Kinross announces closing of sale of 25% interest in Cerro Casale
Toronto, Ontario, March 31, 2010 - Kinross Gold Corporation (TSX:K, NYSE: KGC) ("Kinross") announced today the closing of its sale of 25% of the Cerro Casale project in Chile to Barrick Gold Corporation ("Barrick"), previously announced on February 17, 2010.
The total transaction value to Kinross was approximately US$474 million, comprised of approximately US$454 million in cash (after adjusting for working capital) plus the assumption by Barrick of a US$20 million contingent obligation. Kinross now owns 25%, and Barrick 75%, of the Cerro Casale project.
Kinross operates Fort Knox near Fairbanks. A conventional truck-and-shovel open pit mine, the Fort Knox operation is located in one of the largest gold producing areas in Alaska.