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Kinross Gold Corp K-T had rebuffed a takeover approach by rival Endeavour Mining Plc EDV-T in recent months, Bloomberg News reported on Thursday, citing people familiar with the matter.

Endeavour, backed by Egyptian billionaire Naguib Sawiris, was considering a potential cash-and-stock deal for Kinross, the report said.

Discussions between the two companies, however, did not proceed beyond the initial stage due to differences over valuation and other issues, the report added.

The gold mining sector has been buzzing with activity ever since Newmont Corp made its bid for Australian gold miner Newcrest Mining Ltd earlier this year.

Both Kinross and Endeavour did not immediately respond to Reuters’ requests for comment.

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