Agnico-Eagle Raises Credit Line

16 June 2009 (Last Updated June 16th, 2009 18:30)

Canadian gold producer Agnico-Eagle Mines said it has executed a US$600m revolving credit facility to provide the company with additional liquidity for internal expansion. The credit facility will mature in 2012 and will give Agnico-Eagle financial flexibility to deal with potential inv

Canadian gold producer Agnico-Eagle Mines said it has executed a US$600m revolving credit facility to provide the company with additional liquidity for internal expansion.

The credit facility will mature in 2012 and will give Agnico-Eagle financial flexibility to deal with potential investment opportunities, the company said.

The facility, provided by a syndicate of international banks, replaces an existing US$300m tranche that would have matured in 2010.

The company has also signed an unsecured C$95m bonding facility with Export Development Canada to provide credit needed for environmental obligations relating to its Meadowbank project.