Kinross Buys Chile Miner

Kinross Gold says it has completed the acquisition of a 40% interest in Minera Santa Rosa from subsidiaries of Anglo American for $140m in cash. It is buying the other 60% of the Chilean miner for 5.6m of its own common shares plus a cash payment of about $40m from Teck Cominco. In the deal with Teck, Kinross will also pay a 1.75% net smelter returns royalty on 60% of future production, payable when the gold price is $760 per ounce or more. The deal with Teck is expected to close before the end of the year. Morgan Stanley and Scotia Capital advised Kinross.