Canadian miner Kinross Gold Corp. is selling all of its assets in Russia as a growing number of companies withdraw from the country following the invasion of Ukraine.
The Toronto-based gold miner said Tuesday it's selling 100 per cent of its Russian assets to the Highland Gold Mining group of companies and its affiliates for US$680 million in cash.
The company said Highland Gold is one of the largest gold mining companies in Russia with mining operations in both of the areas where Kinross has assets.Mike Parkin, head of mining research at National Bank Financial, said in a client note that obtaining approval from the Russian government is a potentially significant hurdle.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kinross selling Russian business to Highland Gold for US$680-millionThe move comes at a discount to the mines’ value, and the Toronto company will have to wait years to get the bulk of the payments
Read more »
Kinross finds buyer for Kupol mine complex in what analyst calls 'messy exit' from RussiaHighland Gold Mining to pay US$680 million for the mine that would have accounted for 13 per cent of Kinross\u0027s 2022 gold production
Read more »
Kinross finds buyer for Kupol mine complex in what analyst calls 'messy exit' from RussiaHighland Gold Mining to pay US$680 million for the mine that would have accounted for 13 per cent of Kinross\u0027s 2022 gold production
Read more »
Kinross finds buyer for Kupol mine complex in what analyst calls 'messy exit' from RussiaHighland Gold Mining to pay US$680 million for the mine that would have accounted for 13 per cent of Kinross\u0027s 2022 gold production
Read more »
Suncor getting out of wind and solar; will shift focus to hydrogen and renewable fuelCanadian energy company Suncor says it is getting rid of its wind and solar assets.
Read more »