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Russian antimonopoly watchdog approves application of Kinross Gold

Kinross Gold has been operating in Russia since 1995

MOSCOW, October 28. /TASS/. The Federal Antimonopoly Service (FAS) of Russia approved the application of Canada-based Kinross Gold for the acquisition of Chulbatkan gold ore project in the Khabarovsk Region from N-Mining, the regulator said on Monday.

The deal passed through acquisition of 100% in the Third Mining Geological Company (owned by N-Mining) by Kupol Ventures Limited (belongs to Kinross Gold).

It was reported in August that the transaction price will be $283 mln in total, including $113 mln by cash and $170 mln by Kinross stock. The deal was scheduled to be closed in early 2020.

Identified resources of the project are estimated at 3.9 mln oz. of gold with the average content of 1.4 grams per tonne. Inferred resources are projected as 80,000 oz. with the average content of 1 gram per tonne. The project life is estimated as six years.

Kinross Gold has been operating in Russia since 1995. Russia accounts for about 20% of its production.