Kinross to sell Lundin Gold shares for approximately CAD$150 million
TORONTO, Dec. 05, 2019 (GLOBE NEWSWIRE) — 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