an asset recourse loan with the IFC (a member of the World Bank Group), Export Development Canada, ING Bank and Société Générale.
At this time, the Company has total debt of approximately $2.5 billion, and net debt¹ of less than $1.5 billion. The Company has no debt maturities until September 2021.

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