Jump to content

Kinross Gold: Difference between revisions

From Wikipedia, the free encyclopedia
Content deleted Content added
FoCuSandLeArN (talk | contribs)
Moved my draft as specified in the talk page section discussions.
Line 1: Line 1:
{{Infobox company
{{Infobox company
| name = Kinross Gold Corporation
| name = Kinross Gold Corporation
| logo = [[Image:Kinross Gold logo.svg|centre|200px]]
| logo = [[Image:Kinross Gold logo.svg|centre|200px]]
| type = [[Public company|Public]]
| type = [[Public company|Public]]
| traded_as = {{Tsx|K}} {{nyse|KGC}}
| traded_as = {{Tsx|K}} {{nyse|KGC}}
| genre =
| genre =
| foundation = 1993<!-- this parameter modifies "Founded" -->
| foundation = 1993<!-- this parameter modifies "Founded" -->
| founder = [[Robert Buchan]]
| founder = [[Robert Buchan]]
| location_city = Toronto
| location_city = Toronto
| location_country = Canada
| location_country = Canada
| key_people = [[J. Paul Rollinson]], President and CEO<ref name="Mining ceo">{{cite web|last1=Jamasmie|first1=Cecilia|title=Kinross Gold's CFO leaves, two months after CEO replaced|url=http://www.mining.com/kinross-golds-cfo-leaves-two-months-after-ceo-replaced-63168/|website=Mining|publisher=Mining|accessdate=23 September 2016}}</ref>
| key_people = [[J. Paul Rollinson]], CEO
| industry = [[Mining]]
| industry = Metals and [[Mining]]
| products = [[Gold]]
| products = [[Gold]], [[Silver]]
| revenue = $3.8 billion (2013)
| revenue = $3.5 billion <small>(2015)</small><ref name="Market Realist gil" />
| num_employees = 9,000 (2013)
| num_employees =
| homepage = [http://www.kinross.com www.kinross.com]
| homepage = [http://www.kinross.com www.kinross.com]
}}
}}


'''Kinross Gold Corporation''' is a Canadian-based [[gold mining]] company with mines and projects in the United States, Brazil, Chile, Russia, Ghana and Mauritania. It is one of the [[largest gold companies]].<ref name="top ten">{{cite news|last1=Basov|first1=Vladimir|title=UPDATED: The world's top 10 gold producers|url=http://www.mining.com/top-10-gold-companies-in-2014-67501/|accessdate=11 March 2016|publisher=Mining.com|date=26 February 2015}}</ref> Kinross began from the amalgamation of three companies in 1993, 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''' is a Canadian-based [[gold mining|gold]] and [[silver mining]] company founded in 1993 and headquartered in Toronto, Canada. Kinross, through a series of transactions now operates nine active gold mines, being 2015's fifth [[largest gold companies|largest]] gold producer in the world. That year, Kinross produced 2.59 million ounces of gold. The company's activities are mainly carried out in Brazil, Chile, Ghana, Mauritania, Russia and the United States, formerly owning operations in Canada. It trades under the KGC ticker in the [[New York Stock Exchange]] and under K in the [[Toronto Stock Exchange]].

== Financial Performance ==

In 2013, Kinross suspended payment of dividends.<ref>{{cite web|author1=Kinross Gold Corporation|title=2013 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2013/kinross-2013-annual-report.pdf|website=www.Kinross.com|accessdate=8 September 2016|page=iii|language=English}}</ref>

In 2015, in the wake of declining precious metal prices, Kinross closed their regional office in [[Denver]], Colorado, and eliminated 110 corporate positions in Denver, Chile, Spain, and Toronto.<ref name="denver closure">{{cite news|last1=Ian|first1=McGugan|title=Kinross to shut down Denver office, cut 110 corporate jobs|url=http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/kinross-cuts-110-corporate-jobs-and-closes-denver-office/article27200632/|accessdate=12 March 2016|agency=The Globe and Mail|date=10 November 2015}}</ref>

In 2016, Kinross' credit rating was lowered to "Junk" status by [[Standard & Poor's]]. The decision was largely based on the share of their production that came from mines in Russia, which it saw as a significant risk.<ref name="junk status">{{cite news|url=http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/kinross-golds-credit-rating-cut-to-junk/article28804064/|title= Kinross Gold’s credit rating cut to junk |newspaper=The Globe and Mail|last= Bochove |first=Danielle|date=18 February 2016}}</ref>

