Highland Gold Mining Ltd., one of the largest Russian gold miners, which once counted billionaire oligarch Roman Abramovich as a major shareholder, has agreed to pay US$680 million for the Kinross mine complex that would have accounted for 13 per cent of its 2022 gold production.
Fahad pegged the total value of the mines at US$893 million, or about 12 per cent of the company’s net asset value. Kinross has been operating in Russia for 25 years, and Kupol has been its star gold mine: In 2021, it produced 481,108 ounces of gold at a cost of sales of US$637 per ounce. Meanwhile, the company is facing a high debt load after completing a $1.8-billion acquisition of Great Bear Resources, a prospective company exploring for gold in Ontario that remains years away from production.Article content
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