Kinross Gold to sell Russian assets for $680 million
2022.04.05 15:06
FILE PHOTO: A small toy figure and gold imitation are seen in front of the Kinross logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration
(Reuters) -Kinross Gold Corp is selling its Russian assets to Highland Gold Mining group of companies for a total of $680 million in cash, the Canadian company said on Tuesday, nearly a month after suspending its operations in the country.
Several companies with exposure to Russia are taking steps to comply with sweeping Western sanctions against Moscow over its invasion of Ukraine.
Kinross will receive a total of $400 million for its Kupol mine and the surrounding exploration licenses and would receive a total of $280 million in cash for its Udinsk project.
Highland Gold is one of the largest gold mining companies in Russia and operates several mines in the country, including in Chukotka and Khabarovsk regions where the Kupol mine and Udinsk project are located.
The transaction is subject to the approval of the Russian government and the finalization of certain ancillary agreements, Kinross said in a statement.
