Detour Gold reports that it has closed a $135 million senior secured credit facility with $90 million of revolving credit facility and a $45 million letter of credit.
It will be available for working capital during the ramp-up period, financial assurance and general corporate purposes.
"This credit facility is a cost effective source of capital and will provide the company with an additional source of liquidity and greater financial flexibility,” said Gerald Panneton, president and CEO of Detour Gold.
The facility was arranged by BMO Capital Markets and Canadian Imperial Bank of Commerce and included commitments from Commonwealth Bank of Australia, Royal Bank of Canada and The Toronto-Dominion Bank.
The Detour Lake open pit mine is expected to produce an average of 657,000 ounces of gold annually over a period of 21.5 years.
