Kinross Gold Decided to Suspend Russian Operations

SEATTLE (Scrap Monster): Kinross Gold announced its decision to suspend all development works at Udinsk gold prject in Russia. The decision comes in the wake of mounting international sanctions by the western countries, in response to Russia’s invasion of Ukraine. The operations at its Kupol mine will also remain suspended.

The company press release stated that it would comply with all sanctions and legal restrictions that have already been announced or to be announced in future by various countries. The company’s primary priority will be to ensure safety and well-being of its more than 2,000 employees.

Simultaneously, the company has donated $1 million to the Canadian Red Cross Ukraine Humanitarian Appeal towards assisting displaced Ukrainians.

Kinross Gold currently operates the Kupol underground mine and mill at Chukotka in the Far East region of Russia. The mine had produced nearly 481,000 gold equivalent ounces last year. Earlier in 2013, it had carried out major expansion of the mill, so as to process ore stockpiles from now defunct Dvoinoye mine. Also in January last year, it had obtained the Chulbatkan licence, allowing for drilling on the Udinsk resource pit, the first production of which is expected by 2025.

YOU MAY ALSO BE INTERESTED IN:

Kinross Gold Announced Strategic Acquisition of Ontario Mining Assets

Kinross Gold Reached Definitive Agreement with the Government of Mauritania