After confirming 23 February that its assets in Russia were unaffected by new U.S sanctions and were operational, the Canadian-based senior miner said 2 March it was in the process of idling its portfolio in the region.
Kinross executives said the company is “deeply concerned” about destruction and loss of life in Ukraine and offered support to those suffering in the war-torn area.
As a result, it said it is suspending all activities at the Udinsk development project and halting operations at its Kupol mine “with the focus on the safety and well-being of its more than 2,000 employees” as its cited impetus, as well as to recognize “obligations to manage and mitigate the mine’s environmental impact” on an ongoing basis.
“The company intends to adhere to all sanctions and legal restrictions that have, or will be, announced by relevant governments,” it said.
Kinross also said it will donate C$1 million to the Canadian Red Cross Ukraine Humanitarian Crisis Appeal.
“Kinross is hopeful for a peaceful and diplomatic solution in Ukraine,” officials said.
The company’s assets, in addition to Russia, are in the United States, Brazil, Mauritania, Chile, Ghana and Canada.