RE:RE:RE:Kinross looking very attractive at current levels
Agreed, management's stated position is not to green light the project until at least 2015. I suspect this has more to do with the uncertainty in gold prices than anything else.
Financing is a built in component of any project's capex. Management has started their homework. I believe there was reference on the CC to planned meetings with a consultant and lenders in late May or June. During the Q&A on the CC it was also revealed that management is looking at a 50% leverage on project financing. Presumably the balance of project funding will come from internal sources or additional equity. TD's recent report picks up on this, maintaining their recommendation with the implied conclusion the targeted project leverage is appropropriate based on projected balance sheet strength in 2015.
It will be interesting to know (hopefully in Q2) what lenders interest there is in Mauritania and on what terms.