Kinross Gold (TSX: K, NYSE: KGC) has reduced its holding in Asante Gold (CSE: ASE) by nearly half following the sale of 29.85 million shares at C$1.55 per share for total proceeds of C$46.3 million.The shares sold by Kinross represent approximately 44.7% of its holding in Asante, and 4.2% of Asante’s outstanding share capital. The sale price is a discount over the stock’s market open price of C$1.62 on Monday.By midday, Asante’s shares traded at C$1.65 apiece, down 4.1% for the session, with a market capitalization of C$813 million. Meanwhile, Kinross traded 2% higher at $31.24 per share, capitalizing it at C$37.6 billion.Following the sale, Kinross still holds approximately 36.93 million of Asante’s shares, for a 5.2% equity ownership. It also holds five million Asante share purchase warrants and a note that can be converted into Asante shares at C$1.81 apiece. Taking into account these convertible securities, Kinross owns about 13.2% of Asante on a partially diluted basis.The Canadian gold miner did not provide a reason for the divestment, only stating that the move was “part of the ordinary course of portfolio management”.Asante currently operates the Bibiani and Chirano gold mines in Ghana, plus several exploration projects in the West African nation. Kinross previously held the Chirano mine for over a decade, before selling it to Asante in 2022.
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