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Kinross Agrees to Sale of Crixas Interest for $220 Million
TORONTO, ONTARIO--(Marketwire - May 29, 2012) - Kinross Gold Corporation (TSX:K)(NYSE:KGC) announced today that it has entered into a purchase and sale agreement with subsidiaries of AngloGold Ashanti Ltd. (JSE:ANG)(NYSE:AU) ("AngloGold Ashanti"), pursuant to which Kinross will sell its 50% interest in the Crixás gold mine (Serra Grande), located in the State of Goiás, Brazil, to AngloGold Ashanti for gross cash proceeds of US$220 million. AngloGold Ashanti is the other 50% owner and operator of Crixás.
"Crixás is a non-operated, non-core asset for Kinross," said Tye Burt, President and Chief Executive Officer of Kinross. "Its divestiture is consistent with our strategy of portfolio optimization, and focusing our resources on the Company's core operations and priority projects."
Kinross' share of Crixás' proven and probable gold reserves was approximately 375,000 ounces as of December 31, 2011, and its share of forecast production for 2012 was approximately 70,000 gold equivalent ounces. The Company expects to provide updated production guidance for 2012 with its second quarter earnings announcement.
The completion of the transaction is subject to the receipt of certain required regulatory approvals and other customary conditions of closing. The transaction is expected to be completed during the second quarter of 2012.
About Kinross Gold Corporation
Kinross is a Canadian-based gold mining company with mines and projects in Brazil, Canada, Chile, Ecuador, Ghana, Mauritania, Russia and the United States, employing approximately 8,000 people worldwide. Kinross maintains listings on the Toronto Stock Exchange (symbol:K) and the New York Stock Exchange (symbol:KGC).