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Market: TSX
Sector: Gold Mining
Epic: TSX:K
News: Latest news
Web Site: Kinross Gold Corp
Other Articles: 29-05-200906-05-200920-03-2009

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Kinross Gold Corp

Kinross Gold Corp

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
Thursday, November 20, 2008

Kinross Gold to take full control of Lobo-Marte gold project in Chile for US$250 million

by Andre Lamberti company news image

Kinross Gold Corp said it is spending approximately US$250 million plus a royalty to gain 100 percent control of Minera Santa Rosa SCM, which owns the Lobo-Marte gold project in the Maricunga district of northern Chile, roughly midway between Kinross' Maricunga and La Coipa mines.


Kinross will acquire Teck Cominco Ltd’s 60 percent interest in Minera for approximately 5.6 million Kinross shares, approximately US$40 million cash and a 1.75 percent net smelter returns royalty on 60 percent of future production, payable to Teck when the gold price is US$760 per ounce or more.


Kinross will buy the remaining 40 percent from subsidiaries of Anglo American PLC for US$140 million in cash.


"This acquisition adds approximately 5.9 million ounces of resources to the front of our development pipeline," Kinross president and CEO Tye W Burt said. Teck, as manager of Minera, reported indicated resources of 97,680,000 tonnes grading 1.72 grammes per ton of gold (approximately 5.4 million ounces of gold) and inferred resources of 9,250,000 tonnes grading 1.56 g/t gold (approximately 0.5 million ounces of gold) at Lobo-Marte on a 100 percent basis as at December 31  2007.


Kinross has completed due diligence on the project and plans to begin a development program in early 2009. Part of this work will involve drilling, design, engineering, metallurgical testing, and upgrading the current resource base to an NI 43-101 compliant reserve.


Kinross is a Canada-based gold mining company with mines in the US, Brazil, Russia and Chile, and employs approximately 5,000 people worldwide.  It maintains listings on the Toronto Stock Exchange and the New York Stock Exchange.

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