Kinross announces sale of Russian property, The Canadian Business Journal

(Unless otherwise stated, all dollar amounts are expressed in US dollars.)

Toronto, April 5, 2022 (GLOBE NEWSWIRE) — Kinross Gold Corporation (TSX: K; NYSE: KGC) (“Kinross”) today signs final agreement (“Agreement”) with Highland Gold Mining Group Announced that it was done. The company (“Highland Gold”) and its affiliates will sell 100% of Russia’s assets for a total of $ 680 million in cash.

As part of the transaction, Kinros will receive a total of $ 400 million in cash for exploration licenses in and around the Kupol mine. This includes a $ 100 million closing payment and an additional $ 150 million payment by the end of 2023. Kinross will receive a total of $ 280 million in cash for the Udinsk project. This includes payments of $ 80 million by the end of 2025 and $ 100 million by the end of 2025. $ 100 million by 2026 and the end of 2027.

Deferred payments are guaranteed by a wide range of security packages including stock pledges, financial guarantees and escrow accounts. All contractual payments will be made in US dollars.

Highland Gold is one of Russia’s largest gold mining companies and operates several mines in the country, including the Chukchi and Khabarovsk regions, where the Kupol mine and the Udinsk project are located, respectively.

This transaction is subject to the approval of the Russian Government and the conclusion of certain ancillary agreements.

About Kinross Gold Corporation

Kinross is a Canada-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile, Ghana and Canada. Our focus is on providing value based on operational excellence, balance sheet strength, disciplined growth and the core principles of responsible mining. Kinros is listed on the Toronto Stock Exchange (Symbol: K) and the New York Stock Exchange (Symbol: KGC).

Media contacts
Luis Diaz
Vice President of Corporate Communication
Phone number: 416-369-6469

Investor contacts
Chris Lichtenhelt
Vice President of Public Relations for Investors
Phone number: 416-365-2761

Precautions regarding future prospects

All statements except historical facts contained in this news release are “forward-looking information” or “forward-looking information” in the sense of a particular securities, including information about Kinros’ future financial or operating results. Configure the description. Laws, including the Securities Act (Ontario) and the “Safe Harbor” provisions under the Private Securities Litigation Reform Act of 1995, are based on management expectations, estimates, and forecasts as of the date of this news release. I am. , Unless otherwise stated. The forward-looking statements contained in this presentation include, but are not limited to, statements regarding the completion and timing of the sale of Russian assets. Safe installment schedule for the next 5 years. Expected timing of approval by the Russian government. A phrase or statement that a particular action, event, or result may, may, should, or should, or may or may not occur or result in being achieved, received, or performed, and the like. Such expressions identify statements about future prospects. Forward-looking statements are necessarily considered reasonable by Kinros as of the date of such statements, but are inherently significant business, economic and competitive uncertainties and contingencies. It is based on many estimates and assumptions that are affected by the situation. Kinross estimates and assumptions contained in this news release may prove incorrect, but are not limited to these. And based on the terms of the relevant contract, in line with our expectations; (ii) If no deferred payment is made to Kinros, a security package containing pledges of shares, financial guarantees and escrow accounts will be realized. Being enforceable in a way that meets the company’s expectations. (Iii) Economic sanctions and sectoral sanctions (or similar legislation) do not adversely affect the transaction or the ability of the parties to fulfill their obligations under the transaction contract, including payment of the purchase price. (Iv) The necessary approvals from the relevant Russian government authorities are not obtained in a timely or at all manner. The actual result and future events are the risk that the sale transaction will not be completed for some reason and the safe installments will actually be paid to Kinross. Forward-looking statements are provided with the purpose of providing information about management’s expectations and plans for the future. All forward-looking statements made in this news release are qualified by the statements in this warning and those made in other filings with Canadian and US securities regulators. The “Analysis” section of the MD & A for the fiscal year ended December 31, 2021 and the annual information form dated March 31, 2022. These factors are not intended to represent a complete list of factors that may affect Kinros. Kinross intends to update or revise forward-looking statements, to the extent required by applicable law, and to explain significant differences between subsequent actual events and such forward-looking statements. Or deny the obligation.

Source: Kinross Gold Corporation

CBJ News Maker

Kinross announces sale of Russian property, The Canadian Business Journal

Source link Kinross announces sale of Russian property, The Canadian Business Journal

Related Articles

Back to top button