Mining Frontier
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
    • Aluminium
    • COAL
    • COPPER
    • DIAMONDS
    • GOLD
    • IRON ORE AND MANGANESE
    • NICKEL
    • NIOBIUM
    • PHOSPHATES
    • PLATINUM
    • STEEL
  • Projects
  • Events & Conferences
  • Contact US
  • More
    • Newsletter Archive 2022
No Result
View All Result
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
    • Aluminium
    • COAL
    • COPPER
    • DIAMONDS
    • GOLD
    • IRON ORE AND MANGANESE
    • NICKEL
    • NIOBIUM
    • PHOSPHATES
    • PLATINUM
    • STEEL
  • Projects
  • Events & Conferences
  • Contact US
  • More
    • Newsletter Archive 2022
No Result
View All Result
Mining Frontier
No Result
View All Result
Home Latin America

Kinross Gold to sell Ecuador assets to Fortress for $240m

December 24, 2014
in Latin America, News

Canada-based Kinross Gold has signed a deal with Fortress Minerals, a division of the Lundin Group, to sell its 100% stake in Aurelian Resources and the Fruta del Norte (FDN) project in Ecuador for $240m.

 

Of the total amount, Fortress will pay $100m to $190m in cash and the balance in equity.

 

Kinross CEO J Paul Rollinson said: “We are pleased to have reached this agreement and would like to express our appreciation to the Government of Ecuador for their support during the FDN transition process.

 

“We believe that Fortress Minerals, as part of the Lundin Group of companies, is very well-positioned to take FDN to the next stage in its development.”

 

Kinross acquired the project in 2008 during its $1.2bn takeover of Aurelian Resources. However, work was suspended at the mine in 2013 when the government refused to relax a 70% windfall tax, forcing the company to sell the project, reported Reuters.

 

In June this year, an Ecuador cabinet minister noted that the country plans to change its mining law and provide tax incentives to persuade international investors to the industry.

 

Meanwhile, the Ecuador Government has assured to provide its full support for the transaction.

 

The transaction is subject to certain conditions, including Fortress shareholder and stock exchange approval, and is expected to be completed by mid-December.

Previous Post

Mexican mine spill releases 11,000t of toxic material in rivers

Next Post

First iron ore ships from Anglo American's Minas-Rio operation in Brazil

Related Posts

Hexagon and Volvo to provide autonomous safety systems for mining
News

FIRST MODE POWERS WORLD LARGEST ZERO-EMISSION VEHICLE FOR MINING GIANT ANGLO AMERICAN

May 14, 2022
News

Vale and Nippon Steel to evaluate carbon-neutral ironmaking solutions

May 10, 2022
SRG Global to provide drill and blast services for Saracen gold mines
News

FLSmidth to supply Sabina Gold & Silver with full flowsheet offering at Goose gold mine

May 10, 2022
News

Truck automation project gets going at BHP Spence copper mine in Chile

May 10, 2022
Katanga Mining announces agreement to acquire land rights from Gecamines
News

South32 becomes latest miner to join BluVein mine electrification project

May 10, 2022
Sandvik to supply battery-electric vehicle fleet to Hindustan Zinc SK Mine
News

Sandvik to supply battery-electric vehicle fleet to Hindustan Zinc SK Mine

May 10, 2022
Next Post

First iron ore ships from Anglo American's Minas-Rio operation in Brazil

No Result
View All Result

Recent Posts

  • FIRST MODE POWERS WORLD LARGEST ZERO-EMISSION VEHICLE FOR MINING GIANT ANGLO AMERICAN
  • Vale and Nippon Steel to evaluate carbon-neutral ironmaking solutions
  • Orica launches lower environmental impact Fortis Protect range of bulk explosives
  • FLSmidth to supply Sabina Gold & Silver with full flowsheet offering at Goose gold mine
  • thyssenkrupp to build first in the world Rail Running Conveyor systems for Tier 1 copper miner
Mining Frontier

System

  • Search
  • Sitemap
  • Feed

Resources

  • Contact US
  • Download Mediapack
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
  • Projects
  • Events & Conferences
  • Contact US
  • More

© 2019 Copyright Valuemediaservices All rights reserved.

No Result
View All Result
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
    • Aluminium
    • COAL
    • COPPER
    • DIAMONDS
    • GOLD
    • IRON ORE AND MANGANESE
    • NICKEL
    • NIOBIUM
    • PHOSPHATES
    • PLATINUM
    • STEEL
  • Projects
  • Events & Conferences
  • Contact US
  • More
    • Newsletter Archive 2022

© 2019 Copyright Valuemediaservices All rights reserved.

Login to your account below

Forgotten Password?

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