Days after suspending operations, Kinross mulls a ‘full exit’ from Russia – by Naimul Karim (Northern Miner – March 7, 2022)

Global mining news

Kinross Gold (TSX: K; NYSE: KGC) may permanently exit from Russia after operating in the country for about 25 years, a BMO metals and mining analyst said, as the nation continues to attack Ukraine.

On Mar. 2, Kinross announced that it would suspend its Russian operations following Western sanctions. However, in a research note to clients on Mar. 6, BMO analyst Jackie Przybylowski stated that the company is “likely to pursue a full and permanent exit from Russia — including potential sale of its assets in the country.”

The analyst, who recently spoke to Kinross management, also expects potential buyers to be limited to “Russian-based public or private miners.”

“We are in the process of evaluating next steps to land on the appropriate transition plan,” Louie Diaz, a spokesperson for Kinross Gold, told The Northern Miner by e-mail, when asked if the company had decided to exit Russia.

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