Kinross Sells Chirano Mine In Ghana To Asante Gold

Kinross Gold Corp K KGC has agreed to sell its 90% stake in the Chirano mine in Ghana to Asante Gold Corp ASGOF for a total consideration of $225 million in cash and shares.
The Ghanaian government has a 10% carried interest in Chirano.
Kinross will get $115 million in cash upon the transaction's completion. Kinross will additionally receive $50 million in Asante common shares based on the 30-day volume-weighted average price of Asante common shares before closure.
Kinross will also receive a total deferred payment of $60 million in cash.
The transaction is expected to be completed on or around May 31, 2022.
With the expected close of the transaction, Kinross will have no assets or interests in Ghana.
Price Action: K shares are trading lower by 3.02% at C$6.74 on TSX, KGC lower by 3.01% at $5.33, and ASGOF lower by 3.75% at $1.54 on the last check Monday.