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Kinross to Sell Ghana Gold Mine to Asante

Stockhouse Editorial
1 Comment| April 26, 2022

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An exploration stage company that plans to capitalize on the gold-rich and growing mining environment is acquiring a 90% interest in a Ghana gold mine from a Canadian gold mining company whose portfolio lists projects across the United States, Brazil, Russia, Mauritania, Chile, Ghana, and Canada.

Kinross Gold Corporation (TSX: K, Forum) has agreed to sell its 90% interest in the Chirano mine to Asante Gold Corporation (CSE: ASE, Forum).

The Chirano mine is in Ghana and the Ghanaian government retains a 10% carried interest in the project. Chirano was first explored and developed in 1996 and began production in October 2005.

The mine comprises the Akwaaba, Suraw, Akoti South, Akoti North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba and Paboase underground mines.

Gold Equivalent Production in 2021 was 154,668 oz on a 100% basis.

Upon closing of the transaction, Kinross will receive $115 million in cash and $50 million of Asante shares. Kinross will also receive a total deferred payment of $60 million in cash, with 50% payable on the first anniversary of closing and the other 50% payable on the second anniversary of closing.

The transaction is expected to be completed by the end of May 2022.

With the close of the transaction, Kinross will have no assets or interests in Ghana.


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