Kinross Sells Its Russian Assets To Highland Gold Mining For $680M

Kinross Gold Corp KGC has agreed with the Highland Gold Mining group of companies and its affiliates to sell 100% of its Russian assets for $680 million in cash.
Highland Gold is one of the largest gold mining companies in Russia.
Kinross will receive $400 million in cash for the Kupol mine and the surrounding exploration licenses and $280 million in cash for its Udinsk project.
The deferred payments are secured by an extensive security package, including share pledges, financial guarantees, and an escrow account.
Price Action: KGC shares are trading lower by 1.74% at $5.92 on the last check Tuesday.