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Kinross suspends Russian operations

Kitco News

Kinross Gold (TSX:K; NYSE:KGC) announced today that it is suspending all activities at its Udinsk development project. The company is also in the process of suspending operations at its Kupol mine.

The company's Kupol mine is an underground operation in the country’s Chukotka region. Kinross produced 481,108 ounces of gold in Russia in 2021. Kinross had previously forecast that it expected approximately 13% of its global production in 2022 to come from Russia.

The company said it was taking the action to "...focus on the safety and well-being of its more than 2,000 employees and in recognition of its obligations to manage and mitigate the mine's environmental impact on an ongoing basis.

"The company intends to adhere to all sanctions and legal restrictions that have, or will be, announced by relevant governments."

The company also announced a $1 million donation to the Red Cross.

"Kinross Gold is deeply concerned about the loss of life and destruction in Ukraine and wishes to express its sympathy and support for the people who are suffering because of this tragic situation."

Kinross noted that the company refines gold produced from its Russian mines in-country while retaining flexibility to sell its gold domestically and internationally.

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