The gold mining company Kinross Gold Corporation has announced that its gold mining operations in Russia are unaffected by the sanctions imposed by the United States and its allies on the country. The company said that it is closely monitoring the situation and is in compliance with all applicable laws and regulations.
The sanctions, which were imposed in response to Russia’s alleged involvement in the conflict in Ukraine, have targeted a number of Russian companies and individuals, including banks and oil and gas companies. Kinross Gold Corporation is a Canadian-based gold mining company with operations in the United States, Brazil, Chile, Ghana, Mauritania, Russia and the United States. It is the third-largest gold producer in the world and the largest gold producer in Russia.
The company has two producing mines in Russia, Kupol and Dvoinoye, both located in the Chukotka Autonomous Okrug in the Far East region of the country. Kinross also has a 50% interest in the JV-owned Kupol-Dvoinoye project, which is located in the Magadan region in Russia’s Far East. Kinross said that it is not subject to any of the sanctions imposed on Russia by the United States and its allies and that it has not been asked to comply with any of the sanctions. The company said that it is in compliance with all applicable laws and regulations.
Kinross noted that the sanctions have had a limited impact on its operations in Russia. The company said that it has not experienced any disruption to its operations in the country, and that it is continuing to operate and develop its mines in Russia. The company also said that it is continuing to pay its employees in Russia and to pay taxes to the Russian government. Kinross said that it is committed to its operations in the country and is continuing to explore opportunities for growth and development in Russia.
The sanctions imposed on Russia have had a significant impact on the country’s economy, with the ruble losing more than half its value against the U.S. dollar since the start of the year. Russia’s economy is also facing a recession, with the International Monetary Fund predicting that the country’s GDP will contract by 3.4% in 2015. Despite the economic downturn, Kinross said that it is confident in its long-term prospects in Russia. The company said that it is well-positioned to benefit from the country’s low-cost gold mining operations and that it is continuing to explore opportunities for growth and development in the country.
Kinross also said that it is committed to its operations in Russia and is continuing to work with the Russian government to ensure that its operations in the country remain in compliance with all applicable laws and regulations. The company said that it is confident that its operations in Russia will remain unaffected by the sanctions imposed on the country.
