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Kinross Gold nears sale of Russian mine to Russian mining executive
By Ben Dummett and Alistair MacDonald
The Wall Street Journal
Wednesday, March 30, 2022
Canadian miner Kinross Gold Corp. is in exclusive talks to sell its giant Arctic Russian mine to Fortiana Holdings Ltd., according to people familiar with the matter, a deal that if consummated could mark the first sale of an asset a Western company is leaving behind in Russia.
Fortiana is a Russian-backed investment firm with interests in gold mining assets.
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Companies from oil major BP to brewing giant Carlsberg have said they would exit their Russian businesses after Moscow's invasion of Ukraine, in some cases warning of large writedowns. A big question has been who might snap up those assets and how much they might pay.
Kinross, the only large Western miner with a presence in Russia, flagged it could leave the country when it announced plans to suspend its operations there this month. On Tuesday the company said it had entered exclusive talks with an unnamed buyer after considering a number of proposals in recent weeks. ...
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