{"id":1067422,"date":"2022-04-26T12:38:52","date_gmt":"2022-04-26T12:38:52","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/04\/26\/kinross-announces-sale-of-chirano-mine-in-ghana\/"},"modified":"2022-04-26T12:38:52","modified_gmt":"2022-04-26T12:38:52","slug":"kinross-announces-sale-of-chirano-mine-in-ghana","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/04\/26\/kinross-announces-sale-of-chirano-mine-in-ghana\/","title":{"rendered":"Kinross announces sale of Chirano mine in Ghana"},"content":{"rendered":"

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\n Tamale, April 26, GNA – Kinross Gold Corporation has announced that it had entered into a sale agreement with Asante Gold Corporation to sell its 90 per cent interest in the Chirano mine in Ghana.<\/p>\n
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The 90 per cent interest sale is said to be going for a total consideration of $225 million in cash and shares.<\/div>\n
\u202f\u202f\u202f\u202f\u202fKinross Gold Corporation announced this in a news release issued in Toronto, Canada and sighted by the Ghana News Agency. \u202f\u202f<\/div>\n
\u202f\u202f\u202f\u202f\u202fThe news release said \u201cThe Ghanaian government has a 10 per cent carried interest in Chirano. Upon closing of the transaction, Kinross will receive $115 million in cash. Kinross will also receive a few Asante common shares having a value of $50 million based on the 30-day volume-weighted average price of Asante common shares prior to closing, provided that the issuance of Asante common shares will not result in Kinross exceeding a 9.9% ownership in Asante.\u201d<\/div>\n
\u202f\u202f\u202f\u202f\u202fIt said \u201cKinross will also receive a total deferred payment of $60 million in cash, with 50 per cent payable on the first anniversary of closing and the other 50 per cent payable on the second anniversary of closing. If the 9.9 per cent share ownership limit is reached, the remainder of the $50 million will be paid by increasing the deferred cash payments in equal portions. The Company has agreed that it will hold its Asante common shares for at least 12 months following the closing of the transaction.\u201d<\/div>\n
\u202f\u202f\u202f\u202f\u202fIt said \u201cThe transaction is expected to be completed on or around May 31, 2022. The Government of Ghana has issued a \u201cletter of no objection\u201d regarding the change of control.\u201d<\/div>\n
\u202f\u202f\u202f\u202f\u202fThe news release said \u201cChirano represented approximately 3 per cent of Kinross\u2019 total mineral reserve estimates as of year-end 2021. With the expected close of the transaction, Kinross will have no assets or interests in Ghana.\u201d<\/div>\n
\u202f\u202f\u202f\u202f\u202fIt said, \u201cKinross expects to update its 2022 and three-year guidance reflecting the recently announced pending sales of its assets in Russia and Ghana, as well as provide additional commentary regarding the sale transactions, as part of its upcoming Q1 2022 results disclosures.\u201d<\/div>\n
\u202f\u202f\u202f\u202f\u202fIt said \u201cTreadstone Resource Partners and Scotiabank are acting as financial advisors to Kinross, with Osler, Hoskin & Harcourt LLP acting as legal advisor, for the transaction.\u201d<\/div>\n
\u202f\u202f\u202f\u202f\u202fKinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile, Ghana and Canada.<\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Tamale, April 26, GNA – Kinross Gold Corporation has announced that it had entered into a sale agreement with Asante Gold Corporation to sell its 90 per cent interest in the Chirano mine in Ghana. The 90 per cent interest sale is said to be going for a total consideration of $225 million in cash […]<\/p>\n","protected":false},"author":1,"featured_media":1067426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[1082,10120,85,10182,5593],"class_list":["post-1067422","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-announces","tag-chirano","tag-ghana","tag-kinross","tag-sale"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1067422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1067422"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1067422\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1067422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1067422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1067422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}