Kinross Gold to sell its Russian assets to Highland Gold Mining for $680m
Kinross Gold Corp. has signed a deal valued at US$225 million in cash and shares to sell its 90 per cent stake in the Chirano gold mine in Ghana to Asante Gold Corp.
When the deal closes, Kinross will receive US$115 million in cash and US$50 million in Assante shares. The company will also receive a total deferred payment of US$60 million in cash, with half payable on the first anniversary of closing and the other half payable on the second anniversary.
The sale will leave the Canadian gold miner with no assets or interests in Ghana.
Kinross says the government of Ghana, which has a 10-per-cent carried interest in the mine, has issued a “letter of no objection” regarding the change of control.
The company estimated Chirano represented about three per cent of its total mineral reserve estimates at the end of last year.
The deal is expected to close on or around May 31.