Newcrest has acquired a further 10,977,502 common shares of Lundin Gold Inc. (representing 4.9% of the outstanding common shares) from Kinross Gold Corporation for C$7.25 per share, or C$79.6 million in the aggregate, at a 4.2% discount to last trade price. These additional shares increase Newcrest's ownership interest in Lundin Gold to 32%.
Newcrest Managing Director and Chief Executive Officer said, "This was a great opportunity to increase our exposure to Fruta del Norte, a Tier 1 asset, which is expected to commence commercial production in the June 2020 quarter."
Lundin Gold Inc. owns the Fruta del Norte which is a high-grade, underground gold-silver mine located in south-eastern Ecuador.