TVX, Echo Bay give nod to Kinross merger

TVX Gold (TVX-T) shareholders have approved a proposed 3-way merger with Kinross Gold (K-T) and Echo Bay Mines (ECO-T).

Kinross recently announced a 3-old-for-1-new-share consolidation, and TVX shareholders will receive 2.17 shares of Kinross for each TVX share.

Echo Bay shareholders also approved the deal; they will receive 0.17 of a Kinross share for each of Echo Bay share.

After the merger, Kinross will have a market capitalization exceeding $2 billion and annual production of 2 million oz. gold at total estimated cash costs of less than US$200 per oz.

Meanwhile, Kinross has moved from the American Stock Exchange to begin trading on the New York Stock Exchange under the same ticker symbol kgc.