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Kinross completes sale of Chirano mine in Ghana

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Global Mining Review,

Kinross Gold Corp. has completed the sale of all its interest in the Chirano mine in Ghana to Asante Gold Corp. for a total consideration of US$225 million in cash and shares.

Kinross received US$60 million in cash and approximately 34.9 million Asante common shares – having a total value of US$36.2 million based on an Asante Share price of US$1.04 (CAN$1.34) per share, which is the volume-weighted average price of each Asante Share for the 30 trading days ending 9 August 2022. The company has agreed that it will hold its Asante Shares, which represent 9.9% of ownership in Asante, for at least 12 months following the close of the transaction.

Kinross will also receive a total deferred payment of US$128.8 million in cash, with US$55 million payable on the six-month anniversary of closing, and US$36.9 million payable on each of the one-year and two-year anniversaries of closing. While the transaction payment terms were amended from the previous announcement on 25 April 2022, the total purchase price of US$225 million remains the same. The deferred payments are being secured by guarantees and pledges of downstream entities that own the Chirano mine.

J. Paul Rollinson, Kinross President and CEO, comments:

“With the completion of the sale of Chirano, we are focused on generating value from our rebalanced portfolio, with approximately 70% of our production in 2022 expected from our mines in the Americas.

“We would like to thank our employees at Chirano for their hard work and contributions to the company. The team at Chirano exemplifies our commitments to safety, environmental stewardship and generating benefits for local communities. We are also pleased we are able to continue to participate in Chirano’s success through our shareholdings in Asante, who also owns the neighbouring Bibiani mine, which recently completed its first gold pour after restarting operations.”

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African mining news Gold mining news