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Additional Information
Market: TSX
Sector: Gold Mining
EPIC: K
Latest Price: 11.02  (-0.63% Descending)
52-week High: 18.01
52-week Low: 10.17
Market Cap: 12,529.20M
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Kinross Gold
www.kinross.com

Kinross Gold Corporation was established in 1993 and has since grown to become the third largest primary gold producer in North America by reserves.  Based in Canada, with nine mines in stable countries including the United States, Brazil, Chile and Russia, Kinross employs more than 5,000 people worldwide

Full Kinross Gold profile here
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Kinross Gold to buy stakes in Harry Winston and Diavik diamond mine for US$150 million

20th Mar 2009, 3:44 pm
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.

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