Kinross Gold announced today (Thursday, Feb. 24, 2022) that it will acquire all of the outstanding shares of Great Bear Resources Ltd.
“The closing of the acquisition of Great Bear Resources represents a milestone for Kinross as we advance our future growth strategy. We are excited to add such a high-quality asset in a top mining jurisdiction to our global portfolio,”
J. Paul Rollinson, Kinross Gold President and CEO
The company also announced that Great Bear shareholders had a choice between a fixed price of C$29.00 per Great Bear share or 3.8564 shares of Kinross Gold. Great Bear shares are expected to be delisted from the TSX Venture Exchange tomorrow (Friday, Feb. 25, 2022)
The company, which also operates gold mines in Russia, recently stated that it has not yet been affected by the sanctions imposed. The sanctions were imposed by the U.S. on February 22, 2022, after Russia declared the independence of two regions in the Donbas.
Whether this will change after the recent events with the invasion of Russian troops into Ukraine remains uncertain. So far, the company has not commented on this. Kinross has been operating mines in Russia for 25 years and expects about 13% of its global production to come from Russia in 2022. The mines Kinross operates are about 7,000km away from Ukraine.