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Kinross Sells its Interest in Crixás
Kinross Gold Corp. will sell its 50% interest in the Crixás gold mine (Serra Grande), located in the State of Goiás, Brazil, to subsidiaries of AngloGold Ashanti Ltd. for $220 million. “Crixás is a non-operated, non-core asset for Kinross,” said Tye Burt, president and CEO, Kinross. “Its divestiture is consistent with our strategy of portfolio optimization, and focusing our resources on the company’s core operations and priority projects.”
Crixás’ proven and probable gold reserves were approximately 750,000 oz as of December 31, 2011, and the mine is expected to produce 70,000 gold equivalent oz in 2012.