Loading ...Kinross Gold expands Russian portfolio with $283 million buy
Canadian miner Kinross Gold (TSX:G) (NYSE:KGC) is expanding operations in Russia by buying a development project in the eastern part of the country for $283 million from Cyprus-based N-Mining.
The Toronto-based company, which already has two underground gold mines in Russia, said the Chulbatkan gold project was an “excellent fit” as it would enable Kinross to leverage its expertise as a world-class, cold climate heap leach operator.
“Chulbatkan is an exciting, high-quality development project with significant upside potential and low relative execution risk, located in a country where we have had extensive experience and success, and maintain a strategic and competitive operating advantage,” president and chief executive J. Paul Rollinson, said in the statement.
The deal includes payment of about $113 million in cash and $170 million in Kinross shares. It also gives N-Mining a small share of returns from production.
cont. https://www.mining.com/kinross-gold-expands-russian-portfolio-with-283-million-buy/