Kinross to suspend Russian operations

Rhea-AI Summary

KGC announced a donation of $1,000,000 to the Canadian Red Cross to assist in the Ukraine humanitarian crisis. Due to safety concerns, the company is suspending all activities at its Udinsk development project and is in the process of suspending operations at its Kupol mine, which employs over 2,000 people. Kinross emphasizes its commitment to adhere to all relevant sanctions and legal restrictions.

Positive

• Donation of $1,000,000 to support the Ukraine humanitarian crisis demonstrates corporate responsibility.
• Focus on employee safety during operational suspensions at the Kupol mine.

Negative

• Suspension of the Udinsk development project may impact future growth prospects.
• Operational suspension at the Kupol mine could affect production and revenue.

TORONTO, March 02, 2022 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX:K; NYSE:KGC) (“Kinross” and the “Company”) 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.

The Company today is announcing a donation of $1,000,000 to the Canadian Red Cross Ukraine Humanitarian Crisis Appeal to assist those people most in need. Kinross is hopeful for a peaceful and diplomatic solution in Ukraine.

The Company is suspending all activities at its Udinsk development project. The Company is also in the process of suspending operations at its Kupol mine, with the 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.

About Kinross Gold Corporation

Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile, Ghana and Canada. Our focus is on delivering value based on the core principles of operational excellence, balance sheet strength, disciplined growth and responsible mining. Kinross maintains listings on the Toronto Stock Exchange (symbol:K) and the New York Stock Exchange (symbol:KGC).

Media Contact
Louie Diaz
Vice-President, Corporate Communications
phone: 416-369-6469
louie.diaz@kinross.com

Investor Relations Contact
Chris Lichtenheldt
Vice-President, Investor Relations
phone: 416-365-2761
chris.lichtenheldt@kinross.com

Source: Kinross Gold Corporation

FAQ

What is Kinross Gold Corporation's recent response to the Ukraine crisis?

Kinross Gold Corporation announced a donation of $1,000,000 to the Canadian Red Cross for Ukraine humanitarian aid.

How is Kinross Gold Corporation addressing operational safety?

Kinross is suspending operations at its Kupol mine to prioritize the safety and well-being of its employees.

What projects has Kinross Gold Corporation suspended due to the Ukraine situation?

Kinross is suspending all activities at its Udinsk development project and operations at the Kupol mine.

Is Kinross Gold Corporation complying with government sanctions?

Yes, Kinross intends to adhere to all sanctions and legal restrictions imposed by relevant governments.