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Kinross sells 4.7% stake in Lundin

27th September 2016

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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VANCOUVER (miningweekly.com) – Gold producer Kinross Gold has agreed to sell a 4.7% stake in Lundin Mining to GMP Securities, amounting to 5.5-million common shares at C$5.60 apiece.

Kinross on Monday said the deal was part of its portfolio management strategy and would generate C$30.8-million in gross proceeds.

Kinross will continue to hold a 17.4% interest in Lundin – a Canadian base metals miner with operations in Chile, the US, Portugal and Sweden.

Lundin is currently mulling over its right of first refusal on US diversified miner Freeport McMoRan’s 70% indirect interest in TF Holdings, which holds 80% of the world-class Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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