===Net income (loss)===
Kinross Gold’s net incomes (losses) during the past six years were:
* 2011 ($US 2.013 billion)<ref>Per page F61 - 2011 financial statements - http://s2.q4cdn.com/496390694/files/doc_financials/annual/2011/kinross-2011-annual-report-final.pdf</ref>
* 2012 ($US 2.509 billion)<ref>See page FS4 of 2012 Annual Report http://fb.kinross.com/media/245138/kinross%20gold%20annual%20report%202012.pdf</ref>
* 2013 ($US 3.742 billion)<ref>See page FS5 2013 financial statements - http://s2.q4cdn.com/496390694/files/doc_financials/annual/2013/kinross-2013-annual-report.pdf</ref>
* 2014 ($US 1.193 billion)<ref>See page FS4 of 2014 Annual Report http://2014annualreport.kinross.com/pdf/annual-report-2014.pdf</ref>
* 2015 ($US 0.989 billion)<ref>See page 4 of 2015 financial statements http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2015/q4/Q42015_FS_Eng.pdf</ref>
* 2016 $US 0.006 billion - six months<ref>Per page 9 of Q2 2016 Report http://s2.q4cdn.com/496390694/files/doc_news/2016/jul/KGC_Q2_2016_news_release_final.pdf</ref>

=== Total Assets ===

Kinross' total assets have decreased significantly since 2010. Total assets were:
* 2010 $US 17.7 billion
* 2011 $US 16.5 billion<ref>Per page F61 - 2011 financial statements - http://s2.q4cdn.com/496390694/files/doc_financials/annual/2011/kinross-2011-annual-report-final.pdf</ref>
* 2012 $US 14.8 billion
* 2013 $US 10.2 billion<ref>See page FS60 2013 financial statements - http://s2.q4cdn.com/496390694/files/doc_financials/annual/2013/kinross-2013-annual-report.pdf</ref>
* 2014 $US 8.9 billion
* 2015 $US 7.7 billion<ref>See page 53 of 2015 financial statements http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2015/q4/Q42015_FS_Eng.pdf</ref>

=== Gold reserves and production===
Kinross' proven and probable gold reserves were 33.2 million ounces as at December 31, 2015. This total includes reserves from inactive mines, Cerro Casale (5.8 million ounces) and Maricunga (1.0 million ounces).<ref name="Kinross Gold 2015 Annual Report">{{cite web|title=Kinross Gold 2015 Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=7 September 2016|page=66|language=English}}</ref> In 2010, the reported proven and probable reserves were 62.4 million ounces.<ref>See page 164 of 2010 Kinross Annual Report http://fb.kinross.com/media/213502/2010%20annual%20report.pdf</ref>

In 2015, Kinross produced 2.59 million ounces of gold.<ref>{{cite web|author1=Kinross Gold Corporation|title=2015 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=www.Kinross.come|publisher=Kinross Gold Corporation|accessdate=8 September 2016|page=7|language=English}}</ref>


== History ==
== History ==
===Founding and early years===

===Major Transactions===
[[File:Lupin 1997.jpg|thumb|right|Kinross' merger with Echo Bay Mines resulted in ownership of [[Lupin Mine]], which was sold in 2006.]]
[[File:Lupin 1997.jpg|thumb|right|Kinross' merger with Echo Bay Mines resulted in ownership of [[Lupin Mine]], which was sold in 2006.]]
Kinross Gold Corporation was founded in 1993 following the amalgamation of three companies: [[Plexus Resources Corporation]], [[CMP Resources]] and the [[numbered company]] 1021105 Ontario Corp. This resulted in the new company owning a stake and [[royalties]] on a mining property in [[Fallon, Nevada]] and the [[QR Mine]] in [[British Columbia]].<ref name=Formation>{{cite news|title=Shareholders back merger forming Kinross Gold|url=https://news.google.com/newspapers?id=4WJTAAAAIBAJ&sjid=4IQDAAAAIBAJ&pg=1414,7183955&dq=kinross+merger&hl=en|accessdate=2 September 2011|newspaper=Deseret News|date=31 May 1993}}</ref> Kinross was listed on June 1, 1993 on the TSX and NASDAQ.
Kinross Gold Corporation was founded in 1993 following the amalgamation of three companies: Plexus Resources Corporation, CMP Resources and the [[numbered company]] 1021105 Ontario Corp. This resulted in the new company owning a stake and [[royalties]] on a mining property in [[Fallon, Nevada]] and the QR Mine in [[British Columbia]].<ref name=Formation>{{cite news|title=Shareholders back merger forming Kinross Gold|url=http://news.google.com/newspapers?id=4WJTAAAAIBAJ&sjid=4IQDAAAAIBAJ&pg=1414,7183955&dq=kinross+merger&hl=en|accessdate=2 September 2011|newspaper=Deseret News|date=31 May 1993}}</ref> Kinross was listed on June 1, 1993 on the [[Toronto Stock Exchange]] and [[NASDAQ]], and on the [[New York Stock Exchange]] the following year.<ref name="Market Realist gil">{{cite web|last1=Gilroy|first1=Annie|title=Must Know: An Overview of Kinross Gold Corp.|url=http://marketrealist.com/2015/10/must-know-overview-kinross-gold-corp/|website=Market Realist|publisher=Market Realist|accessdate=23 September 2016}}</ref>


