Canada's Kinross Gold Corp (TSX: K; NYSE: KGC) has entered exclusive negotiations with an unnamed third-party mining company after receiving several proposals to sell all its Russian assets.
As part of the exclusivity agreement, Kinross' Russian subsidiaries will continue to operate the Kupol mine and other assets to maintain them properly.
Kinross noted in a media release Tuesday afternoon that any potential divestiture or change of control would have to receive Russian government approval.
Kinross will also continue to manage and mitigate the environmental impacts of its Russian operations. This includes overseeing monitoring systems and transporting industrial materials to the Kupol mine that are not allowed to remain at the port to maintain safety and regulatory compliance.
Kinross said it would continue to prioritize the well-being of its more than 2,000 employees in the country as it developed its transition plan.