Placer Dome Places US$470 Million Of Global Political Risk Insurance Coverage

Placer Dome Inc. says it has obtained political risk insurance coverage through its brokers, J&H Marsh & McLennan, with a consortium of international insurers. The policies protect its investments in developing countries around the world. In all, the policies give Placer Dome an aggregate cover of US$470 million for political risk.

The company says the coverage will address risks that it faces with respect to having these investments in developing countries. The company says it is satisfied that the policy limits are adequate for the exposure it currently expects to face over the five year term of the policy.

Placer Dome, Inc. is one of the world's largest gold mining companies, producing more than 2.5 million ounces (78 tons) of gold annually.