Kinross Gold Nears Completion of Kupol Acquisition, Russia Says

Kinross Gold Corp. (K), Canada’s third- largest producer of the precious metal, is nearing completion of a deal to buy the shares it doesn’t own in Russia’s Kupol mine, according to a government official.

Kinross, which already owns 75 percent of Kupol developer ZAO Chukotskaya Mining & Geological Co., will soon acquire the rest, Igor Artemyev, head of Russia’s Anti-Monopoly Service, told reporters today near Moscow, without putting a value on the deal. Those shares are held by the Chukotka regional government, according to Kinross’s website.

The Toronto-based company got a controlling stake in Siberia’s Kupol mine in 2007 when it bought Bema Gold Corp. for C$4.27 billion ($4.37 billion).

Steve Mitchell, a spokesman for Kinross, wasn’t immediately available for comment today. The company’s largest competitors based in Canada are Barrick Gold Corp. and Goldcorp Inc.

To contact the reporters on this story: Marina Sysoyeva in Moscow at msysoyeva@bloomberg.net; Lyubov Pronina in Moscow at lpronina@bloomberg.net.

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.