Kinross, which operated in the federation for about 25 years, said the price adjustment followed a review by the recently formed Russian sub-commission on the Control of Foreign Investments.
In addition to $340 million in cash, it will also receive a deferred payment of $40 million on the one-year anniversary of closing.
Country authorities in March said that any transaction between Russians and foreign counterparties required permission from the commission, to ensure decisions to exit were not driven by political pressure.
The assets sold to Highland Gold, one of the Russia’s largest bullion miners, were the Kupol underground mine and the surrounding exploration licenses in the country’s Far Eastern region of Chukotka, about 7,000 kilometres from Ukraine.
It also included Udinsk, the first project Kinross expected to develop on the Chulbatkan licence, acquired in 2020. Kinross had envisioned beginning production at the pit in…
