Kinross acquires Falconbridge Gold

Toronto-listed junior Kinross Gold (TSE) has completed the previously announced purchase of 8.2 million shares and a $7.4-million convertible debenture of Falconbridge Gold (TSE) from Falconbridge for $22 million.

These securities represent a 56.4% non-diluted interest in Falco Gold. To reflect the change in control, the board of directors of Falco Gold has been reorganized.

Kinross intends to amalgamate with Falco Gold in the future, subject to corporate and regulatory approval.

This is the company’s second major acquisition this year. In July, it bought two projects from Kennecott: the DeLamar open-pit gold-silver mine in Idaho and the Candelaria heap-leach operation in Nevada.

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