Kinross to sell halted Ecuador gold project to Lundin company

Kinross Gold Corp has agreed to sell its halted Fruta del Norte gold project in Ecuador to a company belonging to the Swedish-Canadian Lundin family for $240 million, Kinross and the company, Fortress Minerals Corp., said today.

Toronto-based Kinross acquired the project in 2008 with its $1.2 billion friendly takeover of Aurelian Resources, and once called it "one of the most exciting gold discoveries of the past 15 years."

But last year it suspended work on the gold project, Ecuador's largest, saying the government had refused to compromise over a 70 percent windfall tax. Last June Kinross took a $720 million charge on the project and has been looking to sell it.

The government of Ecuador has indicated its support for the transaction, Kinross said. ...

... For the remainder of the report:

http://www.reuters.com/article/2014/10/21/kin...cuador-idUSL...