What do you think? Is this good for Kinross?Goldcorp Signs Binding Agreement With Kinross Gold For Canadian Gold Assets - Quick Facts [KGC]
9/25/2007 10:24:36 PM Goldcorp Inc. (G.TO)(GG) announced that it has entered into a binding agreement to acquire Kinross Gold Corp.'s (K.TO) (KGC) 49% share of Porcupine gold mines in northeastern Ontario and 32% share of the Musselwhite gold mine in northwestern Ontario.
In exchange, Kinross will acquire Goldcorp's 50% ownership position in Compania Minera Mantos de Oro, which owns and operates the La Coipa mine in northern Chile. In addition, Kinross will receive from Goldcorp a cash payment of US$200 million.
The transaction is expected to close within 60 days. The boards of directors of both Goldcorp and Kinross have approved this transaction subject to customary closing conditions.