Kinross Gold Plans to Sell Gold Mines in North and South America

SEATTLE (Scrap Monster): Kinross Gold considers selling its gold mines in North and South America. Also, the company plans to move its primary stock listing to London and doubling down on its portfolio of assets in Russia and West Africa, in a bid to increase its value.

According to the company, selling its Americas gold mines and shifting its African and Russian business portfolio to London would make the remaining parts more valuable, as compared to keeping all of the assets in one business unit. It must be noted that its Russian and African mines have always traded at a depressed valuation in the North American market. This has led to the company to think about overhauling of its business portfolio, as announced.

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The record high gold prices make it the best time to sell its gold mines in the Americas region, it noted. The company operates two gold mines in Nevada, one in Alaska and owns Paracatu gold mine in Brazil.

Several companies, including Sibanye-Stillwater Ltd, who wishes to expand its gold footprint in the Americas, may find Kinross assets as a good buy. There are unofficial reports that the company has already had talks with Kinross regarding potential takeover of its assets, through both the companies have denied to comment on it.