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Stock Market & Financial Investment News

News Breaks
December 26, 2012
11:27 EDTKGCKinross says no agreement with Southridge, isn't pursuing 'any such agreement'
Bloomberg reported that Kinross Gold (KGC) responded to an earlier announcement from Southridge Enterprises, saying that Kinross has no agreement with Southridge, as claimed by Southridge, and Kinross is not actively pursuing any such agreement. The Fly notes that Southridge Enterprises announced in a press release this morning that Kinross was its new joint partner for the Cinco Minas and Gran Cabrera properties.
News For KGC From The Last 14 Days
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October 21, 2014
17:52 EDTKGCKinross Gold announces sale of Fruta del Norte Project in Ecuador
Kinross Gold is pleased to announce that it has entered into an agreement with Fortress Minerals Corp., a member of the Lundin Group of Companies, to sell all of its interest in Aurelian Resources Inc. and the Fruta del Norte project in Ecuador for US$240M in cash and equity. Kinross will receive US$100M-US$190M in cash, depending on the net proceeds from Fortress' announced equity financing, of which affiliates of the Lundin Family Trust have committed up to US$100M. The balance of the purchase price will be paid in Fortress equity. The transaction is subject to certain conditions, including Fortress shareholder and stock exchange approval, the granting by the Ecuadorian Government of an 18-month extension period from transaction closing to provide time for Fortress to carry out additional project feasibility work and development negotiations, and other customary conditions for a transaction of this nature. The Government of Ecuador has indicated its support for the transaction. Kinross and Fortress, and certain of their wholly-owned subsidiaries, have initialed bilateral agreements with the government, which are subject to the approval of the Ecuadorian Attorney General, which is also a condition of the transaction. The transaction is expected to be completed by mid-December 2014.

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