Kinross Gold (TSE:K) has acquired 24 million shares of Red Back (TSE:RBI) in a private placement, an overall investment of $588 million.
Kinross paid a slight premium for the shares, acquiring them at C$25 a share, a little above the C$24.46 close on the Toronto Stock Exchange.
Recent acquisitions by Kinross include the Dvoinoye project in Russia, for which they paid $368 million, and gold exploration company Underworld Resources, which cost them close ot C$140 million. They also sold their stake in Chile's Cerro Casale gold project to Barrick Gold (TSE:ABX).
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