|Kinross Gold Corporation - K.t is a global gold producer from ten mines located in South America, North America, West Africa and Russia.|
Production was 2.8 million gold equivalent ounces in 2016 at AISC of $987. The company expects 2017 production of between 2.5 - 2.7 million Au at AISC of $925 - $1025.
Kinross Gold Corporation (TSX: K)(NYSE: KGC) announced today that it has agreed to sell its 25% interest in the Cerro Casale project in Chile, and its 100% interest in the Quebrada Seca exploration project located adjacent to Cerro Casale, to Goldcorp Inc. ("Goldcorp") for the following consideration:
US$260 million in cash, payable at closing (which includes US$20 million for Quebrada Seca);
US$40 million in cash, payable following a construction decision for Cerro Casale;
Assumption by Goldcorp of a US$20 million payment obligation due to Barrick Gold Corporation ("Barrick") under the existing Cerro Casale shareholders agreement, which is payable when commercial production at Cerro Casale commences;
A 1.25% royalty from Goldcorp based on 25% of gross revenues from all metals sold at Cerro Casale and Quebrada Seca, with Kinross foregoing the first US$10 million.