Kinross unloads Lundin Gold stake for C$150 million
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(Kitco News) - Kinross Gold (TSE:K) said today it is selling its remaining shares of Lundin Gold for C$150 million.
Lundin Gold is developing the Fruta del Norte gold project in Ecuador. The mine is expected to produce 310,000 ounces gold per year at a all-in-sustaining cost of $583 per ounce. Kinross sold Fruta del Norte to Lundin Gold in 2014 for US$240 million.
The shares Kinross is selling represents approximately 9.2% of the issued. Buyers include Newcrest Mining Limited and the Lundin Family Trust.
Kinross said the sale is part of its portfolio management strategy and will help the company strengthen its balance sheet.