KGC - Kinross Gold to sell Russian assets in $680M deal

Kinross Gold (NYSE:KGC) +1.5% pre-market after saying Tuesday that it agrees to sell 100% of its Russian assets to Highland Gold Mining for $680M in cash. Kinross will receive $400M for the Kupol mine and surrounding exploration licenses, which includes $100M at closing with additional payments spread out through the end of 2025, and $280M for the Udinsk project, to be paid through the end of 2027. Highland Gold is one of the largest gold mining companies in Russia and operates several mines in the country. The deal appears to be the first sale of an asset a Western company is leaving behind in Russia. Kinross shares fell sharply in the early days of Russia's invasion of Ukraine, as the company was seen as vulnerable to the conflict, but have since more than regained previous losses.

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Kinross Gold to sell Russian assets in $680M deal