Kinross Gold Corp., 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.