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Kinross Gold Corp. (TSX:K,NYSE:KGC) announced that it’s completed the acquisition of the Bald Mountain gold mine, plus the acquisition of a 50-percent stake in the Round Mountain gold mine.
Kinross Gold Corp. (TSX:K,NYSE:KGC) announced that it’s completed the acquisition of the Bald Mountain gold mine, plus the acquisition of a 50-percent stake in the Round Mountain gold mine.
Both assets are located in Nevada, and were owned by Barrick Gold Corp. (TSX:ABX,NYSE:ABX). Kinross paid $610 million in cash for them.
As quoted in the press release:
The Bald Mountain property encompasses a 600 km2 prospective land package along the southern extension of the Carlin trend, the most prolific gold producing region in the United States. Kinross will leverage Barrick’s area expertise to explore and develop 40% of the land package outside the current core mining area as part of a 50/50 exploration joint venture.
J. Paul Rollinson, president and CEO of Kinross, commented:
The addition of these quality assets adds to our production profile, delivers free cash flow and is expected to lower costs while preserving our balance sheet strength. The acquisition expands our existing portfolio in Nevada, one of the best mining jurisdictions in the world, and provides clear upside potential.
Click here to read the full Kinross Gold Corp. (TSX:K,NYSE:KGC) press release.