Kinross Gold Corporation (KGC), a Canadian bullion mining firm, said on Tuesday that it has inked a deal with the Highland Gold Mining Group of Companies and its affiliates to sell all of its Russian assets for $680 million in cash.
According to the deal, Kinross will get a sum of $400 million in cash for the Kupol mine and the surrounding exploration licenses by the end of 2025.
In addition, the Toronto-based miner will receive a total of $280 million in cash for its Udinsk project before end of 2027.
The Canadian firm also said that the deferred payments are secured by an extensive security package that includes share pledges, financial guarantees, and an escrow account.
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