Kinross Gold Sells Portions of Asante Gold Holdings
In a recent development, Kinross Gold Corporation has taken significant measures to optimize its investments. The company announced the sale of 36,927,650 common shares of Asante Gold Corporation, which equates to approximately 5.2% of Asante's outstanding shares. This strategic decision resulted in a total sale price of C$73,116,747, with each share priced at C$1.98 before commission.
Background on Kinross Gold’s Investment
Prior to this sale, Kinross was a substantial stakeholder, possessing around 5.2% of Asante's outstanding shares, along with a partial holding that could bring that percentage up to 13.2%. Post-sale, Kinross still maintains a supportive position in Asante via convertible instruments that represent approximately 8.4% of the outstanding shares on a partially diluted basis. This highlights Kinross's ongoing commitment to the development and success of Asante.
Details of the Transaction
The transaction was conducted based on a private placement agreement, which is subject to a hold period under Canadian securities laws lasting until a specified date. The shares were sold as part of Kinross's regular investment strategy concerning its portfolio companies. Interestingly, Kinross has indicated that future transactions involving Asante could occur, either through open market purchases or private deals, contingent upon market dynamics and other related factors.
Future Investment Strategies
Currently, Kinross has not articulated additional intentions regarding its Asante investment. However, it's important to note that as various markets evolve, Kinross may reassess its strategies based on economic conditions and Asante's performance. The company is positioned to make informed decisions that enhance their overall investment portfolio.
About Kinross Gold Corporation
Kinross Gold Corporation stands as a global leader in the mining sector, specializing in gold extraction with operations spanning multiple countries, including the United States, Brazil, Mauritania, Chile, and Canada. The company is dedicated to excelling in responsible mining practices, operational efficiency, and sustainable growth while maintaining a bullish financial standing. Kinross is listed on both the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).
Contact Information
Media Relations
Samantha Sheffield
Director, Corporate Communications
Phone: 416-365-3034
Email: samantha.sheffield@kinross.com
Investor Relations
David Shaver
Senior Vice-President, Investor Relations and Communications
Phone: 416-365-2761
Email: InvestorRelations@kinross.com
Frequently Asked Questions
What is the significance of Kinross’s share sale of Asante Gold?
The sale reflects Kinross's strategy to optimize its investment portfolio while still maintaining a significant interest in Asante Gold.
How much of Asante Gold does Kinross still own?
Post-sale, Kinross retains approximately 8.4% ownership of Asante shares on a partially diluted basis.
What are Kinross’s future intentions with Asante Gold?
While Kinross currently has no immediate plans for Asante, they may consider future investments based on market conditions.
Where is Kinross Gold Corporation based?
Kinross is headquartered in Toronto, Ontario, Canada.
How can investors contact Kinross Gold Corporation?
Investors can reach out via the Investor Relations contact, David Shaver, at 416-365-2761 or through the provided email address.
