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Toronto-based Kinross Gold to exit Ghana mine in US$225-million deal
By Niall McGee
The Globe and Mail, Toronto
Monday, April 25, 2022
Kinross Gold Corp. plans to sell its Ghana gold mine, as it continues on its quest to unload problem assets and reinvent itself as a less risky investment among the giants of the global gold sector.
Kinross, Canada’s second-biggest gold miner by production, said on Monday that it plans to sell its 90-per-cent stake in the Chirano mine for US$225-million to Asante Gold Corp., a Vancouver-based junior development company.
The Ghana government, which owns the remaining 10 per cent of the mine, said it has no objections to the transaction.
... Dispatch continues below ...
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Company Announcement
Wednesday, April 20, 2022
Reyna Gold Corp. (TSXV: REYG. OTCQB: REYGF) announces initial results from the first eight holes totaling 710 meters of its ongoing 10,000-meter drill program at its 24,215-hectares flagship La Gloria Property in Sonora, Mexico.
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Toronto-based Kinross will receive US$50-million in Asante shares before closing, US$115-million in cash at the close, and the balance in deferred cash payments over the subsequent two years.
Chirano is one of Kinross’s smallest operations, producing 155,000 ounces of gold last year, compared with the company’s overall output of just more than two million ounces. Kinross acquired the mine more than a decade ago after its acquisition of Red Back Mining Inc. Earlier this year, a contractor’s truck carrying mining explosives en route to Chirano was involved in a massive accident in a residential area that led to the deaths of at least 17 people. ...
... For the remainder of the report:
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