Kinross Gold Corporation has finalized the sale of its Russian assets, including the Kupol mine and Udinsk project, to Highland Gold Mining for $680 million in cash. This decision is part of Kinross's strategy to mitigate geopolitical risks as it faces ongoing tensions in the region. The company expects to receive an initial payment of $100 million upon closing and additional payments in the following years. Going forward, Kinross plans to focus on operational excellence and the expansion of its resource base, including new mineral resource declarations by the end of 2022.
“Kinross Gold · reported · sale of Arctic Russian mine · to Fortiana Holdings”
“Kinross Gold Corporation · will release · financial statements and operating results for the first quarter of 2022 · Tuesday, May 10, 2022, after market close”
“Kinross Gold Corporation · will hold · conference call and audio webcast · Wednesday, May 11, 2022 at 7:45 a.m. EDT”
“Kinross Gold Corporation · will hold · Annual Meeting of Shareholders · Wednesday, May 11, 2022 at 10:00 a.m. EDT”
“Kinross Gold Corporation · inked a definitive deal · Highland Gold Mining group · 100% of its Russian assets for $680 million in cash”
“Kinross · will get · cash for the Kupol mine · $400 million”
“Kinross · will receive · payment upon closing · $100 million”
“Kinross · anticipates production cost of sales · gold equivalent ounce · $830”
“Kinross · expects capital expenditures · around $1,050 million · 2022”
“Kinross Gold Corporation · plans to declare · initial inferred mineral resource · 2022 year-end results”
“Kinross Gold Corporation · commence · pre-feasibility study · 2023”
“Kinross Gold Corporation · expects to complete · approximately 200,000 metres of drilling · 2022”