Saturday, September 13, 2025

Kinross Gold Finally Divesting Russian Assets

Kinross Gold Corporation (TSX: K) is looking to pack up its Russian things and go as the mining firm announced its plans to divest its assets in the country, supposedly including the Kupol mine and the Udinsk development project.

“Kinross has received a number of unsolicited proposals regarding its Russian business and is now in exclusive negotiations with a third-party mining company regarding a potential sale of 100% of its assets in the country,” said the company in its statement.

Any change of control would still be subject to Russian government approval, the company said.

Earlier this month, the firm suspended its operations in Kupol mine, located in the Chukotka region of the Russian Far East, following the escalation of Russia’s invasion of Ukraine. The mine was the company’s biggest operating income generator and is the second-largest contributor to metal sales.

Following this, BMO Capital Markets lowered the 12-month price target on Kinross from $12 to $11, then to $10.50, also noting that they are “expecting that these assets stay permanently closed.”

The move is far from the statement offered by CEO J. Paul Rollinson during the company’s Q4 2021 earnings call, saying the mine is far from the actual conflict and it “has not been impacted today and… [will] continue operating.”

As the company work on the divestiture plan, the Russian assets will continue to operate with Kinross overseeing monitoring systems and transporting industrial materials. It also reiterated its commitment to prioritize the well-being of its more than 2,000 employees.

The firm added that the parent company “will not benefit financially from the operations” as current activities will be funded by resources within the country, in the hopes to dispel any concerns about international sanctions and foreign investments entering Russia.

The assets will be treated held for sale in the company’s books until the change of control.

Kinross Gold Corporation last traded at $7.19 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Soma Gold Q2 Earnings: Production Drops Amid Growth Effort

Guanajuato Q2 Earnings: Things Are Going Backwards

Electric Metals: The Sole US Domestic Source Of A Critical Mineral?

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

Ukraine Strikes Cut Russian Oil Refining Capacity by 17%, Fuel Prices Soar

Ukrainian drone strikes have knocked out 17% of Russia’s oil refining capacity, equivalent to 1.1...

Wednesday, September 10, 2025, 12:56:00 PM

Hackers Found That Russia Paid Iran $1.75 Billion ‘In Literal Gold’ for 6,000 Drones

The Prana Network, a group of hackers, has reportedly infiltrated the email servers of the...

Wednesday, February 7, 2024, 02:58:00 PM

Russian Stocks Surge After Trump-Putin Ukraine Call

Russian stock markets rallied sharply on Thursday after President Donald Trump and Russian leader Vladimir...

Friday, February 14, 2025, 04:28:00 PM

Biden Administration Eases Venezuelan Energy Sanctions in Effort to Boost Oil Supply

The White House is moving ahead with easing sanctions on Venezuela’s government, in a bid...

Wednesday, May 18, 2022, 04:34:00 PM

The US Sanctions Putin’s Daughters, Now What?

Details about Russian President Vladimir Putin’s personal life have always been very scant. It’s how...

Thursday, April 7, 2022, 05:37:00 PM