Kinross Reports Sale Of Cerro Casale Interest

 

TORONTO, ON - Kinross Gold Corporation has agreed to sell its 25% interest in the Cerro Casale project in Chile, and its 100% interest in the Quebrada Seca exploration project located adjacent to Cerro Casale, to Goldcorp Inc. Additionally, on closing Kinross will enter into a water supply agreement with the Cerro Casale joint venture. After certain conditions are met, the agreement will provide Kinross with certain rights to access, up to a fixed amount, water not required by the Cerro Casale joint venture. Kinross expects to use this water for its Chilean assets and would be responsible for the incremental capital costs to accommodate the supply of water to the Company along with its pro rata share of operating and maintenance costs.

The sale is expected to be completed in the second quarter of 2017, subject to customary conditions of closing as well as the closing of Goldcorp's acquisition from Barrick of a 25% interest in the Cerro Casale project.