Kinross Gold seeks to divest its Russian assets, says in exclusive negotiations with potential buyer

Gold & Silver

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image(Kitco News) – Kinross Gold (TSX: K) said today that subsequent to the company’s disclosure on March 2, 2022, it has been developing a transition plan to divest its Russian assets.

Kinross added it 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,” the company noted in a statement.

The company also said that its Russian subsidiaries are continuing to operate during the transition period and that it will also continue to manage and mitigate the environmental impacts of its operations.

“The parent company will not benefit financially from the operations while the transition plan is finalized. Current activities will be funded through resources already in-country, with no additional investment required by the parent company,” Kinross said in a press-release.

The company added it expects to treat its Russian business as an asset held for sale from an accounting perspective until a change of control is completed.

Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile, Ghana and Canada.

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