Kinross Completes Acquisition of 40% Interest in Lobo-Marte Project in Chile From Anglo American
Expects to close purchase of remaining 60% from Teck by end of 2008
TORONTO, ONTARIO--(Marketwire - Dec. 17, 2008) - Kinross Gold Corporation ("Kinross") (TSX:K)(NYSE:KGC) announced today that it has completed its acquisition of a 40% interest in Minera Santa Rosa SCM ("Minera") from certain subsidiaries of Anglo American plc ("Anglo") for an aggregate purchase price of US$140 million. Minera owns 100% of the Lobo-Marte gold project located in the Maricunga district of northern Chile, roughly midway between Kinross' Maricunga and La Coipa mines.
As announced on November 20, 2008, Kinross has also entered into a separate agreement with Teck Cominco Limited ("Teck") pursuant to which Kinross will acquire the remaining 60% interest in Minera for approximately 5.6 million common shares of Kinross, plus a net cash payment of approximately US$40 million and a 1.75% net smelter returns royalty on 60% of future production, payable when the gold price is US$760 per ounce or more. Kinross expects the purchase from Teck to be completed before the end of 2008.
