cleanup to meet wikipedia s quality standards . no cleanup reason has been specified . please help improve this article if you can . may 2010 learn how and when to remove this template message red back mining inc. type private industry mining founded 1988 founder lukas h lundin headquarters vancouver canada key people lukas h lundin chair richard clark pres & ceo dir simon jackson vp products gold nickel niobium tantalum revenue 318.39 million 2009 net income 109.16 million 2009 total assets 961.13 million 1 total equity 847.37 million 2009 2 number of employees 785 2009 3 parent kinross gold divisions red back mining nl website www.redbackmining.com red back mining inc. is an unhedged 4 vancouver based mineral resource company . its focus is west africa where it operates the chirano gold project in ghana and the tasiast gold mine in mauritania . 1 it has one division red back mining nl based in perth australia . while independent it was considered one of canada s largest gold companies with a market capitalization of 5.8 billion or 3 4 as much as the 10th largest gold mining company in the world 5 however at the time its key mines hadn t yet reached full potential or critical mass . 1 6 7 in may 2010 there was an announcement of a private placement in which one of the world s largest gold mining companies kinross gold will purchase 9.4 % of red back s outstanding shares . when the deal is completed kinross will be the company s largest shareholder next to fidelity management which currently owns 6 % . 6 8 on august 3 2010 an announcement was made by kinross offering to merge red back into kinross with kinross paying 7.1 billion for all outstanding shares of red back . current red back shareholders would own 37 percent of kinross if the offer is accepted . the price offered was 15 % above the current price of red back stock . according to tye w. burt kinross s president red back has reserves kinross has the ability to develop . 9 on september 15 2010 two thirds of kinross gold s shareholders voted in favour of the usd 7.2 billion deal to acquire red back mining 99 % of red back s shareholders approved the deal . despite opposition from an advisor to kinross s investors and others who estimate the company is overpaying for red back based on reserves estimates kgc plans to close the deal within days of the approval . 10 11 the acquisition price voted on gives red back s shareholders 1.778 kgc commons shares . contents 1 history 2 production in 2010 and 2009 3 main areas of exploration 4 see also 5 references history edit in 2003 it was formed after a merger between red back mining nl of australia and champion resources inc of canada . 12 its flagship mine chirano began producing gold in 4th quarter of 2005 through its subsidiary chirano gold mines limited cgml . in august 2007 acquired the tasiast gold mine from lundin mining corporation for 225 million usd which opened on july 18 2007 . 13 the chirano mine produced 30 427 ounces of gold its first year and was scheduled to produce 123 000 ounces in each of the next 8.5 years . 14 2007 saw a 76 % increase in gold production on a rising gold price ; acquisitions ; and higher probable reserve estimates for its key mines . 15 16 in 2009 it failed in its attempt to acquire moto goldmines whose key asset was a 70 % stake in one of africa s largest undeveloped gold deposits . 17 production in 2010 and 2009 edit the company produced 342 085 ounces in 2009 a 31 % increase over 2008 production 18 and has set a target of 800 000 oz for 2012 . red back s 90 % share of chirano and 100 % share of tasiast produced 402 000 ounces of gold equivalent in 2010 . 19 20 tasiast mine 158 660 oz in 2009 185 000 in 2010 2010 was previously forecast to be 245 265 000 ounces chirano mine 185 425 oz in 2009 240 260 000 oz projected for 2010 . 21 4.4 million ounces of gold . 22 cash operating costs per ounce in 2009 rose to 391 compared to 325 350 for the previous year . 21 23 main areas of exploration edit mauritania tasiast ghana chirano bolgatanga in cooperation with etruscan resources inc. ahafo north bibiani north akyem enchi and bole . see also edit mining industry of ghana mineral industry of africa references edit a b c red back mining company snapshot . www.fpinformart.ca . retrieved 2010 05 01 . red back mining google finance balance sheet . retrieved 2010 07 01 . company profile . retrieved 2010 04 18 . european mining . 2009 07 20 . willis andrew 2010 04 04 . red back mining has a suitor . the globe and mail . toronto . a b 600 million dollar private placement to kinross . 2010 05 04 . kinross shares fall following red back deal . reuters . 2010 05 05 . red back mining shares could rise on kinross stake . 2010 05 05 . in canada a merger for miners of gold associated press article reprinted by the new york times august 2 2010 accessed august 2 2010 kinross gold shareholders approve 7.2 billion takeover of red back mining . 2010 09 15 . shareholders approve kinross gold s red back transaction . 2010 09 15 . mergers . retrieved 2010 04 18 . red back closes purchase of tasiast gold mine . 2007 08 02 . 2005 minerals yearbook pdf . august 2007 . 4 red back mining . 2007 10 30 . 4 strongest b.c. company . 2009 10 11 . red back mining drops bid . cbc news . 2009 05 08 . red back mining sees 2010 gold production above 2009 . reuters . 2010 01 15 . kinross gold 2010 annual report pdf . 2011 . red back production to grow to 500 000 oz in 2010 . 2010 01 15 . a b alto is a buy . 2010 01 18 . xtragold . retrieved 2010 05 04 . red back production to grow to 500 000 oz in 2010 . 2010 02 26 . retrieved from https en.wikipedia.org w index.php title red back mining & oldid 590845040 categories gold mining companies of canadacompanies based in vancouverhidden categories articles needing cleanup from may 2010all articles needing cleanupcleanup tagged articles without a reason field from may 2010wikipedia pages needing cleanup from may 2010 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages espa ol edit links this page was last modified on 15 january 2014 at 17 41 . text is available under the creative commons attribution sharealike license ; 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