VANCOUVER and TORONTO – Vancouvers GOLDCORP and Torontos KINROSS GOLD have agreed to an asset swap that will place four gold producers in northern Ontario entirely within the Goldcorp portfolio, and see Kinross acquire total control of the La Coipa silver mine in Chile.
Goldcorp will purchase Kinross 32% interest in the Musselwhite joint venture and its 49% interest in the Porcupine joint venture for US$200 million plus Goldcorps 50% share of the La Coipa mine.
Both companies are touting the transaction as a win-win situation.
This transaction streamlines our operating interests, further focusing resources on core assets where Kinross is the operator, and allows us to build upon our base of expertise and experience in South America, said Tye Burt, president and CEO of Kinross (www.Kinross.com).
This transaction highlights our continuing commitment to simplify our asset portfolio and to focus efforts within our core operating districts, said Kevin McArthur, president and CEO of Goldcorp (www.Goldcorp.com).