Canada’s Kinross Gold acquires Chulbatkan project in Khabarovsk Region
The deal amounted to $283 mln and the company paid the first installment of about 50% from the total price in accordance with the agreement
MOSCOW, January 16. /TASS/. The Canadian gold miner Kinross Gold, with Russia accounting for 20% of their production, closed the deal on the acquisition of the Chulbatkan gold mining project in the Khabarovsk Region from N-Mining, Kinross said on Thursday.
The deal amounted to $283 mln and the company paid the first installment of about 50% from the total price in accordance with the agreement.
"The Company has now commenced a comprehensive exploration drilling program at Chulbatkan with the view to updating the current resource base at year-end 2020," the company reports. "Kinross expects to spend approximately $10 million on initial exploration drilling at Chulbatkan during the year," the gold miner said.
Kinross "is also planning to convert estimated mineral resources to estimated mineral reserves, complete pre-feasibility and feasibility studies for the project within approximately three years, and is targeting a subsequent two-year construction period," the company said.
Kinross has been working in Russia since 1995. The company is the operator of gold deposits in Chukotka.