Feb 20 Newmont Mining Corp said on
Thursday it has received commitments from several banks for a
$575 million five-year term loan, which it will use to pay down
debt maturing later this year.
"The term loan allows for prepayment of principal and
provides us the flexibility to reduce debt and strengthen the
balance sheet," said Laurie Brias, chief financial officer at
Newmont, the biggest U.S. gold miner.
Shares in Newmont are down 44 percent in the past year, hurt
by a weaker gold price, problems with the Indonesian government
over export permits, and slowing production, but also due to
concerns about its ability to pay down its debt.
The company did not name the banks from which it will get
Newmont's stock was up 2 percent at $24.27 on the New York
Stock Exchange, in line with other gold-mining stocks.