KGC - Kinross Gold closes sale of Russia assets at half price

Kinross Gold (NYSE:KGC) said on Wednesday it completed the sale of 100% of its Russian assets to the Highland Gold Mining group of companies for $340M in cash, half of the previously announced price. Kinross (KGC) said in April it would sell its Kupol mine and Udinsk project to Highland Gold, one of the largest gold miners in Russia, for $680M. "The transaction consideration was adjusted by the parties following review by the recently formed Russian Sub-commission on the Control of Foreign Investments," Kinross (KGC) said, after Russian authorities earlier stipulated that any transaction between Russians and foreign counterparties required permission from the commission. Kinross (KGC) +2.4% in early trading, alongside gains in shares of other gold miners as gold prices rebound. Kinross Gold (KGC) shares have become oversold and are now "too cheap to ignore," Taylor Dart writes in a bullish analysis published a month ago on Seeking Alpha.

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Kinross Gold closes sale of Russia assets at half price