Kinross Gold - KGC STOCK NEWS

Kinross Gold Corporation announced the sale of its 90% interest in the Chirano mine in Ghana to Asante Gold Corporation for $225 million. This includes $115 million in cash and $50 million in Asante shares, subject to ownership limits. A deferred payment of $60 million will be made over two years. The transaction, expected to close by May 31, 2022, leaves Kinross without any assets in Ghana. The company plans to update its 2022 guidance related to asset sales in Ghana and Russia in upcoming financial disclosures.

Kinross Gold Corporation (KGC) announced it will release its Q1 2022 financial results on May 10, 2022, after market close. A conference call is scheduled for May 11, 2022, at 7:45 a.m. EDT to discuss the results, followed by a Q&A session. The 2022 Annual Meeting of Shareholders will also occur on May 11, 2022, at 10:00 a.m. EDT via a virtual format, ensuring safety amidst the COVID-19 pandemic. Meeting materials are available online, and shareholders can join the live audio webcast.

Kinross Gold Corporation (KGC) has announced its plans for the Great Bear project in Red Lake, Ontario, following the acquisition of Great Bear Resources in February 2022. The company aims to declare an initial inferred mineral resource by year-end 2022 and start a pre-feasibility study in 2023. To achieve this, Kinross will conduct 200,000 meters of drilling, focusing on the LP Fault zone, with a budget of approximately US$60 million for project activities in 2022. Recent assay results from 60 drill holes confirm significant gold mineralization, enhancing the project's potential.

Kinross Gold Corporation (KGC) has entered into a definitive agreement to sell its Russian assets to Highland Gold Mining for $680 million in cash. The deal includes $400 million for the Kupol mine, with payments structured over the next few years, and $280 million for the Udinsk project. The deferred payments are secured by a comprehensive package of guarantees. The transaction is pending approval from the Russian government. This move is significant as it marks Kinross's exit from Russia amidst ongoing geopolitical tensions.

Kinross Gold Corporation announced a transition plan to divest its Russian assets following the ongoing geopolitical situation. Currently, the company is in exclusive negotiations with a third-party mining firm to sell 100% of its Russian operations, pending government approval. Despite the ongoing operations to maintain assets, the parent company will not receive financial benefit during this transition. Kinross plans to treat these assets as held for sale from an accounting viewpoint until the sale is finalized, and will provide updates to its guidance as necessary.

Kinross Gold Corporation announced a significant milestone with the pour of its first gold bar at the La Coipa project in Chile. The project started commissioning in February 2022 and is expected to reach full capacity by mid-year, remaining under budget. La Coipa's life of mine production has increased by 45%, now estimated at approximately 1 million Au eq. oz., extending its life from 2024 to 2026. Additionally, the company has committed to 100% renewable energy for the project, aligning with its emissions reduction strategy.

Kinross Gold Corporation announced the arrangement of a new US$1.0 billion term loan to enhance its financial position. The loan, with a three-year term maturing on March 7, 2025, features no mandatory amortization payments and a flexible repayment schedule.

The proceeds will be used to repay amounts drawn under its US$1.5 billion revolving credit facility related to the acquisition of Great Bear Resources Ltd. This strategic financing aims to solidify Kinross's balance sheet and operational capabilities.

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.

The acquisition of Great Bear Resources by Kinross Gold Corporation has been successfully completed, marking a key milestone in Kinross's growth strategy. Great Bear shareholders had options to receive either C$29.00 cash or 3.8564 Kinross shares per share, with a total payment of approximately C$1.35 billion planned. Kinross aims to enhance the asset’s potential with a drilling commitment of 200,000 meters this year. The arrangement includes contingent value rights tied to future gold reserves. Great Bear's shares will be delisted from the TSX Venture Exchange on February 25, 2022.