Fed tests gold upleg
Gold’s outlook and fundamentals remain really bullish.
Kinross Gold, recently cashed up from its stake sale in Harry Winston Diamond Corp., has now agreed to pay $350 million for full ownership of the Kupol mine in Russia. The mine would account for about 17% of Kinross’ gold equivalent production in 2011. Reuters reports:
Gold miner Kinross Gold Corp. said it signed an agreement to buy the stake it does not already own in Chukotka Mining and Geological Co for about $350 million, giving it full ownership of the Russian mining company.
Kinross will buy 2.3 million shares, or about 25 percent, from the State Unitary Enterprise of the Chukotka Autonomous Okrug, it said in a statement.
