Kinross Gold sells royalty portfolio to Maverix Metals for $74m
Canadian miner Kinross Gold (TSX:G) (NYSE:KGC) has agreed to sell its royalty portfolio to precious metals royalty and streaming company Maverix Metals (TSX:MMX) for $74 million — $25 million in cash and nearly 11.2 million shares in the target company (a 9.4% stake).
The deal, involving 25 precious metals royalties, also gives the Toronto-based miner pre-emptive rights to participate in any future equity financings to maintain its ownership position.
The transaction grants gold-focused Maverix access to output from Integra Resources’ DeLamar project in Idaho, Polymetal’s Omolon Hub operations in Russia, Barrick Gold and Newmont Goldcorp’s Cerro Casale project in Chile, Premier Gold Mines’ McCoy Cove project in Nevada, Agnico Eagle’s Hammond Reef project in Ontario, and a number of early stage development and exploration projects.
The agreement, which increases Vancouver-based Maverix’s total asset portfolio to 105 royalties and streams, is expected to close on or before the end of the year.
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