Kinross' first project, now operated by its subsidiary Fairbanks Gold Mining, was the [[Fort Knox Gold Mine]] operating as an [[open-pit mining|open pit]] in Alaska. The area, including its surroundings deposits, was [[prospecting|prospected]] as early as 1913, but no mining took place until 1996. In 1998 the owner of Fort Knox (Amax Gold) merged with Kinross.<ref name=cmj /><ref name="KG-Fort Knox">{{cite web|title=Fort Knox, Alaska, USA|url=http://kinross.com/operations/operation-fort-knox-alaska-usa.aspx|publisher=Kinross Gold|accessdate=27 August 2011}}</ref>
In 1998, Kinross merged with Amax Gold (formerly known as Kinam Gold),<ref>{{cite web|title=Walter Creek Valley Fill Heap Leach Facility Project Description|url=http://dnr.alaska.gov/mlw/mining/largemine/fortknox/pdf/heapleachpd.pdf|publisher=[[Alaska Department of Natural Resources|Alaska DNR]]|accessdate=3 September 2011|author=Kinross Gold|page=4|format=PDF|date=23 June 2006}}</ref> which gave Kinross the [[Fort Knox Gold Mine]].<ref name=cmj>{{cite journal|last=Scales|first=Marilyn|title=How to Get Gold Out of Fort Knox|journal=Canadian Mining Journal|date=June 2003|url=http://www.canadianminingjournal.com/news/how-to-get-gold-out-of-fort-knox/1000152441/|accessdate=31 August 2011}}</ref>


In 1998, Kinross merged with Amax Gold (formerly known as Kinam Gold),<ref>{{cite web|title=Walter Creek Valley Fill Heap Leach Facility Project Description|url=http://dnr.alaska.gov/mlw/mining/largemine/fortknox/pdf/heapleachpd.pdf|publisher=[[Alaska Department of Natural Resources|Alaska DNR]]|accessdate=3 September 2011|author=Kinross Gold|page=4|format=PDF|date=23 June 2006}}</ref> which gave Kinross the [[Fort Knox Gold Mine]].<ref name=cmj>{{cite journal|last=Scales|first=Marilyn|title=How to Get Gold Out of Fort Knox|journal=Canadian Mining Journal|date=June 2003|url=http://www.canadianminingjournal.com/news/how-to-get-gold-out-of-fort-knox/1000152441/|accessdate=31 August 2011}}</ref> In 2000, Kinross amalgamated with LT Acquisition Inc.<ref>{{cite book|title=Canadian Mines Handbook|url=http://books.google.com/books?id=zM9RAQAAIAAJ|year=2001|publisher=Southam Mining Group}}</ref>
In 2002, Kinross and [[Placer Dome]] combined their assets in [[Timmins]], Ontario and formed the [[Porcupine Joint Venture]] (51% Placer Dome, 49% Kinross).<ref>{{cite news|last=Vieira|first=Paul|title=Placer Dome, Kinross to join forces in Ontario gold operation: Kinross gains mill access|newspaper=National Post|date=12 April 2002|page=FP7}}</ref> Also 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,<ref>{{cite news|title=COMPANY NEWS – Kinross, Echo Bay, TVX Delay Merger|url=http://www.canadianminingjournal.com/news/company-news--kinross-echo-bay-tvx-delay-merger/1000026617/|accessdate=2 September 2011|newspaper=Canadian Mining Journal|date=20 November 2002}}</ref> but was approved by shareholders in January 2003.<ref name="merger passes">{{cite news|title=Newmont increases dividend|url=http://www.miningweekly.com/article/newmont-increases-dividend-2003-01-31|accessdate=2 September 2011|date=31 January 2003}}</ref>


