Kinross Gold Corp has agreed pay $33 million to settle a shareholder lawsuit that had accused the Canadian gold miner of defrauding investors through an ill-advised mine acquisition in Mauritania that has resulted in over $6 billion in writedowns. According to documents filed with the U.S. District Court for the Southern District of New York late on Thursday, Kinross said it settled the matter to eliminate the burden and expense of continued litigation but denied any wrongdoing.The Toronto-based miner and the lead plaintiff, the City of Austin Police Retirement System, have asked the court to approve the preliminary settlement.Kinross had tried and failed to get the case dismissed two years ago.Shareholders led by the Texas pension fund accused Kinross of inflating its share price by misleading them about the quality of its due diligence for, and timetable to develop, the Tasiast mine that it acquired via its $7.1 billion acquisition of Red Back Mining Inc in 2010.
Kinross Gold Corporation (Kinross) is a Canada-based gold mining company. Shares of KGC fell by 4.07% or $-0.1/share to $2.36. In the past year, the shares have traded as low as $2.00 and as high as $4.47. On average, 11868300 shares of KGC exchange hands on a given day and today's volume is recorded at 10069819.
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