Kinross receives 18.7 bln rubles in dividends from Russian subsidiaries in 2015
MOSCOW. Aug 4 (Interfax) - The Russian subsidiaries of Canada's Kinross Gold, CJSC Chukotka Mining and Geological Company and LLC Severnoye Zoloto, allocated a total of 18.702 billion rubles towards dividends in 2015, the SPARK-Interfax database said.
This is almost 15% more than what Chukotka Mining and Geological Company, which is developing the Kupol field, paid in 2014. Severnoye Zoloto, which is developing the Dvoinoye field paid dividends to shareholders for the first time, the mine there was commissioned in October 2013.
Dividends from Severnoye Zoloto amounted to 12.757 billion rubles in 2015, Chukotka Mining and Geological Company reduced payments by 63% to 5.945 billion rubles.
According to the SPARK-Interfax database, Chukotka Mining and Geological Company reduced revenue by 13% in 2015 to 32.336 billion rubles and net profit rose 4% to 10.215 billion rubles. Severnoye Zoloto increased revenue by 90% to 24.707 billion rubles and increased net profit by 70% to 11.227 billion rubles.
In 2015 Kinross Gold's production in Russia amounted to 758,563 ounces, up 1% from 2014. The company said in a consolidated report that for 2015 the Russia division saw revenue fall by 7% to $883.2 million, operating profit fell 33% to $150.1 million. Write-offs of assets in Russia amounted to $84.7 million (there were no such write-offs in 2014).