TORONTO (miningweekly.com) – Independent advisory firm Glass Lewis & Co has recommended that shareholders vote in favour of Kinross Gold's proposed acquisition of Red Back Mining, the two firms said on Wednesday.

The boards of both Kinross and Red Back have backed the friendly deal, but shareholders in the two firms will need to approve the transaction.

Special meetings have been called for investor votes on September 15.

Kinross announced in early August it would buy the 91% of Red Back Mining that it does not already own for around $7-billion in shares and warrants.

Kinross owns mines in the US, Russia, Brazil and Chile, while Red Back's two operations are located in Mauritania and Ghana.

A number of investors and analysts were sceptical of the dilutive deal, and questioned whether Kinross was overpaying for Red Back.

But Kinross CEO Tye Burt has said that due diligence conducted over the course of this year has suggested that there is significant growth potential at the Tasiast mine, in Mauritania, which already has a reserve of five-million ounces of gold.

Burt has asked shareholders to trust him, until the company is ready to put out NI 43-101-compliant numbers on Tasiast, to support its valuation of the company.

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