===1999 – 2006===
In 2005, Kinross sold the Aquarius Project (acquired as part of the Echo Bay merger<ref>{{cite news|title=Merger improves viability of gold deposit project|url=http://www.northernontariobusiness.com/Around-the-North/Merger-improves-viability-of-gold-deposit-project-(6-02).aspx|accessdate=2 September 2011|newspaper=Northern Ontario Business|date=26 June 2002}}</ref>) to St. Andrews Goldfields (who operated the nearby [[Stock Gold Mine]]).<ref name="sell aquarius">{{cite news|title=Kinross To Sell Aquarius Project|url=http://www.thestreet.com/markets/metals/10259526.html|accessdate=2 September 2011|date=29 December 2005|newspaper=thestreet.com}}</ref><ref>http://www.kinross.com/news-and-investors/news-releases/press-release-details/2005/Kinross-Sells-Aquarius-Project-to-St-Andrew-Goldfields/default.aspx</ref>
In 2002, Kinross and [[Placer Dome]] combined their assets in [[Timmins]], Ontario and formed the Porcupine Joint Venture (51% Placer Dome, 49% Kinross).<ref>{{cite news|last=Vieira|first=Paul|title=Placer Dome, Kinross to join forces in Ontario gold operation: Kinross gains mill access|newspaper=National Post|date=12 April 2002|page=FP7}}</ref> Also in 2002, Kinross TVX Gold, 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,<ref>{{cite news|title=COMPANY NEWS Kinross, Echo Bay, TVX Delay Merger|url=http://www.canadianminingjournal.com/news/company-news--kinross-echo-bay-tvx-delay-merger/1000026617/|accessdate=2 September 2011|newspaper=Canadian Mining Journal|date=20 November 2002}}</ref> but was approved by shareholders in January 2003.<ref name="Mining Weekly dividend">{{cite web|last1=CZERNOWALOW|first1=MARTIN|title=Newmont increases dividend|url=http://www.miningweekly.com/article/newmont-increases-dividend-2003-01-31|website=Mining Weekly|publisher=Mining Weekly|accessdate=17 September 2016}}</ref> The TVX merger resulted in Kinross' stake in the La Coipa open pit mine, the remainder being purchased from [[Goldcorp]] in 2007.
In 2006, Kinross bought Crown Resources Corporation, which gave them ownership of the mineral resource Buckhorn Mountain (later [[Buckhorn Gold Mine]]) and the associated mineral processing facilities.<ref name="lupin sold">{{cite news|last=Leng Yeong|first=Cheng|title=Kinross Has Record $65.6 Million Profit on Gold Rally (Update4)|url=http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aVfXPahtN8A4&refer=canada|accessdate=2 September 2011|newspaper=Bloomberg|date=4 August 2006}}</ref><ref>http://fb.kinross.com/operations/operation-kettle-river-buckhorn-usa.aspx</ref>


