Kinross suspending operations in Russia

KHABAROVSK. March 3 (Interfax) - The Canadian gold mining company Kinross Gold has decided to suspend operations in Russia, the company said in a statement.

Kinross is suspending operations at the Chulbatkan field in the Khabarovsk Territory and is also in the process of suspending operations at its Kupol mine in the Chukotka Autonomous District.

"The Company is suspending all activities at its Udinsk development project [Chulbatkan]. 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 said.

Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile, Ghana and Canada. It has two assets in operation in Russia, namely, Kupol and Dvoinoye, both in the Chukchi Autonomous Region, and the Chulbatkan development project in the Khabarovsk territory. As of late 2021, the company's ore reserves in Russia amounted to 4.1 million ounces of gold with an average grade of 2 g/t and 14.9 million ounces of silver with an average grade of 69.3 g/t.