Kinross completes sale of Russian assets

Kinross has received US$300 million in US denominated cash in its corporate account and will receive a deferred payment of US$40 million on the one-year anniversary of closing.

As disclosed on 5 April 2022, the previously agreed total consideration for the transaction was US$680 million, which included a payment of US$100 million upon closing, with the remaining US$580 million scheduled to be received in annual payments from 2023 through to 2027. The transaction consideration was adjusted by the parties following review by the recently formed Russian Sub-commission on the Control of Foreign Investments, which approved this transaction for a purchase price not exceeding US$340 million. With the approval and completion of the sale, Kinross has divested all of its interests in Russia and has no further obligations or liabilities in the country.

J. Paul Rollinson, Kinross President and CEO, comments:

“After the completed divestment of our Russian business, Kinross’ rebalanced portfolio maintains a substantial production outlook anchored by its two tier one assets – Tasiast and Paracatu – as well as a strong portfolio of mines in the Americas, a growing business in Chile, and the large, world-class Great Bear project in Canada.

“We would like to thank our Russian workforce for their dedication, professionalism, and hard work. Their ongoing commitment to safety and the environment, especially during the transition of our business in the country, has been commendable.”

Read the article online at: https://www.globalminingreview.com/mining/17062022/kinross-completes-sale-of-russian-assets/