UPDATE: Kinross suspending operations at key Russian mine and halting work at development project – by Gabriel Friedman (Financial Post – March 2, 2022)


Company had abstained from criticizing Russia and indicated it planned to continue operating prior to Wednesday evening announcement

A broad range of companies, from energy giant BP Plc to Apple Inc. to the world’s largest banks are pulling up stakes and cutting ties with Russia after its attack on Ukraine, leaving billions of dollars in business behind.

The departures come as Western countries, including Canada, the U.S. and much of Europe, have imposed harsh sanctions on Russia in a bid to constrict its economy and compel it to end the invasion.

But at least one Canadian company, Toronto-headquartered Kinross Gold Corp., which operates a high-grade underground mine in the far east of Russia, had been holding out, abstaining from criticizing Russia and indicating it planned to continue operating there as long as possible.

That changed Wednesday evening, when the company said in a brief press release that it was halting work at a development project in Russia and was “in the process of suspending operations” at its signature Kupol mine, “with the focus on the safety and well-being of its more than 2,000 employees and in recognition of its obligations to manage and mitigate the mine’s environmental impact on an ongoing basis.”

For the rest of this article: https://financialpost.com/commodities/mining/its-been-a-great-place-for-us-kinross-keeps-mining-in-russia-despite-widespread-exodus