Canadian gold exploration and development company Detour Gold Corporation has announced the closing of a mobile fleet equipment financing with Caterpillar Financial.

In accordance with an amended and restated master purchase and lease agreement, CAT Financial will underwrite up to US$150m in mobile fleet equipment financing to fund the company's acquisition of CAT mining equipment for the Detour Lake gold project in northeastern Ontario.

The equipment financing facility will be used towards the acquisition cost of equipment (the mobile fleet) with a value of approximately C$200m, of which a maximum of US$150m will be underwritten by CAT Financial. The term of the equipment financing facility is five years and will be secured by the mobile fleet.

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