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Kinross Gold Corporation Message Board

  • goldbull123 goldbull123 Sep 16, 2005 6:33 PM Flag

    The reson for the volume

    Newmond sold its 4% stake in Kinross.

    I would think that it is a good news.

    This removes the overhang that everyone worries about.

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    • Newmont sells Kinross stake for about C$140 mln
      Fri Sep 16, 2005 06:07 PM ET
      VANCOUVER, British Columbia, Sept 16 (Reuters) - Newmont Mining Corp. (NEM.N: Quote, Profile, Research) sold its 4.4 percent stake in Kinross Gold Corp. (K.TO: Quote, Profile, Research) on Friday, a Kinross spokesman said. Christopher Hill said it was his understanding that Newmont offloaded its 15.23 million shares in the Toronto-based miner through two block trades on the Toronto Stock Exchange at a price of C$9.15 a share.

      That values the transaction at C$139 million ($118 million).

      Newmont was not immediately available for comment.

      Shares in Kinross, the world's No. 7 gold miner, closed unchanged at C$9.08 on the Toronto market on Friday. Some 21.6 million of its shares changed hands during the session.

      Newmont, the world's biggest gold miner, acquired a 14 percent stake in Kinross in 2003 when the Canadian miner bought stakes in Echo Bay Mines and TVX Gold from Denver-based Newmont in exchange for Kinross shares.

      Newmont had already sold about two-thirds of the stake.

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