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Kinross proves diamonds aren't forever Add to ...

Regardless of what Shirley Bassey sings, Kinross Gold wanted out of Harry Winston Diamond Corp. and has now sold its equity stake position for about $100-million.

The position amounted to about 8.5 per cent of Harry Winston and comes after a similar transaction between the two companies last summer -- though, the previous deal was much more complicated.

Last July, Kinross sold a 20 per cent equity stake in Harry Winston that it originally purchased for about $3 (U.S.) per share. By the time Kinross exited, the shares were trading around $12, meaning Kinross probably made about $135-million.

That same day Kinross also sold its 22.5 per cent equity interest in the partnership that held Harry Winston's 40 per cent interest in the Diavik diamond mine. The total value of that sale reached $220-million, part of which came in the form of 7.1 million shares of Harry Winston. Those shares are what have now been sold off -- likely around $14.50 per share.

Kinross also recently dumped a small equity stake in Osisko Mining Corp. for $100-million. The latest sale holds true to CEO Tye Burt's claim that his company is disposing of non-core assets.

In other gold producer news, Yamana Gold has picked up more shares of Aura Minerals Inc. The purchase comes after Aura went through a restructuring, and pegs Yamana's ownership of Aura at 18.7 per cent. Aura has a market capitalization of about $680-million.

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