As part of its portfolio management strategy, Kinross Gold Corp. said Sept. 26 that it sold 5.5 million common shares of Lundin Gold Inc. to GMP Securities LP for C$30.8 million.

GMP is purchasing the shares, which represent about 4.6% of Lundin Gold's issued share capital, on a private placement basis priced at C$5.60 apiece.

Upon closing of the sale, Kinross will hold 20,656,250 shares, representing approximately 17.4% of the company's issued and outstanding shares.

Closing is subject to customary closing conditions and is expected to occur on or about Oct. 5.