Kinross Gold Plans to Divest Russian Assets

Kinross Gold Corp. on Tuesday said it has been developing plans to divest its Russian assets and is currently in exclusive negotiations with a third-party mining company regarding a potential sale of 100% of its assets in the country.

Kinross said it has received a number of unsolicited proposals regarding its Russian business.

Its Russian subsidiaries are continuing to operate, the mining company said, with current activities funded through resources already in-country. No additional investment will be required by the parent company, Kinross said.

The company also said it expects to treat its Russian business “as an asset held for sale from an accounting perspective until a change of control is completed.”