MOSCOW, Apr 5 (PRIME) -- Canada's Kinross Gold Corp has signed an agreement to sell its assets in Russia to Highland Gold Mining (HGM) of Vladislav Sviblov for U.S. $680 million in cash, the company said in a statement on Tuesday.
Kinross will receive $400 million for the Kupol mine and the adjacent licenses: $100 million upon the deal closure, $150 million until the end of 2023, $100 million until the end of 2024, and $50 million until the end of 2025.
The company will also get $280 million for the Udinsky project: $80 million until the end of 2025, $100 million until the end of 2026, and $100 million until the end of 2027.
The deal requires additional agreements and government approval.
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