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Kinross completes sale of Chirano gold mine in Ghana for $225 million

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(Kitco News) - On Wednesday, Kinross Gold (TSX: K; NYSE: KGC) announced that it has completed the sale of all its interest in the Chirano mine in Ghana to Asante Gold for a total consideration of $225 million in cash and shares.

"With the completion of the sale of Chirano, we are focused on generating value from our rebalanced portfolio, with approximately 70% of our production in 2022 expected from our mines in the Americas," said President and CEO J. Paul Rollinson. "We are pleased we are able to continue to participate in Chirano's success through our shareholdings in Asante, who also owns the neighbouring Bibiani mine, which recently completed its first gold pour after restarting operations."

Chirano is an open-pit and underground operation located in southwestern Ghana, approximately 100 kilometres southwest of Kumasi, the country's second largest city. Chirano ore is processed at the mine's mill, which has capacity of approximately 3.5 million tonnes per year.

Chirano produced 154,668 gold equivalent ounces in 2021. According to Kinross, exploration and mine optimization have been successful at extending mine life. In 2021, the site added 400 Au koz in Measured and Indicated Resources, and extended mine life again by one year to 2026.

Chirano represented approximately 3% of Kinross' total mineral reserve estimates as of year-end 2021. The Ghanaian government has a 10% carried interest in Chirano.

Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada.


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