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.