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Wednesday, April 7, 2010

Kinross Gold (NYSE:KGC) Sells Barrick Gold (NYSE:ABX) 25 Percent Stake in Cerro Casale Project

Kinross Gold and Barrick Gold deal for Cerro Casale Project

Kinross Gold (NYSE:KGC) has sold Barrick Gold (NYSE:ABX) 25 percent of its stake in the Cerro Casale project in Chile for about $474 million.

Terms of the deal were $20 million in contingent obligation from Barrick Gold, along with $474 million in cash.

Barrick now controls the project with a 75 percent stake, while Kinross now holds a 25 percent stake in the Cerro Casale project.

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