Kinross to sell Lundin Gold shares for approximately CAD$150 million
December 05 2019 - 9:27AM
Kinross Gold Corporation (TSX:K; NYSE:KGC) (“Kinross”) announced
today that it has agreed to sell its remaining 20,656,250 shares in
Lundin Gold Inc. (“Lundin Gold”) to a syndicate of buyers for
expected gross proceeds of approximately CAD$150 million.
The syndicate of buyers includes a wholly-owned
subsidiary of Newcrest Mining Limited and the Lundin Family Trust.
The shares for sale represent approximately 9.2% of the issued and
outstanding shares of Lundin Gold and are based on Lundin Gold's
latest publicly released information regarding the number of shares
currently outstanding. Closing of the sale is expected to occur on
or about December 9, 2019.
Kinross is selling its Lundin Gold shares as
part of its portfolio management strategy and to further strengthen
its balance sheet.
About Kinross Gold
Corporation
Kinross is a Canadian-based senior gold mining
company with mines and projects in the United States, Brazil,
Russia, Mauritania, Chile and Ghana. Kinross’ focus is on
delivering value based on the core principles of operational
excellence, balance sheet strength, disciplined growth and
responsible mining. Kinross maintains listings on the Toronto Stock
Exchange (symbol:K) and the New York Stock Exchange
(symbol:KGC).
Media Contact
Louie DiazSenior Director, Corporate Communicationsphone:
416-369-6469
louie.diaz@kinross.com
Investor Relations
ContactTom
Elliott
Senior Vice-President, Investor Relations and Corporate
Development
phone:
416-365-3390
tom.elliott@kinross.com
Cautionary statement on
forward-looking information
All statements, other than statements of
historical fact in this news release constitute "forward-looking
information" or "forward-looking statements" within the meaning of
certain securities laws, including the provisions of the Securities
Act (Ontario) and the provisions for "safe harbor" under the United
States Private Securities Litigation Reform Act of 1995 and are
based on expectations, estimates and projections as of the date of
this news release. Forward-looking statements contained in this
news release include statements with respect to closing of the Sale
and receipt of all necessary approvals. Forward-looking statements
are necessarily based upon a number of assumptions that, while
considered reasonable by Kinross as of the date of such statements,
are inherently subject to significant uncertainties and
contingencies. These uncertainties and contingencies can affect,
and could cause, Kinross' actual results to differ materially from
those expressed or implied in any forward looking statements made
by, or on behalf of, Kinross. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. All of the forward looking
statements made in this news release are qualified by these
cautionary statements and those made in our filings with the
securities regulators of Canada and the U.S, including but not
limited to those cautionary statements made in the "Risk Analysis"
section of our MD&A for the year ended December 31, 2018 and
the Annual Information Form dated March 29, 2019. These factors are
not intended to represent a complete list of the factors that could
affect Kinross. Kinross disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, or to explain any
material difference between subsequent actual events and such
forward-looking statements, except to the extent required by
applicable law.
Source: Kinross Gold Corporation
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