Kinross Reaches Preliminary Agreement for Ecuador Mine
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Kinross Gold Corp., the third-largest Canada-based miner by market value, said it reached a non-binding agreement with Ecuador’s government to develop its Fruta del Norte gold and silver mine in the South American nation.
Kinross said Ecuador agreed “in principle” to a sliding scale of gold royalty fees between 5 percent and 8 percent depending on sale prices, as well as a payment of $65 million toward future royalties, the company said today in a statement published by Marketwire. Kinross didn’t say when a final accord may be reached.