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Wednesday, 10th November 2004 (3793 views)

Canadian mining firm Kinross Gold has revealed it is to purchase a further share in the Rio Paracatu Mineracao, a Brazilian gold mine, which it hopes will considerably boost gold reserves.<BR/><BR/>The company is going to pay $260 million to acquire the remaining 51 per cent stake in the mine that it doesn't own.<BR/><BR/>Bob Buchan, President and CEO said: "This transaction will solidify our presence in the region, and is a positive step forward in terms of increasing our reserves and in reducing the number of joint ventures we are involved in.<BR/><BR/>It is hoped reserves will increase by around 28 per cent, after the share is acquired from current majority owner Rio Tinto.<BR/><BR/>The mine is a large open pit southeast of the capital of Brazil and will see Kinross become the mine's operator after the deal.<BR/><BR/>Kinross is a senior gold producer with 13 gold producing properties in six countries, mainly in the Americas.<BR/><BR/>The deal is still subject to a definitive agreement between Kinross and Rio Tinto.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7025723"/>

 

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