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.