Business

Kinross will sell its Russian asset, The Canadian Business Journal.

Toronto, March 29, 2022 (GLOBE NEWSWIRE) — Kinross Gold Corporation (TSX: K; NYSE: KGC) (“Kinross” and “Company”) today provided updates on its activities in Russia.

After Kinros disclosed on March 2, 2022, we have developed a transition plan to sell Russian assets. Kinross has received many unsolicited proposals for its business in Russia and is currently in exclusive negotiations with a third-party mining company regarding the possibility of selling 100% of its assets in the country. Such divorce or change of control is subject to approval by the Russian government.

As part of the exclusive agreement and to properly maintain the assets until the change of control, our Russian subsidiary continues to operate during the transition period. Kinross also continues to manage and mitigate the environmental impact of its business. This includes monitoring surveillance systems and transporting industrial materials to the Kupol mine, which is not allowed to stay in the port to maintain safety and regulatory compliance. Kinross continues to prioritize the well-being of more than 2,000 employees in the country when developing transition plans.

While the migration plan is finalized, the parent company will not be able to profit financially from the business. Current activities are funded through resources already in the country without the need for additional investment by the parent company.

Kinross expects the Russian business to be treated as an asset held for sale from an accounting perspective until the change of control is complete. We will provide guidance updates at the appropriate time.

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
louie.diaz@kinross.com

Investor contacts
Chris Lichtenhelt
Vice President of Public Relations for Investors
Phone number: 416-365-2761
chris.lichtenheldt@kinross.com

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 news release include, but are not limited to, the formulation and timing of our Russian business transition plan. Our ability to pursue and successfully carry out the sale or transfer of our Russian business. The company’s ability to protect the environment and maintain assets during migration planning. Our ability to temporarily continue Russian activities, including our ability to comply with all applicable laws and sanctions. The ability of Russian companies to fund ongoing projects without additional capital injection. Accounting for Russian business as we anticipate. Estimated economic effect on Kinros while the transition plan is finalized. The words “estimate,” “expect,” “outlook,” “plan,” or certain actions, events, or outcomes may, may, or should be achieved, received, or performed. A variation of a single word, phrase or statement that is, or may be executed, or similar. Or, as it occurs or as a result, similar expressions identify forward-looking statements. Many uncertainties and contingencies can be directly or indirectly impacted, and the actual results of Kinross are expressed or expressed in the forward-looking statements made by or on behalf of Kinross. It can be very different from what is implied. This includes, but is not limited to, the consequences. Goodwill and / or asset impairment costs. Actual results and future events may differ materially from those expected in such statements and there is no guarantee that the forward-looking statements will be accurate. 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 30, 2021. 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


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Kinross will sell its Russian asset, The Canadian Business Journal.

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