Canadian gold miner Kinross in exclusive talks to sell Russian assets

TORONTO – Kinross Gold Corp. says it is in exclusive talks to sell its Russian assets.

The Toronto-based gold miner owns the Kupol underground mine in the country’s Chukotka region as well as the Udinsk development-stage project.

Kinross said on March 2 that it was suspending its operations in Russia, following the country’s invasion of Ukraine.

Since then, the company says it has received a number of unsolicited proposals regarding its Russian business and it is now in exclusive talks with a third-party mining company.

The miner says any sale or change of control would be subject to Russian government approval.

Kinross, which has mines and projects in the United States, Brazil, Mauritania, Chile, Ghana and Canada, says it has been operating in Russia for more than 25 years.

This report by The Canadian Press was first published March 30, 2022.

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