Canada’s Kinross Gold (K) has sold its Russian assets to Highland Gold Mining for $680 million U.S. in cash.
Under the terms of the deal, which requires approval by the Russian government, Kinross Gold will receive $400 million U.S. for its Kupol mine. The payments will be staggered over three years, starting with $100 million U.S. when the deal closes.
Highland Gold will also pay $280 million U.S. for Kinross’s Udinsk project.
Kinross Gold originally stated on February 23, on the eve of Russia’s invasion of Ukraine, that its Russian operations were continuing unimpeded by U.S. sanctions against Moscow.
However, Kinross stated at the start of March that it was suspending operations in Russia. Highland Gold’s operations are focused entirely in Russia. However, the company is headquartered in the British Isles.
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