Kinross Russia mines operating according to plan, unaffected by sanctions
February 23 2022 - 6:30AM
Kinross Gold Corporation (TSX:K; NYSE:KGC) (the “Company”)
announced today that its operations in Russia are operating
according to plan and currently remain unaffected by U.S. sanctions
announced on February 22, 2022.
Kinross has successfully operated in Russia for
more than 25 years and has previously managed through similar
situations while complying with applicable laws.
The Company has diversified procurement and
logistics structures in Russia, with the majority of its
procurement coming from within the country. Approximately 98% of
the employees of Kinross’ Russian subsidiaries are Russian locals,
and given the ice road supply season, its operations have a full
year of supplies on hand.
Kinross refines gold produced from its Russian
mines in-country and retains flexibility to sell its gold
domestically and internationally. In 2022, Kinross expects
approximately 13% of its global production to come from Russia.
Kinross operations are located in the Russian Far East and are
approximately 7,000 kilometres away from Ukraine.
The Company will continue to closely monitor
sanction developments.
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 and Ghana. 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 DiazVice-President,
Corporate Communicationsphone:
416-369-6469louie.diaz@kinross.com
Investor Relations ContactChris Lichtenheldt
Vice-President,
Investor
Relations phone:
416-365-2761 chris.lichtenheldt@kinross.com
Cautionary statement on forward-looking
information
All statements, other than statements of
historical fact, contained in this news release, including any
information as to the future financial or operating performance of
Kinross, constitute “forward-looking information” or
“forward-looking statements” within the meaning of certain
securities laws, including the provisions of the Securities Act
(Ontario) and the “safe harbor” provisions under the United States
Private Securities Litigation Reform Act of 1995 and are based on
the expectations, estimates and projections of management as of the
date of this news release, unless otherwise stated. Forward-looking
statements contained in this presentation include, without
limitation, statements with respect to: the effects U.S. sanctions
are having, or may have, on the Company and its Russian operations;
the ability of the Company to sell gold from its Russian operations
domestically and internationally; the Company’s continuing ability
to procure supplies for its Russian operations both from within
Russia and outside of it; the Company’s expectation for Russian
production as a percentage of its global production this year and
the Company’s belief that its Russian operations have a full year
of supplies on hand. The words “continue”, “expect”, “on hand”,
“plan”, “retain”, or variations of or similar such words and
phrases or statements that certain actions, events or results may,
could, should or will be achieved, received or taken, or will occur
or result and similar such expressions identify forward-looking
statements. Forward-looking statements are, necessarily, based upon
a number of estimates and assumptions that, while considered
reasonable by Kinross as of the date of such statements, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements.
Forward-looking statements are provided for the purpose of
providing information about management’s expectations and plans
relating to the future. All of the forward-looking statements made
in this news release are qualified by this cautionary statement and
those made in our other filings with the securities regulators of
Canada and the United States including, but not limited to, the
cautionary statements made in the “Risk Analysis” section of our
MD&A for the year ended December 31, 2021 and the Annual
Information Form dated March 30, 2021. These factors are not
intended to represent a complete list of the factors that could
affect Kinross. Kinross disclaims any intention or obligation to
update or revise any forward-looking statements or to explain any
material difference between subsequent actual events and such
forward-looking statements, except to the extent required by
applicable law.
Source: Kinross Gold Corporation
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