Kinross Gold Corp has sold its small stake in the Osisko Mining Corp. The gold mining company sold 6.8 million shares for about $100 million at a rate of $14.70 per share. This constituted about a 1.8% stake in the Osisko Mining Corp.
Osisko is building the Canadian Malartic gold mine in Quebec and hopes to start commercial production in the second quarter of 2011.
The chief executive of Kinross Gold, Tye Burt said that they were pleased to have benefited from Osisko’s success, which was a testament to its strong management and quality projects. He added that Kinross Gold was now focused on growth projects.
After the sale of the stake in Osisko Mining the shares for Osisko came down by three cents on the Toronto Stock Exchange to rest at $14.76 on Thursday. Shares of Kinross Gold closed at $18.20 on Thursday.
Tye Burt also said that the sale of this non core holding augments Kinross' already strong financial position and reinforces their focus on delivering their industry-leading suite of growth projects. Kinross has mines and projects in Canada, the United States, Brazil, Chile, Ecuador, Russia, Ghana, and Mauritania employing some 7,000 people.