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    InícioNotíciasKinross Gold Sells Royalty Portfolio For $74 Million To Maverix Metals

    Kinross Gold Sells Royalty Portfolio For $74 Million To Maverix Metals

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    (Kitco News) – Kinross Gold (NYSE: KGC, TSX K): is stepping away from the royalty business as it looks to raise $74 million in a transaction for cash and shares.

    The mid-tier mining company announced Monday that it was selling its royalty portfolio to Maverix Metals Inc (NYSE: MMX, TSX: MMX), for $25 million in cash and 11.2 million Maverix common shares, representing a 9.4% ownership interest in Maverix.

    “This agreement realizes the value of our royalty portfolio today while also providing upside exposure through a meaningful equity position in Maverix, a company with a proven track record of growth,” said J. Paul Rollinson, president and CEO of Kinross Gold.

    Kinross said that its royalty portfolio is comprised of 25 precious-metals royalties, including interests in Integra Resources’ DeLamar project in Idaho, Polymetal’s Omolon Hub operations in Russia, Barrick Gold and Newmont Goldcorp’s Cerro Casale project in Chile, Premier Gold Mines’ McCoy Cove project in Nevada, Agnico Eagle’s Hammond Reef project in Ontario, and a number of early stage development and exploration projects.

    The transaction is targeted to close by the end of the year.

    The deal comes after Kinross reported disappointing earnings for the third quarter. The company reported lower-than-expected gold production and cash flow between July and September. The company said that it was on target to meet the lower end of its annual gold production forecast.

    Fonte: Kitco News

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