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Kinross to sell Russian assets

30th March 2022

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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Canada-based miner Kinross Gold has found a potential buyer for its Russian assets and said on Tuesday that it had entered exclusive negotiations with a third-party mining company regarding the sale.

The company reported that it had received several unsolicited proposals regarding its Russian business, after it earlier this month said that it would be suspending activities at its project and mines in response to Russia’s invasion of Ukraine.

As part of the exclusivity agreement, Kinross’s Russian subsidiaries would continue to operate during the transition period and would continue to manage the environmental impacts of its operations. This included overseeing monitoring systems and transporting industrial materials to the Kupol mine that were not permitted to remain at the port to maintain safety and regulatory compliance.

The parent company would not benefit financially from the operations while the transition plan was finalised, Kinross said, adding that current activities would be funded through resources already in-country, with no additional investment required by the parent company.

The Russia operations would have accounted for 13% of the company’s global production this year.

Edited by Creamer Media Reporter

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