Kinross took control of the Lupin mine in [[Nunavut Territory]], Canada, in 2003. In 2006, Kinross sold the [[Lupin Mine]] and the [[Blanket Mine]] located in Zimbabwe, completing the sale in 2007. By 2013, the Lupin mine was inactive.<ref name="The Northern Miner zimbabwe">{{cite web|title=Kinross sheds some weight (Jul 3 - 9, 2006 Volume 92 Number 19)|url=http://www2.northernminer.com/news/kinross-sheds-some-weight/1000204951/|website=The Northern Miner|publisher=The Northern Miner|accessdate=17 September 2016}}</ref><ref name="Nunatsiaq online">{{cite web|title=Owner puts Nunavut’s Lupin Mine project back into limbo|url=http://www.nunatsiaqonline.ca/stories/article/65674owner_puts_nunavuts_lupin_mine_project_back_into_limbo|website=Nunatsiaq online|publisher=Nunatsiaq online|accessdate=23 September 2016}}</ref>
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]].<ref name="sells porcupine">{{cite news|title=Analysts see Goldcorp, Kinross asset swap gains|url=http://uk.reuters.com/article/2007/09/26/goldcorp-kinross-idUKN2620866720070926|accessdate=2 September 2011|newspaper=Bloomberg|date=26 Sep 2007}}</ref>
[[File:Round Mountain gold mine, leach dumps.jpg|thumb|[[Dump leaching|Leach dumps]] at the Round Mountain Mine]]
The acquisition of Rio Paracatu Mineração followed in 2004. In 2005, Kinross sold the Aquarius Project (acquired as part of the Echo Bay merger<ref>{{cite news|title=Merger improves viability of gold deposit project|url=http://www.northernontariobusiness.com/Around-the-North/Merger-improves-viability-of-gold-deposit-project-(6-02).aspx|accessdate=2 September 2011|newspaper=Northern Ontario Business|date=26 June 2002}}</ref>) to St. Andrews Goldfields (who operated the nearby Stock Gold Mine).<ref name="sell aquarius">{{cite news|title=Kinross To Sell Aquarius Project|url=http://www.thestreet.com/markets/metals/10259526.html|accessdate=2 September 2011|date=29 December 2005|newspaper=thestreet.com}}{{dead link}}</ref><ref>{{cite book|title=Canadian & American Mines Handbook|url=http://books.google.com/books?id=xp1NAQAAIAAJ|year=2006|publisher=Business Information Group}}</ref><ref name="Kinross Gold aquarius">{{cite web|title=Kinross Sells Aquarius Project to St Andrew Goldfields|url=http://www.kinross.com/news-and-investors/news-releases/press-release-details/2005/Kinross-Sells-Aquarius-Project-to-St-Andrew-Goldfields/default.aspx|website=Kinross Gold|publisher=Kinross Gold|accessdate=17 September 2016}}</ref>


In 2006, Kinross bought Crown Resources Corporation, which gave them ownership of the mineral resource Buckhorn Mountain (later Buckhorn Gold Mine) and the associated mineral processing facilities.<ref>{{cite book|title=Okanogan and Wenatchee National Forests (N.F.), Buckhorn Access Project: Environmental Impact Statement|url=http://books.google.com/books?id=nJ82AQAAMAAJ&pg=SL19-PA4|year=2007|pages=19–}}</ref><ref name="lupin sold">{{cite news|last=Leng Yeong|first=Cheng|title=Kinross Has Record $65.6 Million Profit on Gold Rally (Update4)|url=http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aVfXPahtN8A4&refer=canada|accessdate=2 September 2011|newspaper=Bloomberg|date=4 August 2006}}{{dead link}}</ref><ref name="Kinross Gold kettle">{{cite web|title=Kettle River-Buckhorn, USA|url=http://fb.kinross.com/operations/operation-kettle-river-buckhorn-usa.aspx|website=Kinross Gold|publisher=Kinross Gold|accessdate=17 September 2016}}</ref> That year saw the sale of Kinross' Blanket mine in Zimbabwe to Caledonia Mining Corporation. Kinross had never operated the mine given it was written down in 2002.<ref>{{cite book|title=SA Mining: South African Mining, Coal, Gold, and Base Minerals|url=http://books.google.com/books?id=xsDzAAAAMAAJ|date=May 2006|publisher=TML Business}}</ref><ref name="Africa Intelligence">{{cite web|title=Kinross Braces for $11.8 Million Loss|url=https://www.africaintelligence.com/AMA/exploration--production/2002/01/20/kinross-braces-for-dollars118-million-loss,3220840-ART|website=Africa Intelligence|publisher=Africa Intelligence|accessdate=14 October 2016}}</ref>
In 2010, Kinross purchased the remaining shares (91%) of [[Red Back Mining]] Inc. for $7.1-billion. The purchase brought with it the two gold mines in Africa (Chirano and Tasiast).<ref name=NYT>{{cite news|url=http://www.nytimes.com/2010/08/03/business/global/03gold.html |title=In Canada, a Merger for Miners of Gold|publisher=The New York Times (AP)|date= August 2, 2010|accessdate= August 2, 2010}}</ref>


