Make Kitco Your Homepage

Kinross unloads Lundin Gold stake for C$150 million

Kitco News

Editor's Note: We are proud to unveil our new mining page, an entire space dedicated to up-to-the-minute news, with exclusive industry interviews and all the relevant information you need, rounded in up in one spot. Who is merging? Who is Buying? Who is Digging? We got you covered!

(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.



Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.