(Toronto) Kinross Gold is selling all its assets in Russia as more companies pull out of the country following its invasion of Ukraine.
Posted at 11:46 a.m.
The Toronto gold miner said on Tuesday it was selling 100% of its Russian assets to the Highland Gold Mining group of companies and its affiliates for US$680 million in cash.
Kinross owns the Kupol underground mine in the Chukotka region, as well as exploration licenses in the surrounding area, as well as the Udinsk project, which is in the development stage.
She said Highland Gold was the largest gold mining group in Russia, with mining operations in the Chukotka and Khabarovsk regions, where the Kupol mine and the Udinsk project are located, respectively.
Kinross said the transaction was subject to Russian government approval.
Kinross, which is active in the United States, Brazil, Mauritania, Chile, Ghana and Canada, had been active in Russia for over 25 years.