Reuters: Mergers News: UPDATE 1-Kinross to sell Crixas stake to AngloGold for $220 mln

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UPDATE 1-Kinross to sell Crixas stake to AngloGold for $220 mln May 29th 2012, 06:37 Tue May 29, 2012 2:37am EDT May 29 (Reuters) - Kinross Gold Corp said it had agreed to sell its 50 percent interest in Brazil's Crixas gold mine to units of AngloGold Ashanti Ltd for $220 million. The deal will make AngloGold Ashanti the single owner of Crixas as the South African gold miner currently holds the other 50 percent in the mine. Kinross' share of Crixas' proven and probable gold reserves was about 375,000 ounces as of Dec. 31, and its share of forecast production for 2012 was about 70,000 gold equivalent ounces, Kinross said in a statement. Kinross said the deal was expected to be completed during the second quarter of 2012.

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