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Kinross plans to divest its Russian assets

Published by , Editor
Global Mining Review,

Kinross Gold Corp. has provided an update regarding its activities in Russia.

Subsequent to its disclosure on 2 March 2022, the company has been developing a transition plan to divest its Russian assets. Kinross has received a number of unsolicited proposals regarding its Russian business and is now in exclusive negotiations with a third-party mining company regarding a potential sale of 100% of its assets in the country. Any such divesture or change of control would be subject to Russian government approval.

As part of the exclusivity agreement and to properly maintain assets pending a change of control, the company’s Russian subsidiaries are continuing to operate during the transition period. Kinross will also continue to manage and mitigate the environmental impacts of its operations. This includes overseeing monitoring systems and transporting industrial materials to the Kupol mine that are not permitted to remain at the port to maintain safety and regulatory compliance. Kinross will continue to prioritise the well-being of its more than 2000 employees in the country as it develops its transition plan.

The parent company will not benefit financially from the operations while the transition plan is finalised. Current activities will be funded through resources already in-country, with no additional investment required by the parent company.

Kinross expects to treat its Russian business as an asset held for sale from an accounting perspective until a change of control is completed. The company will provide updates to its guidance at the appropriate time.

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Russian mining news Gold mining news