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Benzinga
Benzinga
Business
Akanksha Bakshi

Kinross Sells Chirano Mine In Ghana To Asante Gold

  • Kinross Gold Corp (TSX:K) (NYSE:KGChas agreed to sell its 90% stake in the Chirano mine in Ghana to Asante Gold Corp (OTC:ASGOF) for a total consideration of $225 million in cash and shares.
  •  The Ghanaian government has a 10% carried interest in Chirano.
  • Kinross will get $115 million in cash upon the transaction's completion. Kinross will additionally receive $50 million in Asante common shares based on the 30-day volume-weighted average price of Asante common shares before closure.
  • Kinross will also receive a total deferred payment of $60 million in cash.
  • The transaction is expected to be completed on or around May 31, 2022.
  • With the expected close of the transaction, Kinross will have no assets or interests in Ghana.
  • Price Action: K shares are trading lower by 3.02% at C$6.74 on TSX, KGC lower by 3.01% at $5.33, and ASGOF lower by 3.75% at $1.54 on the last check Monday.
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