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Tuesday, October 21, 2014

Kinross agrees to sell halted Ecuador gold project to Fortress Minerals, (NYSE: KGC)

Kinross Gold Corp said on Tuesday it has entered into an agreement with Fortress Minerals Corp to sell its stake in Aurelian Resources Inc and the halted Fruta del Norte gold project in Ecuador for $240 million. Kinross will receive between $100 million and $190 million in cash, depending on proceeds from an equity financing announced by Fortress. The rest of the purchase price will be paid in Fortress equity.Fortress is part of the Lundin group of companies.

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 fell by 1.69% or $-0.05/share to $2.90. In the past year, the shares have traded as low as $2.87 and as high as $5.44. On average, 9788100 shares of KGC exchange hands on a given day and today's volume is recorded at 16382897.