Kinross Gold Corp said on Monday it is giving up on talks with Ecuador's government and halting development at its $1.3 billion Fruta del Norte project.Chief Executive Paul Rollinson said Ecuador had refused to budge on a 70 percent windfall tax on revenue, and had indicated that it would not approve a sale or extend the company's license beyond an August 1 deadline."It's been a tough negotiation," Rollinson told Reuters. "Sometimes the best deal is the one that you don't sign, and that seems to be the case here."The move is a blow to Ecuador, where the government is in the midst of drafting a new mining law meant to encourage investment.
Kinross Gold Corporation (Kinross) is engaged in gold mining and related activities, including exploration and acquisition of gold-bearing properties, the extraction and processing of gold-containing ore, and reclamation of gold mining properties. Shares of KGC traded higher by 0.8% or $0.05/share to $6.32. In the past year, the shares have traded as low as $4.97 and as high as $11.20. On average, 12190800 shares of KGC exchange hands on a given day and today's volume is recorded at 7101227.
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