Kinross agrees to sell halted Ecuador gold project to Fortress Minerals

Tue Oct 21, 2014 6:02pm EDT
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Oct 21 (Reuters) - Kinross Gold Corp said on Tuesday it has entered into an agreement with Fortress Minerals Corp to sell its stake in Aurelian Resources Inc and the halted Fruta del Norte gold project in Ecuador for $240 million.

Kinross will receive between $100 million and $190 million in cash, depending on proceeds from an equity financing announced by Fortress. The rest of the purchase price will be paid in Fortress equity.

Fortress is part of the Lundin group of companies.

(Reporting by Nicole Mordant in Vancouver; Editing by Chris Reese)