• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Features

Ghana: Kinross sells Chirano gold mine to Asante in $225m deal

3 years ago
in Features, highlights, Home, home-news, latest News, Mining
1 min read
0 0
0
97
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana: Kinross sells Chirano gold mine to Asante in $225m deal

Kinross Gold is selling its 90% interest in the Chirano mine in Ghana to fellow Canadian Asante Gold in a cash and shares deal worth $225 million.

The open-pit and underground mining operation in southwestern Ghana produced 154,668 gold-equivalent ounces in 2021, compared to 166,590 in 2020 and is located immediately south of Asante Gold’s Bibiani gold mine. The government of Ghana holds a 10% interest.  

The Toronto-based company will receive $115 million in cash and Asante common shares with a value of $50 million based on the 30-day average price of the buying company prior to closing.

Kinross will also receive a total deferred payment of $60 million in cash, with 50% payable on the first anniversary of closing and the other 50% payable on the second anniversary of closing.

Read: What other CEOs can learn from Elon Musk’s aggressive, unorthodox Twitter takeover

Chirano represented nearly 3% of Kinross’ total mineral reserve estimates as of year-end 2021 and with its sale, the company will no longer have assets or interests in Ghana.

RelatedPosts

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

“[The mine] is a relatively small, short-life mine in an operating jurisdiction with no synergies other Kinross assets,” BMO Metals and Mining analyst Jackie Przybylowski wrote on Monday. “Even correcting for what is potentially a low mined grade in our forecasts, we believe the sale price is a fair value.”

The deal, expected to close around the end of May, follows Kinross’ sale earlier this month of all its Russian assets to Highland Gold Mining.

Before the invasion of Ukraine, Kinross had forecast that about 13% of its global production would come from Russia, where it operated for 25 years.

Asante, which acquired Bibiani from Australia’s Resolute Mining last year, began production at the asset in February.

Source: mining.com
Via: norvanreports
Tags: Asante GoldBibiani gold mineghanaGhana: Kinross sells Chirano gold mine to Asante in $225m dealKinross Gold
No Result
View All Result

Highlights

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

Trending

Business

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

August 4, 2025

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana The Criminal Investigations Department (CID)...

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

August 4, 2025

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

August 4, 2025

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

August 4, 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.