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.