Canadian gold miner Kinross Gold said on Tuesday that its 75%-owned subsidiary, Chukotka Mining and Geological Company located in Russia’s easternmost region of Chukotka, signed a deal with the regional government to repurchase 2.292 million of its shares or 25.01% of its share capital for about $350 million.
On completion of the transaction, Kinross will own 100% of Chukotka Mining and Geological Company, which in turn holds both the Kupol gold and silver mine and the Kupol East-West exploration licences in the Chukotka region, the company said in a statement.
“The transaction will consolidate Kinross’ ownership of a world-class mine, located in a key region, with significant production, low costs and strong cash flow.
Based on Kinross’ pre-transaction (75%) interest, Kupol is expected …