Kinross Gold to sell off 100% of its Russian assets to Highland Gold Mining

Kinross Gold Corp.
KGC,

K,
+0.55%
announced Tuesday an agreement to sell all of its Russian assets for a total of $680 million in cash to Highland Gold Mining. The Toronto-based gold miner said the sales include $400 million for Kinross’s Kupol mine, spread out through 2025, and $280 million for the Udinsk project spread out through 2027. Kinross said the sale agreements are subject to approval of the Russian government. The agreements comes as the U.S. and Europe consider more sanctions against Russia as its invasion of Ukraine drags on. The U.S.-listed shares of Kinross, which fell 1.0% in premarket trading, have gained 3.6% year to date through Monday, while continuous gold futures
GC00,
+0.05%
have advanced 5.7% and the S&P 500
SPX,
-0.97%
has shed 3.9%.