Kinross completes acquisition of Great Bear Resources
In February 2022, Kinross announced the completion of its $1.4 billion acquisition of Great Bear Resources Ltd. (Great Bear Resources). Kinross believes Great Bear Resources’ Dixie project in Red Lake, Ontario has significant potential to become a top-tier, large-scale operation. The transaction also includes a payment of contingent consideration payable in connection with Kinross’ commercial production at the Dixie project and a cumulative total of at least 8.5 million gold ounces of mineral reserves are disclosed. Kinross drew down $1.1 billion from its $1.5 billion revolving credit facility to finance the cash portion of the transaction.
Competition|New Activity|Structural|M&A|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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