Kinross Gold Corp. sold its small 1.8 per cent equity stake in Osisko Mining Corp. Monday for just shy of $100-million.
Kinross president and chief executive officer Tye Burt described the position as a non-core holding. This past summer Kinross also sold off its non-core 19.9 per cent interest in Harry Winston Diamond Corp., profiting about $135-million (U.S.).
Rumours have been swirling for quite some time about which gold behemoth would make a play for Osisko. While Kinross held 1.8 per cent, rival Goldcorp Inc. owns about 10 per cent of the company, according to Capital IQ.
So far this year, Osisko's stock is up 76 per cent. The stock hit an all-time high near $16 in early December. Monday's sale came at $14.70, a 1.9 per cent discount to where the shares started trading in the morning.
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