Highland Gold Mining to pay US$680 million for the mine that would have accounted for 13 per cent of Kinross\u0027s 2022 gold production
Highland Gold Mining Ltd., one of the largest Russian gold miners, which once counted billionaire oligarch Roman Abramovich as a major shareholder, has agreed to pay US$680 million for the Kinross mine complex that would have accounted for 13 per cent of its 2022 gold production.
Fahad pegged the total value of the mines at US$893 million, or about 12 per cent of the company’s net asset value. Kinross has been operating in Russia for 25 years, and Kupol has been its star gold mine: In 2021, it produced 481,108 ounces of gold at a cost of sales of US$637 per ounce. Meanwhile, the company is facing a high debt load after completing a $1.8-billion acquisition of Great Bear Resources, a prospective company exploring for gold in Ontario that remains years away from production.Article content
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