Kinross Gold Announces it Will Cease Development of Fruta del Norte; Shares Down 4.4% In U.S. Premarket Trade

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Kinross Gold Corporation (K.TO, KGC) last night announced that it will not proceed with further development of the Fruta del Norte ( FDN ) project in Ecuador. The company also informed the Government of Ecuador of this decision, and requested its cooperation in ensuring an orderly transition that respects the interests of both parties.

It said: "After more than two years of negotiations on exploitation and investment protection agreements for the project, the Government of Ecuador and Kinross have been unable to agree on certain key economic and legal terms which balance the interests of all stakeholders. Therefore, despite pending legislative amendments to the mining and tax law regime in Ecuador, Kinross has concluded that it is not in the interests of the company and its shareholders to invest further in developing FDN."



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This article appears in: Investing , Commodities

Referenced Stocks: FDN

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