[miningmx.com] – KINROSS Gold said it would not sell its highest cost mines because now was not the right time.
In an interview with Bloomberg News, J Paul Rollinson, CEO of Kinross Gold since August last year, said the obvious candidates for any asset sale would be the highest cost mines in its portfolio. However, they had to be given a better chance of survival.
“We’re going to look at them and we’re going to try to reconfigure them and we’re going to try do more with them before we would determine it’s not a fit,’ he told Bloomberg News. “We don’t have to sell to support the balance sheet,’ he said.
Kinross Gold bought exposure to the African gold market following the 2010, C$8bn takeover of Australia’s Redback Mining.
The African assets, which also include properties in Ghana, and the Tasiast mine in Mauritania, have since been written down by a combined $6.5bn, a development that led to the firing of former Kinross Gold CEO, Tye Burt.
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