Kinross plans to divest its Russian assets
29 März 2022 - 11:00PM
Kinross Gold Corporation (TSX:K; NYSE:KGC) (“Kinross” and the
“Company”) today provided an update regarding its activities in
Russia.
Subsequent to Kinross’ disclosure on March 2,
2022, the Company has been developing a transition plan to divest
its Russian assets. Kinross has received a number of unsolicited
proposals regarding its Russian business and is now in exclusive
negotiations with a third-party mining company regarding a
potential sale of 100% of its assets in the country. Any such
divesture or change of control would be subject to Russian
government approval.
As part of the exclusivity agreement and to
properly maintain assets pending a change of control, the Company’s
Russian subsidiaries are continuing to operate during the
transition period. Kinross will also continue to manage and
mitigate the environmental impacts of its operations. This includes
overseeing monitoring systems and transporting industrial materials
to the Kupol mine that are not permitted to remain at the port to
maintain safety and regulatory compliance. Kinross will continue to
prioritize the well-being of its more than 2,000 employees in the
country as it develops its transition plan.
The parent company will not benefit financially
from the operations while the transition plan is finalized. Current
activities will be funded through resources already in-country,
with no additional investment required by the parent company.
Kinross expects to treat its Russian business as
an asset held for sale from an accounting perspective until a
change of control is completed. The Company will provide updates to
its guidance at the appropriate time.
About Kinross Gold Corporation
Kinross is a Canadian-based senior gold mining
company with mines and projects in the United States, Brazil,
Russia, Mauritania, Chile, Ghana and Canada. Our focus is on
delivering value based on the core principles of operational
excellence, balance sheet strength, disciplined growth and
responsible mining. Kinross maintains listings on the Toronto Stock
Exchange (symbol:K) and the New York Stock Exchange
(symbol:KGC).
Media Contact Louie DiazVice-President,
Corporate Communicationsphone:
416-369-6469louie.diaz@kinross.com
Investor Relations ContactChris
LichtenheldtVice-President, Investor Relationsphone:
416-365-2761chris.lichtenheldt@kinross.com
Cautionary statements on forward-looking
information
All statements, other than statements of
historical fact, contained in this news release, including any
information as to the future financial or operating performance of
Kinross, constitute “forward-looking information” or
“forward-looking statements” within the meaning of certain
securities laws, including the provisions of the Securities Act
(Ontario) and the “safe harbor” provisions under the United States
Private Securities Litigation Reform Act of 1995 and are based on
the expectations, estimates and projections of management as of the
date of this news release, unless otherwise stated. Forward-looking
statements contained in this news release include, without
limitation, statements with respect to the development and timing
of the Company’s transition plan its Russian business; the
Company’s ability to pursue and successfully implement a sale or
transfer of its Russian business; the Company’s ability to
safeguard the environment and the maintain the assets during the
transition plan; the Company’s ability to temporarily continue
operating its Russian activities (including its ability to comply
with all applicable laws and sanctions); the ability of the Russian
business to fund ongoing operations without additional capital
injections; the Company’s anticipated accounting treatment of its
Russian business; and the estimated economic impact to Kinross
while the transition plan is being finalized. The words “estimate”,
“expects”, “outlook”, or “plan” or variations of or similar such
words and phrases or statements that certain actions, events or
results may, could, should or will be achieved, received or taken,
or will occur or result and similar such expressions identify
forward-looking statements. Many uncertainties and contingencies
can directly or indirectly affect, and could cause, Kinross’ actual
results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, Kinross,
including but not limited to resulting in an impairment charge on
goodwill and/or assets. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking statements are
provided for the purpose of providing information about
management’s expectations and plans relating to the future. All of
the forward-looking statements made in this news release are
qualified by this cautionary statement and those made in our other
filings with the securities regulators of Canada and the United
States including, but not limited to, the cautionary statements
made in the “Risk Analysis” section of our MD&A for the year
ended December 31, 2021 and the Annual Information Form dated March
30, 2021. These factors are not intended to represent a complete
list of the factors that could affect Kinross. Kinross disclaims
any intention or obligation to update or revise any forward-looking
statements or to explain any material difference between subsequent
actual events and such forward-looking statements, except to the
extent required by applicable law.
Source: Kinross Gold Corporation
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