Kinross (NYSE:KGC) its Diavik diamond mine joint-venture stake back to Harry Winston (NYSE:HWD) for $220 million, returning Winston's stake in the venture to 40 percent.
To shore up its balance sheet at the height of the recession, Harry Winston sold the 9 percent indirect interest to Kinross.
Diavik is the largest diamond mine in Canada, producing over 50 million carats of rough diamonds since beginning operations seven years ago.
The diamond miner paid $50 million in cash, 7.1 million in common shares, and a note in the amount of $70 million.
At around 3:00 PM EDT, Kinross was at $16.01, gaining $0.38, or 2.43 percent. Harry Winston rose to $10.28, gaining $0.49, or 5.01 percent, both in New York.
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