The Toronto-based gold miner said Tuesday it's selling 100 per cent of its Russian assets to the Highland Gold Mining group of companies and its affiliates for US$680 million in cash.
The company said Highland Gold is one of the largest gold mining companies in Russia with mining operations in both of the areas where Kinross has assets.Mike Parkin, head of mining research at National Bank Financial, said in a client note that obtaining approval from the Russian government is a potentially significant hurdle.
Russia should just seize those assets. Compensation for a few yachts 🤷🏻♂️
That should fund a few human rights abuses in South America
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Kinross selling Russian business to Highland Gold for US$680-millionThe move comes at a discount to the mines’ value, and the Toronto company will have to wait years to get the bulk of the payments
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