Skip to main content

Kinross announces sale of Russian assets

Published by , Editor
Global Mining Review,

Kinross Gold Corp. has entered into a definitive agreement with the Highland Gold Mining group of companies and its affiliates to sell 100% of its Russian assets for a total consideration of US$680 million in cash.

As part of the transaction, Kinross will receive a total of US$400 million in cash for the Kupol mine and the surrounding exploration licenses, which includes payment of US$100 million upon closing, as well as additional payments of US$150 million before the end of 2023, US$100 million before the end of 2024, and US$50 million before the end of 2025. Kinross will also receive a total of US$280 million in cash for its Udinsk project, which includes payments of US$80 million before the end of 2025, US$100 million before the end of 2026, and US$100 million before the end of 2027.

The deferred payments are secured by an extensive security package that includes share pledges, financial guarantees, and an escrow account. All payments under the agreement are payable in US dollars.

Highland Gold is one of the largest gold mining companies in Russia and operates several mines in the country, including in the Chukotka and Khabarovsk regions where the Kupol mine and Udinsk project are located, respectively.

The transaction is subject to the approval of the Russian government and the finalisation of certain ancillary agreements.

Read the article online at:

You might also like


Ready to revolutionise the cement industry?

Join our sister publication, World Cement, in Lisbon, 10 – 13 March 2024, for their first in-person conference and exhibition: EnviroTech.

This exclusive knowledge and networking event will bring together cement producers, industry leaders, technical experts, analysts, and other stakeholders to discuss the latest technologies, processes, and policies being deployed at the forefront of the cement industry’s efforts to reduce its environmental footprint.

Get your early bird tickets NOW »


The Future of Energy-Efficient Haulage

Nik Gresshoff and Matt Youngblood, Railveyor, review how operators can cut costs and emissions by implementing an electric haulage system.


Embed article link: (copy the HTML code below):