Canadian Mining Journal

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DIAMOND STAKE: Kinross selling remaining equity in Harry Winston

TORONTO - Kinross Gold Corp. has decided to sell its remaining 8.5% equity interest in Harry Winston Diamond Corp. in a deal worth $100 million. Last August, Kinross sold its former 22.5% interest in the partnership holding Harry Winston's 40%...


TORONTO – Kinross Gold Corp. has decided to sell its remaining 8.5% equity interest in Harry Winston Diamond Corp. in a deal worth $100 million. Last August, Kinross sold its former 22.5% interest in the partnership holding Harry Winston’s 40% interest in the Diavik diamond mine joint venture. The earlier sale netted Kinross $50 million in cash, 7.1 million Harry Winston shares, and a $70-million note repayable in 12 months from the date of the sale.

Kinross operated several Canadian gold mines including, at one time, Hoyle Pond and Belle creek in Timmins, ON; Macassa in Kirkland Lake, ON; QR in British Columbia; the Porcupine joint venture in Timmins; Musselwhite in northern Ontario; New Britannia in northern Manitoba; Lupin in Nunavut. Today the company operates three gold mines in the United States; two each in Brazil and Chile; as well as one each in Russia, Mauritania and Ghana. Kinross is also readying the Lobo-Marte gold project in Chile and the Fruta del Norte gold mine in Ecuador for production. It is also developing the Cerro Casale gold-copper deposit for mining in Chile.

Details are posted at www.Kinross.com.


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