Debevoise & Plimpton LLP has advised N-Mining Limited (“N-Mining”) in a sale of a 100% stake in LLC “Third Mining Exploration Company” (“TMEC”) to Kinross Gold Corporation (“Kinross”). TMEC operates a gold exploration project on the Chulbatkan deposit in Khabarovsky Krai of Russia. N-Mining will receive a fixed consideration of $283 million (including approximately $113 million in cash and approximately $170 million in Kinross shares listed on NYSE and Toronto Stock Exchange) and additional consideration in the form of a 1.5% net smelter return (NSR) and contingent consideration linked to future gold reserve additions.
The transaction is subject to the satisfaction of customary conditions precedent, including regulatory approvals.
Debevoise team advising N-Mining was led by Moscow partner Alan Kartashkin and International Counsel Maxim A. Kuleshov and included associates Tamara S. Kulyk and Charles Low. London partner James C. Scoville advised on US securities law issues.
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