Kinross first acquired 50% ownership in the Maricunga Gold Mine property with the merger with Amax Gold (which changed its name to Kinam).<ref name="House1941">{{cite book|author=Commerce Clearing House|title=Federal securities law reporter: federal regulation of securities : laws, regulations, forms, rulings and decisions currently supplemented and indexed|url=http://books.google.com/books?id=RMU-AQAAIAAJ|date=1941*|publisher=Commerce Clearing House}}</ref> The 2007 purchase of [[Bema Gold]] brought the other 50%, being now owned by Compañía Minera Maricunga (CMM).<ref name="Market Realist maricunga">{{cite web|last1=Gilroy|first1=Annie|title=A Look at Kinross Gold’s West Africa Operations|url=http://marketrealist.com/2015/10/look-kinross-golds-west-africa-operations/|website=Market Realist|publisher=Market Realist|accessdate=24 September 2016}}</ref> Production re-started in October 2005.<ref>{{cite book|title=Chilean mining compendium|url=http://books.google.com/books?id=vW5FAAAAYAAJ|year=2005|publisher=Editec}}</ref>
===Inactive mines and divested properties===


====Lupin and Blanket Mines====
===2007 present===
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]].<ref name="sells porcupine">{{cite news|title=Analysts see Goldcorp, Kinross asset swap gains|url=http://uk.reuters.com/article/2007/09/26/goldcorp-kinross-idUKN2620866720070926|accessdate=2 September 2011|newspaper=Bloomberg|date=26 Sep 2007}}</ref> In September 2008, Kinross acquired 100% of the outstanding shares of Aurelian Resources Inc. for a total of $809 million,<ref name="Hilson2016">{{cite book|author=Gavin Hilson|title=Natural Resource Extraction and Indigenous Livelihoods: Development Challenges in an Era of Globalization|url=http://books.google.com/books?id=ItkGDAAAQBAJ&pg=PA122|date=22 April 2016|publisher=Routledge|isbn=978-1-317-08971-1|pages=122–}}</ref><ref name=")2011">{{cite book|author=Geological Survey (U S )|title=Minerals Yearbook, 2008, V. 1, Metals and Minerals|url=http://books.google.com/books?id=tL4hau707bwC&pg=SA31-PA2|date=17 February 2011|publisher=Government Printing Office|isbn=978-1-4113-3015-3|pages=31–}}</ref> effectively acquiring 100% of the [[Fruta del Norte]] and Condor Ecuadorian deposits.<ref name=")2011">{{cite book|author=Geological Survey (U S )|title=Minerals Yearbook, 2008, V. 1, Metals and Minerals|url=http://books.google.com/books?id=tL4hau707bwC&pg=SA31-PA2|date=17 February 2011|publisher=Government Printing Office|isbn=978-1-4113-3015-3|pages=31–}}</ref><ref name="Mining ecuador">{{cite web|last1=Jamasmie|first1=Cecilia|title=Lundin Gold getting closer to developing Fruta del Norte in Ecuador|url=http://www.mining.com/lundin-gold-getting-closer-to-developing-fruta-del-norte-in-ecuador/|website=Mining|publisher=Mining|accessdate=23 September 2016}}</ref> Kinross described Fruta del Norte as one of the most "significant gold discoveries in the last 15 years".<ref name="Canadian Mining Journal significant">{{cite web|title=GOLD: Kinross sells Fruta del Norte to Fortress|url=http://www.canadianminingjournal.com/news/gold-kinross-sells-fruta-del-norte-to-fortress/|website=Canadian Mining Journal|publisher=Canadian Mining Journal|accessdate=24 September 2016}}</ref> On June 20, 2013, Kinross announced it would not proceed with further development of the Fruta del Norte project,<ref name="Bloomberg ecuador">{{cite web|last1=Gill|first1=Nathan|title=Kinross Reaches Preliminary Agreement for Ecuador Mine|url=http://www.bloomberg.com/news/articles/2011-12-06/kinross-reaches-preliminary-agreement-for-ecuador-mine-1-|website=Bloomberg|publisher=Bloomberg|accessdate=23 September 2016}}</ref> and in October 2014 sold its interest for $233 million.<ref name="Kinross Gold 2015 Annual Report - Fruta del Norte">{{cite web|title=Kinross Gold 2014 Annual Report|url=http://2014annualreport.kinross.com/pdf/annual-report-2014.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=7 September 2016|page=FS 23|language=English}}</ref><ref name="Wall Street Journal ecuador">{{cite web|last1=Alvaro|first1=Mercedes|title=Kinross to Sell Interest in Ecuador’s Fruta del Norte Gold Mine to Fortress|url=http://www.wsj.com/articles/kinross-to-sell-interest-in-ecuadors-fruta-del-norte-gold-mine-to-fortress-1413945895|website=Wall Street Journal|publisher=Wall Street Journal|accessdate=23 September 2016}}</ref>
{{main article|Lupin Mine}}
In 2006, Kinross sold the [[Lupin Mine]] (located in Canada) and the [[Blanket Mine]] located in Zimbabwe.


