Kinross Gold Corporation 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