- Kinross Gold Corp (TSX:K) (NYSE:KGC) has agreed to sell its 90% stake in the Chirano mine in Ghana to Asante Gold Corp (OTC:ASGOF) for a total consideration of $225 million in cash and shares.
- The Ghanaian government has a 10% carried interest in Chirano.
- Kinross will get $115 million in cash upon the transaction's completion. Kinross will additionally receive $50 million in Asante common shares based on the 30-day volume-weighted average price of Asante common shares before closure.
- Kinross will also receive a total deferred payment of $60 million in cash.
- The transaction is expected to be completed on or around May 31, 2022.
- With the expected close of the transaction, Kinross will have no assets or interests in Ghana.
- Price Action: K shares are trading lower by 3.02% at C$6.74 on TSX, KGC lower by 3.01% at $5.33, and ASGOF lower by 3.75% at $1.54 on the last check Monday.
