Kinross World Tracker

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3.83
-0.025 (-0.65%)
TSX:K
2.87
-0.02 (-0.69%)
NYSE:KGC
1244.4
2.5 (0.2%)
GOLD
  • -18
    °C
    12/13, 11:44am
    Fort Knox, Alaska
    2
    °C
    12/13, 3:44pm
    Toronto, Ontario
    7
    °C
    12/13, 12:44pm
    Kettle River-Buckhorn, Washington
    4
    °C
    12/13, 12:44pm
    Round Mountain, Nevada
  • -1
    °C
    12/13, 12:44pm
    Bald Mountain, Nevada
    14
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    12/13, 6:44pm
    Maricunga, Chile
    24
    °C
    12/13, 6:44pm
    Paracatu, Brazil
    19
    °C
    12/13, 8:44pm
    Mauritania, West Africa
  • 28
    °C
    12/13, 8:44pm
    Chirano, Ghana
    -2
    °C
    12/13, 11:44pm
    Moscow, Russia
    -24
    °C
    12/14, 6:44am
    Magadan, Russia
    -34
    °C
    12/14, 6:44am
    Kupol, Russia
    20
    °C
    12/13, 8:44pm
    Las Palmas, Spain
    22
    °C
    12/13, 5:44pm
    Belo Horizonte, Brazil
3.83
-0.025 (-0.65%)
TSX:K
2.87
-0.02 (-0.69%)
NYSE:KGC
1244.4
2.5 (0.2%)
GOLD
  • -18
    °C
    12/13, 11:44am
    Fort Knox, Alaska
    2
    °C
    12/13, 3:44pm
    Toronto, Ontario
    7
    °C
    12/13, 12:44pm
    Kettle River-Buckhorn, Washington
    4
    °C
    12/13, 12:44pm
    Round Mountain, Nevada
  • -1
    °C
    12/13, 12:44pm
    Bald Mountain, Nevada
    14
    °C
    12/13, 6:44pm
    Maricunga, Chile
    24
    °C
    12/13, 6:44pm
    Paracatu, Brazil
    19
    °C
    12/13, 8:44pm
    Mauritania, West Africa
  • 28
    °C
    12/13, 8:44pm
    Chirano, Ghana
    -2
    °C
    12/13, 11:44pm
    Moscow, Russia
    -24
    °C
    12/14, 6:44am
    Magadan, Russia
    -34
    °C
    12/14, 6:44am
    Kupol, Russia
    20
    °C
    12/13, 8:44pm
    Las Palmas, Spain
    22
    °C
    12/13, 5:44pm
    Belo Horizonte, Brazil

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Kinross announces vend-in of Yukon property to create White Gold Corp. strategic alliance

On May 18, we announced an agreement to acquire an approximately 19.9% interest in White Gold Corp. by selling our 100% interest in the White Gold exploration project in the Yukon Territory to the company.

The strategic ownership in White Gold Corp. will provide Kinross with future optionality in the highly prospective White Gold District, and in the larger Yukon Territory. Agnico Eagle Mines also holds an approximately 19.9% equity investment in White Gold Corp., and along with Agnico Eagle, we will leverage our deep technical and operational experience to support White Gold Corp.'s pursuit of exploration and development opportunities in the Yukon, including at the White Gold exploration property.

"We look forward to working with Agnico Eagle and White Gold Corp. to support the pursuit of quality development opportunities in this highly prospective and largely underdeveloped district," said J. Paul Rollinson, President & CEO. "This investment will allow the three companies to pool their expertise together to strengthen their position in this excellent mining jurisdiction."

Kinross' sale of the White Gold exploration property to White Gold Corp. includes the following consideration:

  • Approximately US$7 million (C$10 million) in cash, payable upon closing;
  • 17.5 million common shares of White Gold Corp., at deemed purchase price of C$2.01 representing approximately 19.9% of the pro forma issued and outstanding shares of White Gold Corp., with a current market value of approximately US$26 million (C$35.2 million);
  • Deferred payments of approximately US$11 million (C$15 million), payable in three equal payments of approximately US$3.7 million (C$5 million) upon announcement by White Gold Corp. of a preliminary economic assessment, announcement of the completion of a feasibility study, and following the announcement of a positive construction decision for the White Gold exploration project.

Read the full news release here.

 
© Kinross Gold Corp. 2018 Legal Disclaimer