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Benzinga
Benzinga
Business
Akanksha Bakshi

Kinross Sells Its Russian Assets To Highland Gold Mining For $680M

Kinross (Organization) Russia KGC NYSE
  • Kinross Gold Corp (NYSE:KGC) has agreed with the Highland Gold Mining group of companies and its affiliates to sell 100% of its Russian assets for $680 million in cash.
  • Highland Gold is one of the largest gold mining companies in Russia.
  • Kinross will receive $400 million in cash for the Kupol mine and the surrounding exploration licenses and $280 million in cash for its Udinsk project.
  • The deferred payments are secured by an extensive security package, including share pledges, financial guarantees, and an escrow account.
  • Price Action: KGC shares are trading lower by 1.74% at $5.92 on the last check Tuesday.
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