Kinross Gold Corp., Toronto, is purchasing 100 percent of the shares of NERCO DeLamar Co. and NERCO Metals Inc. from Kennecott Corp. for $16.7 million. NERCO owns 100 percent of the DeLamar open-pit gold and silver mine near the Idaho-Oregon border.
The purchase also includes the America Mine, a gold project in Twenty-Nine Palms, Calif., and Dunka Road base metal property in northern Minnesota.The DeLamar Mine is a fully equipped open-pit operation capable of producing 30,000 tons of ore daily. Cash operating cost per ounce of gold produced is $256, a level expected to be maintained as an average over the life of the mine, company officials said.