A Reuters news report stating Kinross Gold (TSX: K; NYSE: KGC) is “putting future deals in Russia on hold” after recently acquiring a development project in the country is “an unfortunate mischaracterization,” the company told The Northern Miner.
“We are not paused in the country, as we are active with two operating mines, a robust and successful exploration program that has added to mine life, and we are planning to develop the Chulbatkan project,” Louie Diaz, the company’s senior director of corporate communications, confirmed in an email. “As always, we look at high-quality opportunities should they emerge.”
Kinross recently acquired the Chulbatkan development project in Russia’s Far East for US$113 million in cash and US$170 million in Kinross shares.
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