Kinross Gold Corporation

Kinross Gold Corporation in its US$1.4 billion acquisition of Great Bear Resources

Client

Kinross Gold Corporation

Value

US$1.4 billion

Service

Mergers and Acquisitions

Date Closed

February 2022

Industry

Mining and Natural Resources

Lead Office

Toronto

 

On February 24, 2022, Kinross Gold Corporation completed its previously announced acquisition of Great Bear Resources Ltd. Through the transaction, Kinross will acquire Great Bear’s flagship Dixie project located in the Red Lake mining district in Ontario, Canada.

Kinross has agreed to an upfront payment of approximately US$1.4 billion, payable in cash and Kinross common shares, and a contingent consideration that provides further potential consideration of approximately US$46.0 million based on the closing price for a Kinross share on the Toronto Stock Exchange on December 7, 2021. The contingent consideration will be payable in connection with Kinross’ public announcement of commercial production at the Dixie project, provided that at least 8.5 million gold ounces of measured and indicated mineral resources are disclosed.

Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana.

Great Bear Resources Ltd. is a Vancouver-based gold exploration company focused on the advancement of the Dixie gold project.

Osler, Hoskin & Harcourt LLP advised Kinross Gold Corporation with a team consisting of James Brown, Brett Anderson, Doug Bryce, Patrick Sullivan, Ian Morrison, Susan Mansuri (Corporate), Patrick Marley, Emily Gilmour (Tax), Richard King (Indigenous), Damian Rigolo (Employment and Labour), Shuli Rodal, Danielle Chu (Competition), Jonathan Marin, Jenah Chandani (Pensions & Benefits), Patrick Welsh and Isabelle Crew (Environmental).