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Kinross Gold Corp. sold its small 1.8 per cent equity stake in Osisko Mining Corp. Monday for just shy of $100-million.

Kinross president and chief executive officer Tye Burt described the position as a non-core holding. This past summer Kinross also sold off its non-core 19.9 per cent interest in Harry Winston Diamond Corp., profiting about $135-million (U.S.).

Rumours have been swirling for quite some time about which gold behemoth would make a play for Osisko. While Kinross held 1.8 per cent, rival Goldcorp Inc. owns about 10 per cent of the company, according to Capital IQ.

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So far this year, Osisko's stock is up 76 per cent. The stock hit an all-time high near $16 in early December. Monday's sale came at $14.70, a 1.9 per cent discount to where the shares started trading in the morning.

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Reporter and Streetwise columnist

Tim Kiladze is a business reporter with The Globe and Mail. Before crossing over to journalism, he worked in equity capital markets at National Bank Financial and in fixed-income sales and trading at RBC Dominion Securities. Tim graduated from Columbia University's Graduate School of Journalism and also earned a Bachelor in Commerce in finance from McGill University. More

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