Caterpillar Financial has agreed to finance the proposed plans of Detour Gold to acquire mobile fleet mining equipment supplied by Toromont Industries for its Detour Lake gold project in north-eastern Ontario, Canada.

Under the five-year term Equipment Financing Facility, Caterpillar Financial will offer $105m to fund the acquisition of 23 Cat 795F – 322t haul trucks and ancillary equipment.

The delivery of the fleet is expected to begin in mid-2011 and will be completed by 2013.

Detour gold president and CEO Gerald Panneton said the company has crossed an important milestone in the development of the Detour Lake project.