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Kinross could divest of Ghana asset

7th April 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – TSX-listed Kinross Gold has struck an exclusivity agreement with gold explorer Asante Gold to negotiate the potential sale of its 90% interest in the Chirano gold project, in Ghana, a day after announcing the $680-million sale of its Russian assets.

The Chirano operation is an openpit and underground project located immediately south of Asante’s Bibiani gold mine, with the government of Ghana holding the remaining 10% interest in the project.

The project has been in production since 2005, and mine life is expected to conclude in 2026, with the mine having produced 154 668 oz in 2021.

Kinross last month announced the sale of its Russian assets in response to President Vladimir Putin’s invasion of Ukraine, which led to Western nations imposing sanctions on Russia.

In a deal struck with Highland Gold Mining, the company will receive $400-million for the Kupol mine and the surrounding exploration licences, of which $100-million will be paid upon closing and the balance over the next three years.

For the Udinsk project, the company will receive $280-million in cash, which includes payments of $80-million before the end of 2025, $100-million before the end of 2026, and $100-million before the end of 2027.

Edited by Creamer Media Reporter

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