| Kinross settles shareholder lawsuit tied to Mauritania debacle | |
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TORONTO/NEW YORK, March 26 (Reuters) - Kinross Gold Corp has agreed pay $33 million to settle a shareholder lawsuit that had accused the Canadian gold miner of defrauding investors through an ill-advised mine acquisition in Mauritania that has resulted in over $6 billion in writedowns. According to documents filed with the U.S. District Court for the Southern District of New York late on Thursday, Kinross said it settled the matter to eliminate the burden and expense of continued litigation but denied any wrongdoing. The Toronto-based miner and the lead plaintiff, the City of Austin Police Retirement System, have asked the court to approve the preliminary settlement. Kinross had tried and failed to get the case dismissed two years ago. Shareholders led by the Texas pension fund accused Kinross of inflating its share price by misleading them about the quality of its due diligence for, and timetable to develop, the Tasiast mine that it acquired via its $7.1 billion acquisition of Red Back Mining Inc in 2010. The mine has failed to live up to expectations and the big pullback in the price of gold over the last few years nly exacerbated issues for the miner. Last month, Kinross said it would not go ahead with a $1.6 billion expansion of Tasiast in Africa's northwest because of bullion prices. Kinross' shares have also taken a pounding in the last few years, with its share price now having fallen some 85 percent to $2.36 in New York, since the time the takeover was announced in August, 2010. The case is City of Austin Police Retirement System v. Kinross Gold Corp et al, U.S. District Court, Southern District of New York, No. 12-01203. (Reporting by Euan Rocha; Editing by Cynthia Osterman)
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Kinross Gold Corporation
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PRODUCTEUR |
CODE : K.TO |
ISIN : CA4969024047 |
CUSIP : 496902404 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Kinross Gold est une société de production minière d'or basée au Canada. Kinross Gold est productrice d'or, d'argent en USA, au Bresil, au Canada, au Chili, au Ghana, en Mauritanie et in Russia, en développement de projets d'argent, de cuivre et d'or au Chili, et détient divers projets d'exploration au Canada, au Chili et in Russia. Ses principaux projets en production sont ROUND MOUNTAIN en USA, CRIXÁS, MORRO DO OURO et PARACATU au Bresil, REFUGIO MINE (VERDE AND PANCHO), FORT KNOX, MARICUNGA et LA COIPA au Chili, PORCUPINE et MUSSELWHITE au Canada, CHIRANO au Ghana, TASIAST en Mauritanie et KUPOL in Russia, ses principaux projets en développement sont KETTLE RIVER, GOLD HILL et CERRO CASALE au Chili et ses principaux projets en exploration sont AHAFO NORTH, BIBIANI NORTH, BOLE, BOLE - BOLGATANGA, AKYEM, RUSSIAN MOUNTAIN, HORN MOUNTAIN, GIL, ENCHI et GOLDBANKS - KINROSS au Ghana, FRUTA DEL NORTE en Equateur, HAMMOND REEF au Canada, KUBAKA MINE - BIRKACHAN in Russia et LOBO-MARTE au Chili. Kinross Gold est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 11,2 milliards CA$ (8,1 milliards US$, 7,6 milliards €). La valeur de son action a atteint son plus bas niveau récent le 27 octobre 2000 à 1,43 CA$, et son plus haut niveau récent le 13 décembre 2002 à 9,99 CA$. Kinross Gold possède 1 246 749 952 actions en circulation. |