|Traded as||TSX: K NYSE: KGC|
|Key people||J. Paul Rollinson, CEO|
|Revenue||$4.3 billion (2012)|
Kinross Gold Corporation is a Canadian-based gold mining company with mines and projects in Canada, the United States, Brazil, Chile, Russia, Ghana and Mauritania. Kinross was founded after a merger in 1993 of three companies, initially owning a mine in British Columbia and royalties on a mine in Nevada. Following a series of takeovers and mergers, Kinross now owns nine active gold mines on four continents.
Kinross Gold Corporation was founded in 1993 following the merger of Plexus Resources Corporation, CMP Resources and the numbered company 1021105 Ontario Corp. The merger resulted in the new company owning a stake and royalties on a mining property in Fallon, Nevada and the QR Mine in British Columbia. Kinross merged with Amax Gold (formerly known as Kinam Gold) in 1998, which gave Kinross the Fort Knox Gold Mine. In 2002 Kinross, TVX Gold (TVX), and Echo Bay Mines proposed a $3-billion merger, which would combine the three companies, while retaining the name Kinross Gold. The merger was delayed from its original closing due to Kinross' inability to raise the necessary funds, but was approved by shareholders in January 2003. In 2006 Kinross sold the Lupin Mine (in Canada) and the Blanket Mine (in Zimbabwe), and bought Crown Resources Corporation, which gave them ownership of the mineral resource Buckhorn Mountain (later Buckhorn Gold Mine) and the associated mineral processing facilities. Kinross also sold the Aquarius Project (acquired as part of the Echo Bay merger) in 2006 to St. Andrews Goldfields (who operated the nearby Stock Gold Mine). In 2002 Kinross and Placer Dome combined their assets in Timmins, Ontario and formed the Porcupine Joint Venture (51% Placer Dome, 49% Kinross). In 2007 Kinross traded assets with Goldcorp; Kinross received $200-million and the remaining portion of the La Coipa Gold Mine it had acquired with the TVX merger, in exchange for giving up its 49% of the Porcupine Joint Venture and 31.9% of the Musselwhite Mine. In 2010 Kinross purchased the remaining shares (91%) of Red Back Mining for $7.1-billion. The purchase brought with it the two gold mines in Africa (Chirano and Tasiast).
Kinross Gold operates mines and projects in North and South America, Russia, and Africa. In 2012 the company's gold production was 2,617,813 gold equivalent ounces.
Fort Knox Gold Mine
Kinross has a 100% stake in the Fort Knox Gold Mine, which operates as an open pit in Alaska. The area was prospected as early as 1913, but no mining took place until 1996. In 1998 the owner of Fort Knox (Amex Gold) merged with Kinross. The Fort Knox complex has two open pits (Fort Knox, and the now closed True North), with ore from the Fort Knox pit being processed on site at the Fort Knox mill. In 2010 the mine produced 349,729 ounces of gold.
Kinross operates the Buckhorn mine and Kettle River mill in the US State of Washington.
Round Mountain Gold Mine
Kinross operates the Round Mountain Gold Mine in Nye County, Nevada. Round Mountain is a joint venture with Barrick Gold. Round Mountain is located in an area where mining has taken place since 1906, having produced 350,000 ounces of gold over a sixty-year period. Kinross' merger with Echo Bay Mines gave them a 50% share of Round Mountain, with Barrick retaining the remainder. As of 2011[update] the mine was undergoing expansion to increase the size of the pit and related infrastructure. The expansion has been subject to opposition by various non-governmental organizations.
Paracatu Gold Mine
Maricunga Gold Mine
La Coipa Gold Mine
The Kupol Gold Mine is a combination open-pit and underground gold mine in Chukotka Autonomous Okrug, Russia, in an area originally mined in the 1930s by prisoners of the Gulag. Bema Gold Corporation financed the $425-million project through various international banks, agencies, and equipment companies, plus the Chukotka government. Kinross acquired the property (at the time 75% of the mine) through the acquisition of Bema Gold, and a subsidiary purchased the remaining 25% from the government in 2011.
Tasiast Gold Mine
Red Back Mining began production at Tasiast in 2008 in Mauritania. In 2010, Kinross purchased Red Back to acquire the mine. On April 29, 2013, Kinross announced the results of its pre-feasibility study for the Tasiast expansion project. Based on these results, the Company has decided to proceed with a feasibility study (FS) on an expanded Tasiast operation with a 38,000 tonne per day (tpd) mill.
Chirano Gold Mine
The Red Back Mining purchase gave Kinross a 90% stake in the Chirano Gold Mine, while the remainder is held by the Government of Ghana. The mine produced nearly a quarter million ounces of gold in 2011. The mine is made up of multiple open pits and an underground operation called Akwaaba.
Kinross claims a strong commitment to responsible mining, as outlined on its corporate website via their Ten Guiding Principles for Corporate Responsibility. In 2007, Kinross achieved an A- ranking in Maclean's magazine's annual assessment of socially responsible companies, the highest ranking of any Canadian mining company.
For Kinross' cooperation with an environmental group in Washington state, and for five out of eight mines being in compliance with the International Cyanide Management Code (as of May 2013, the Company has eight of its nine mines in compliance with the International Cyanide Management Code), Kinross was recognized as one of Canada's Top 50 Most Responsible Corporations by Maclean's magazine and Jantzi Research in 2009.
In October 2008, Kinross was named one of Greater Toronto's Top Employers by Mediacorp Canada Inc., which was announced by the Toronto Star newspaper. In 2011, Kinross was named to the Dow Jones Sustainability World Index (DJSI) and to the Dow Jones Sustainability North America Index for the second consecutive year.
In 2012, Kinross was named to the Dow Jones Sustainability World Index for the second consecutive year, as well as the DJSI North American Index, the Ethibel Excellence Investment Register, and the Ethical Global Equity and ECPI Global Carbon Indices. For the fifth consecutive year, the Company was named among Canada’s 50 Most Socially Responsible Corporations by Maclean’s magazine and Sustainalytics, and as one of Canada’s Best 50 Corporate Citizens by Corporate Knights magazine for the third year.
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- Paxton, Robin (11 August 2009). "Russia revives gold mining in the Gulags". Reuters. Retrieved 28 August 2011.
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- "Doing business the right way". Macleans. November 30, 2007. Retrieved 27 August 2011.
- http://www.kinross.com/media/247031/2012%20kinross%20cr%20data%20supplement.pdf. Missing or empty
- "Jantzi-Macleans 50 Most Socially Responsible Corporations 2009". Maclean's. June 18, 2009. Retrieved 27 August 2011.
- "Reasons for Selection, 2009 Greater Toronto's Top Employers Competition".
- "Kinross named to Dow Jones Sustainability World Index".
- Kinross Gold web site
- SEDAR company profile
- Google Finance company profile
- Follow Kinross on Twitter