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A 2007 handout photo the Tasiast Gold Mine in Mauritania, then owned by Red Back Mining Ltd., which is now part of Kinross Gold.
A 2007 handout photo the Tasiast Gold Mine in Mauritania, then owned by Red Back Mining Ltd., which is now part of Kinross Gold.
(Handout/Red Back Mining Ltd.)

Kinross warrants are relics of big, ill-fated mining deal

There’s no way Red Back Mining investors could have expected this.

When Kinross Gold Corp. offered to buy Red Back in a $7.1-billion deal in 2010, the target’s investors jumped at the chance, voting 99 per cent in favour of the acquisition. This was the first big mining deal since the financial crisis, and a 21 per cent premium seemed sexy for a sector still stuck in a lull.