On June 15th, Kinross announced that we had completed the sale of 100% of our Russia assets to the Highland Gold Mining group of companies for total consideration of US$340 million in cash.
“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, President and CEO. “We would like to thank our Russian workforce for their dedication, professionalism and hard work. Their ongoing commitment to safety and the environment, especially during the transition of our business in the country, has been commendable.”
With the approval and completion of the sale, Kinross has divested all of its interest in Russia and has no further obligations or liabilities in the country. Kinross remains well-positioned to create value with a substantial production profile, a pipeline of high-quality organic projects and a strong balance sheet.