Kinross To Sell Aquarius Project
Kinross Gold (KGC) agreed to sell its Aquarius Project in Timmons, Ontario, to fellow Canadian mining company St. Andrew Goldfields.
In exchange for the assets, Toronto-based Kinross will receive 100 million shares of St. Andrew, equal to a 14% stake. Kinross also will receive warrants for an additional 25 million shares.
St. Andrew, based in Oakville, Ontario, operates the Stock Gold Complex, which is about seven kilometers from the Aquarius Project.
"The economics of the Aquarius Project should be enhanced by synergies with St Andrew's nearby operations," said Kinross President and Chief Executive Tye Burt in a statement. "As a new shareholder, we also see long-term potential for St Andrew's extensive land positions in the Timmins camp."Kinross plans to record a third-quarter charge of $40 million related to the deal, including $10 million of goodwill. The transaction is expected to close in the first half of 2006. Kinross shares closed up 9 cents to $9.38.
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