Facebook Twitter

CANADIAN FIRM PURCHASING NERCO

SHARE CANADIAN FIRM PURCHASING NERCO

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.