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Kinross and Barrick bidding for Great Bear, Globe and Mail says
By Niall McGee
The Globe and Mail, Torotno
Wednesday, December 8, 2021
Kinross Gold Corp. is close to announcing the acquisition of Northern Ontario gold development company Great Bear Resources Ltd., two sources familiar with the situation said.
Vancouver-based Great Bear has been one of the best-performing junior gold companies in the world over the past few years, owing to spectacular drilling results at its Dixie gold project at Red Lake, in Northwestern Ontario. Some analysts have speculated that Dixie could contain as much as 20 million ounces of gold, which would put it on par with some of Canada’s biggest gold mines.
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Both companies declined comment.
On Wednesday shares in Great Bear closed up 3.4% on the Toronto Venture Exchange at $22.93 apiece, giving the company a market value of $1.2-billion.
Toronto-based Kinross is Canada's second biggest gold company by production with annual output of more than two million ounces.
The Globe and Mail is not identifying the sources, as they were not authorized to speak publicly.
For Kinross, the acquisition of Great Bear would help the company reduce its exposure to geopolitically dicey Russia and West Africa, and increase its exposure to Canada, one of the safest mining jurisdictions. Kinross stock has historically traded at a discount compared to peers that have a heavy weighting towards Canada, such as Toronto-based Agnico Eagle Gold Mines Ltd.
If Kinross succeeds in acquiring Great Bear, it would be after going head to head with the world's second biggest gold producer, Barrick Gold Corp.
The sources said that Barrick, also Toronto-based, was also involved in talks at potentially acquiring Great Bear.
Barrick did not immediately respond to a request for comment. ...
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