Kinross Gold Corporation has finalized the sale of its Russian assets to Highland Gold Mining for $340 million, with $300 million received upfront and a deferred payment of $40 million expected next year. This transaction clears all obligations in Russia and allows Kinross to concentrate on its core operations at Tasiast and Paracatu. Nevertheless, the company has reduced its gold production guidance for 2022 to 2.15 million ounces from an earlier forecast of 2.65 million ounces, while anticipating all-in sustaining costs of $1,150 per ounce.
“Kinross Gold · guided for gold production · 2.15 million oz.”
“Kinross · reported cash and equivalents · $1.7 billion”
“Kinross Gold Corporation · has guided for · gold production · 2.15 million oz.”
“Kinross Gold Corporation · has a · cash and equivalents · $1.7 billion”
“Kinross Gold Corporation · has guided for · all-in-sustaining-cost · $1,150 an ounce”
“Kinross Gold Corporation · completed the sale of · 100% of its Russian assets to the Highland Gold Mining group · $340 million”
“Kinross Gold Corporation · received cash consideration of · U.S. denominated cash · $300 million”
“Kinross Gold Corporation · will receive a deferred payment of · cash · $40 million”
“Kinross Gold Corporation · has · no further obligations or liabilities in Russia”
“Kinross Gold Corporation · expects to produce · gold equivalent ounces in 2022 · 2.15 million (+/- 5%)”
“Kinross Gold Corporation · expects a production cost of sales of · per gold equivalent ounce · $830”
“Kinross Gold Corporation · projects all-in sustaining cost per ounce for 2022 · at · $1,150”