BusinessLatest NewsLocal

Kinross in negotiations to sell its Russian assets due to Ukraine invasion – The Peterborough Examiner

The corporate logo of Kinross Gold Corp. is shown.

By The Canadian Press

Tue., March 29, 20221 min. read

TORONTO – Kinross Gold Corp. says it is in negotiations to sell all of its Russian assets, nearly a month after announcing the suspension of a development in Far East Russia, following the invasion of Ukraine.

The Toronto-based miner says it received unsolicited proposals after announcing the prior move on March 2 and is in exclusive negotiations with an unnamed mining company.

It says any divesture or change of control of its assets with more than 2,000 employees would be subject to Russian government approval.

Kinross initially said it was in the process of suspending operations at its Kupol mine and was suspending all activities at the Udinsk project. It now says the Russian subsidiaries are continuing operations during the transition period due to the exclusivity agreement and to properly maintain assets pending a change of control.

Kinross says it will not benefit financially from the Russian operations while the transition plan is finalized and that no additional investment is required by the parent company.

Kinross, which has mines and projects in the United States, Brazil, Mauritania, Chile, Ghana and Canada, says it has been operating in Russia for more than 25 years.

This report by The Canadian Press was first published March 29, 2022.

Companies in this story: (TSX:K)