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Kinross to pay US$950,000 as SEC investigation of West African operations ends

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Kinross to pay US$950,000 as SEC investigation of West African operations ends

Kinross Gold Corp. agreed to pay the SEC about US$950,000 to settle civil charges in connection with a probe over allegations of improper payments made to government officials and internal control deficiencies at the company's West African mining operations.

The company has also agreed to report to the SEC semiannually for one year on the status of its West African compliance measures, it said March 26.

Meanwhile, the SEC said Kinross did little to verify payments to politically connected consultants, and vendors in Ghana and Mauritania were being used for their stated purpose, Reuters reported the same day.

The company said the SEC's investigation was concluded without any material adverse effect on its financial position or business operations.

"The cease and desist order with the SEC makes no findings of bribery by the company but is instead premised on allegations of various deficiencies in Kinross' internal accounting controls and practices," the company said.

Kinross added that the U.S. Department of Justice said it closed its investigation into the matter Nov. 7, 2017.