Business
Kinross Sells Blanket Mine to Caledonia Mining
Kinross Sells Blanket Mine to Caledonia Mining.
About this update from Kinross Gold Corporation
[{"type":"text","content":"\n\n\n\n\nTORONTO, June 20 /CNW/ - Kinross Gold Corporation (TSX-K; NYSE-KGC)\n(\"Kinross\" or the \"Company\") today announced that it has entered into a\ndefinitive agreement with Caledonia Mining (TSX-CAL) (\"Caledonia\") to exchange\nKinross' Blanket Mine located in Zimbabwe for 20 million common shares of\nCaledonia and US$1 million in cash. The sale does not impact Kinross'\nproduction profile or cash flow in the future as the asset was written down in\n2002.\nCaledonia is a diversified mining company with gold and PGE exploration\nin South Africa and base metal and diamond exploration in Zambia.\n\nAbout Kinross Gold Corporation\n\nKinross, a world-class gold company based in Canada, has since 1993\nbecome the fourth largest primary gold producer in North America and the\neighth largest in the world. With nine mines in stable countries including\nCanada, the United States, Brazil and Chile, Kinross employs more than\n4,000 people worldwide.\nKinross' strong balance sheet and no-gold hedging policy allow it to take\nfull advantage of increasing cash flow, revenues and profit margins per ounce\nof gold. Kinross is focused on a strategic objective to maximize net asset\nvalue and cash flow per share through a four-point plan built on growth from\ncore operations; expanding capacity for the future; attracting and retaining\nthe best people in the industry; and driving new opportunities through\nexploration and acquisition.\nKinross maintains listings on the New York Stock Exchange (symbol:KGC)\nand on the Toronto Stock Exchange (symbol:K).\n\n%SEDAR: 00002968E\n\n\n","length":1630,"tagName":"div"}]