Canadian-based Kinross Gold confirmed 29 March it is developing a transition plan with an unidentified third-party miner to sell off its entire portfolio of assets in Russia.
Officials said the company has received a number of unsolicited proposals involving the business and is now in exclusive talks for a potential sale.
“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,” the company said.
It added that it will continue to manage and mitigate environmental impacts of its operations, including 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,” it stressed.
The transaction is subject to the approval of the Russian government.
Kinross also said it will not benefit financially from the operations while the transition plan is finalized, as current activities are to be funded through resources already in-country.
Earlier this month, just days after Russia’s invasion of Ukraine, Kinross said it was suspending operations at its Udinsk project and Kupol mine in Russia “with a focus on the safety and wellbeing” of its 2,000 employees there.
In addition to Russia, Kinross also owns mines and projects in the United States, Brazil, Mauritania, Chile, Ghana and Canada.