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After hours Friday, Kinross Gold Corp. (TSX:K,NYSE:KGC) put out a press release to address “the circumstances surrounding an ongoing regulatory review” of its mining operations in West Africa.
After hours Friday, Kinross Gold Corp. (TSX:K,NYSE:KGC) put out a press release to address “the circumstances surrounding an ongoing regulatory review” of its mining operations in West Africa.
The company emphasizes in its release that it is cooperating with all aspects of the review, and that the fact that the review is happening does not mean “that any violation has occurred.”
Its press release states:
In August 2013, Kinross received information regarding allegations of improper payments made to government officials and certain internal control deficiencies at its West Africa mining operations. Kinross takes such allegations very seriously and action was immediately taken in accordance with Kinross’ Whistleblower Policy. External legal counsel was immediately retained to conduct an objective internal investigation into the allegations.
In March and December 2014, and July 2015, Kinross received subpoenas from the United States Securities and Exchange Commission (the “SEC”) seeking information and documents on substantially the same subjects as had previously been raised. In December 2014, Kinross received similar requests for information from the United States Department of Justice (the “DOJ”).
Kinross is fully cooperating with the SEC and DOJ and continues to diligently pursue its own internal investigation, which, over the course of the past 25 months, has not identified issues that Kinross believes would have a material adverse effect on the Company’s financial position or business operations. Our internal investigation is ongoing, and additional issues or facts could become known as the investigation continues.
Click here to read the full Kinross Gold Corp. (TSX:K,NYSE:KGC) press release.