Kinross considers selling gold mines in Americas, doubling down on West Africa and Russia


By Niall McGee
The Globe and Mail, Toronto
Friday, October 16, 2020

Kinross Gold Corp. is considering selling its gold mines in North and South America, moving its primary stock listing to London, and doubling down on its portfolio of assets in Russia and West Africa, according to three sources familiar with the discussions.

Kinross' management believes selling its mines in the Americas and redomiciling its African and Russian business to London would make the remaining parts more valuable than they would be if all the assets were kept inside one business unit, the sources said. The Globe and Mail is not identifying the individuals because they were not authorized to speak publicly about the information, which is confidential.

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Toronto-based Kinross is mulling the overhaul partly because its Russian and West African mines have always traded at a depressed valuation in the North American market, and since the price of gold has surged in the past year, management believes the timing is favourable to sell its mines in the Americas, the sources added.

Kinross has already considered a secondary stock listing in Europe to appeal to investors who are more comfortable than their North American counterparts with having exposure to Africa and Russia. In an interview in August, Kinross' chief executive officer, Paul Rollinson, said the company was considering listing on the London Stock Exchange for that reason.

The miner produces far more gold than Kirkland Lake Gold Ltd. and Agnico Eagle Mines Ltd. but its valuation has long lagged those of its Canadian peers because of the West African and Russian holdings. With a market capitalization of $15.3 billion, Kinross is worth $3.2 billion less than Kirkland and $11.2 billion less than Agnico. Kirkland operates in Canada and Australia, while Agnico's mines are predominantly in Canada. About 44 percent of Kinross' gold production comes from Russia's far east and Mauritania in West Africa, with the rest from the United States and Brazil. ...

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