Kinross Gold Corp has entered into a purchase and sale agreement with subsidiaries of AngloGold Ashanti to sell its 50% interest in Crixas gold mine in Brazil for total consideration of $220m.
AngloGold Ashanti now owns a 100% stake in the mine, located in the State of Goias.
Kinross Gold Corp president and chief executive officer Tye Burt said the mine is a non-operated, non-core assest for the company.
"Its divestiture is consistent with our strategy of portfolio optimisation, and focusing our resources on the company's core operations and priority projects," said Burt.
As of 31 December 2011, Kinross' share of Crixas' proven and probable gold reserves was about 375,000 ounces and the company said its share of forecast production for 2012 was about 70,000 gold equivalent ounces.
Kinross has mines and projects in Brazil, Canada, Chile, Ecuador, Ghana, Mauritania, Russia and the US, employing approximately 8,000 people worldwide.
Image:Crixas gold mine is made up of two underground mines. Photo:Kinross Gold Corporation