Kinross Gold confirmed that, as of 23 February, its operations in Russia continue to operate according to plan and are at this point unaffected by new sanctions announced by the U.S this week.
The senior gold producer, which has operated mines in the region for more than 25 years, said it has “previously managed through similar situations” in the past and complied with applicable laws during those times.
“The company has diversified procurement and logistics structures in Russia, with the majority of its procurement coming from within the country,” the company said.
“Approximately 98% of the employees of Kinross’ Russian subsidiaries are Russian locals, and given the ice road supply season, its operations have a full year of supplies on hand.”
Kinross refines gold from its Russian operations in-country. It has retained the flexibility, it noted, to sell gold domestically and internationally.
Whole year in 2022, the miner said it projects about 13% of its global production will come from Russia, the operations for which are primarily located in the Russian Far East and about 7,000 kilometres from Ukraine.
“The company will continue to closely monitor sanction developments,” Kinross noted.
In addition to Russia, Kinross has mines and projects in the United States, Brazil, Mauritania, Chile and Ghana.
Source: Kinross Gold