TORONTO — Kinross Gold Corp. says it has completed the sale of its Russian assets to the Highland Gold Mining group of companies for US$340 million, half of what it had negotiated earlier, after Russian authorities capped the price.
The Canadian gold miner had announced a deal in April to sell the assets including the Kupol mine and surrounding exploration licenses for US$680 million.
However, Kinross says the price was changed after a review by the recently formed Russian Sub-commission on the Control of Foreign Investments which approved the sale for a price not exceeding US$340 million.
Highland Gold is one of the largest gold mining companies in Russia.
Under the revised agreement, Kinross says it has received US$300 million in its corporate account and will receive a deferred payment of US$40 million on the one-year anniversary of closing.
Kinross says it has now sold all of its interests in Russia and has no further obligations or liabilities in the country.
This report by The Canadian Press was first published June 15, 2022.
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