Kinross Gold Corp
Kinross Gold to buy stakes in Harry Winston and Diavik diamond mine for US$150 million
Harry Winston Diamond Corp said that Kinross Gold Corp is taking a 9 percent indirect stake in the Diavik diamond mine and acquire a 19.9 percent stake in Harry Winston for US$150 million.
Under the deal, Kinross will subscribe for 15.2 million Harry Wilson treasury shares at US$3 each, and will pay just under US$105 million for a 22.5 percent holding in the partnership that controls Harry Winston's 40 percent interest in the Diavik diamond mine joint venture operated by Rio Tinto PLC.
Harry Winston said it will use the money to repay debt and for general corporate purposes, including the company’s share of the capital costs to complete the underground expansion of Diavik.
"We are acting on a rare opportunity to acquire a stake in one of the world's great diamond mines, operating in northern Canada, with a long mine life and a record of strong cash flows," Kinross president and CEO Tye Burt was cited as saying. "For Kinross, this represents a strategic investment that is accretive and has the potential to create excellent long-term value for our investors," he added.
Other Kinross Gold Corp articles
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13/08/09 Kinross Gold trims gold production guidance for 2009
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24/07/09 Kinross Gold in heavy demand
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08/01/09 Kinross Gold confirms 2008, 2009 production forecasts
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20/11/08 Kinross Gold to take full control of Lobo-Marte gold project in Chile for US$250 million
Other Kinross Gold Corp news
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18/02/10 Kinross sells 25% stake in Cerro Casale to Barrick for $475 million
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29/01/10 Kinross Gold total proven and probable reserves hit 51 million ounces
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21/01/10 Kinross Gold shells out $368 million in cash and shares for two gold projects in Russia
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15/01/10 Kinross production to slip to 2.2 million gold equivalent ounces in 2010
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08/12/09 Full Metal Minerals and Kinross hit High Grade Gold-Silver-Copper At Russian Mountain
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03/11/09 Kinross Gold third quarter production up 26% for first 9 months of this year
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28/10/09 Kinross cuts full year gold production guidance
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23/06/09 Canadian Shield and Kinross to team up for exploration in Peru
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29/05/09 Kinross Gold invests $0.35 million in Millrock Resources
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06/05/09 President Correa's re-election in Ecuador bodes well for Kinross Gold Corp
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