Kinross Gold finalises sale of Russia-based assets

photo by kinross

Sale finalised Canada’s Kinross Gold has announced it has completed the sale of 100 percent of its assets in Russia to the Highland Gold Mining group of companies for a total of US$340 million in cash. 


As part of the finalised transaction, Kinross has obtained US$300 million in its corporate account and will secure a deferred payment of US$40 million on the one-year anniversary of the deal’s closing, the miner said in a statement. 


“After the completed divestment of our Russian business, Kinross’ rebalanced portfolio maintains a substantial production outlook anchored by its two tier one assets – Tasiast and Paracatu – as well as a strong portfolio of mines in the Americas, a growing business in Chile, and the large, world-class Great Bear project in Canada,” said J. Paul Rollinson, the president and CEO of Kinross Gold, as quoted in the statement.