Red Back gets boost from Kinross

摘要

Kinross Gold (k-t, kgc-n) is investing 600 million dollars for a 9.4% stake in Red Back Mining (rbi-t). The placement should help finance the expansion of Red Back's carbon-in-leach (CIL) plant and develop a heap-leach operation at its Tasiast gold project in Mauritania. Kinross is buying 24 million shares of Red Back at 25 dollars per share. Rick Clark, Red Back's president and chief executive, said in a statement that the company is now "financially secure" for future development plans.