Kinross Gold Plots Divestment Plan for its Russian Assets

SEATTLE (Scrap Monster): Kinross Gold Corporation provided a key update regarding its operations in Russia. The Toronto, Ontario-based miner unveiled plans to divest its Russian assets.

During early-March this year, Kinross had decided to suspend all activities at its Udinsk development project. At that time, it stated that the company was in the process of suspending operations at its Kupol mine.

Subsequent to the above announcement, Kinross has been developing a transition plan to divest its Russian assets. The press release stated that the company received several unsolicited proposals regarding its Russian business and that it is currently engaged in exclusive negotiations with a third-party mining firm on potential sale of 100% of its assets in Russia, which will be subject to the approval of the Russian government.

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Meantime, the Russian subsidiaries will continue to operate during the transition period. The environmental impacts, if any, of its operations, will be managed and mitigated. The company will continue to give top priority to the well-being and safety of its more than 2,000 employees, the press release said.

The current activities will be funded through existing resources in the country, No additional investment will be made by the parent company.

Kinross Gold will provide further updates at appropriate times.