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Kinross Gold sells off Russian mines but at half the agreed price
By Barbara Shecter
National Post, Toronto
Wednesday, June 15, 2022
Kinross Gold Corp. has sold all its Russian assets to the Highland Gold Mining group of companies, but the Canadian miner will realize just half the $680 million in proceeds agreed to in April, following a review by the recently formed Russian Sub-commission on the Control of Foreign Investments.
The Russian sub-commission "approved this transaction for a purchase price not exceeding $340 million," Kinross said in a statement today.
... Dispatch continues below ...
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Kinross has received $300 million in U.S. dollars in its corporate account and will receive a deferred payment of $40 million on the one-year anniversary of closing.
The $680 million previously agreed to in April was to include an initial payment of $100 million on closing, with the remaining $580 million scheduled to be received in annual payments from 2023 through to 2027. ...
... For the remainder of the report:
https://financialpost.com/news/kinross-sells-off-russian-gold-mines-but-at-half-the-agreed-price
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