Another of Kinross' Chilean properties is the [[Cerro Casale mine]].<ref name=")2011">{{cite book|author=Geological Survey (U S )|title=Minerals Yearbook, 2008, V. 1, Metals and Minerals|url=http://books.google.com/books?id=tL4hau707bwC&pg=SA31-PA2|date=17 February 2011|publisher=Government Printing Office|isbn=978-1-4113-3015-3|pages=31–}}</ref> Kinross acquired Cerro Casale in 2007 as part of the acquisition of Bema Gold Corporation.<ref name="Usa2009">{{cite book|author=Usa Ibp Usa|title=Chile Mineral & Mining Sector Investment and Business Guide Volume 1 Strategic Information and Regulations|url=http://books.google.com/books?id=rglc6dRyspUC&pg=PA63|date=November 2009|publisher=Int'l Business Publications|isbn=978-1-4330-0664-7|pages=63–}}</ref> In 2010, Kinross sold a 25% interest in Cerro Casale's copper deposit to [[Barrick Gold]] for $474 million.<ref name="GoldSeek">{{cite web|last1=Russell|first1=Simon|title=Exeter Resource Corporation: Big Gold Discovery in Northern Chile|url=http://news.goldseek.com/GoldSeek/1334948400.php|website=GoldSeek|publisher=GoldSeek|accessdate=25 September 2016}}</ref> Kinross currently owns a 25% interest and Barrick owns the remaining 75%, the project itself being owned by Compañía Minera Casale.<ref>{{cite web|title=2015 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|page=FS 31|language=English}}</ref> The project is inactive as of 2015.<ref name="Minería Chilena">{{cite web|title=Estudio para reactivar Cerro Casale finaliza sin éxito y Barrick lo saca de su portafolio|url=http://www.mch.cl/2015/03/31/estudio-para-reactivar-cerro-casale-finaliza-sin-exito-y-barrick-lo-saca-de-su-portafolio/#|website=Minería Chilena|publisher=Minería Chilena|accessdate=25 September 2016}}</ref>
====Crixás====
The Crixás mine is located in Brazil. In 2012, Kinross sold its 50% interest in Crixás to [[AngloGold Ashanti]] for $US 220 million.<ref>Kinross News Release http://www.kinross.com/news-and-investors/news-releases/press-release-details/2012/Kinross-agrees-to-sale-of-Crixs-interest-for-220-million/default.aspx</ref>


In 2008, Kinross acquired a 40% interest in Lobo-Marte, located in Chile, from [[Anglo American plc]] for $141 million.<ref>{{cite web|title=2008 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2008/2008-annual-report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|page=34|language=English}}</ref> In early 2009, Kinross acquired the remaining interest for $41 million, via its daughter company CMM.<ref>{{cite web|title=2009 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2010/2010-annual-report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|page=58|language=English}}</ref> As at December 31, 2013, Kinross reported the property contained 6.0 million ounces of probable gold reserves. In 2014, the reserves were reclassified from "probable" to "measure & indicated".<ref name="Kinross Gold 2015 Annual Report - Fruta del Norte" /> As of December 31, 2015, Kinross reported that Lobo-Marte was a "significant" development property, although only prefeasibility studies have been performed on the site.<ref>{{cite web|title=2015 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|page=27|language=English}}</ref>
====La Coipa Gold Mine====
[[File:Lupin minesite on the shores of Contwoyto Lake.jpg|thumb|Distant view of the Lupin mine]]
In 2010, Kinross purchased 91% of [[Red Back Mining]] for $7.1-billion.<ref name="Mail2012">{{cite book|author=The Globe and Mail|title=The Lunch|url=http://books.google.com/books?id=G-ik8NmYmcwC&pg=PA104|date=29 June 2012|publisher=Booktango|isbn=978-1-4689-0835-0|pages=104–}}</ref> The purchase brought with it the two gold mines in Africa (Chirano and Tasiast).<ref name=NYT>{{cite news|url=http://www.nytimes.com/2010/08/03/business/global/03gold.html |title=In Canada, a Merger for Miners of Gold|publisher=The New York Times (AP)|date= August 2, 2010|accessdate= August 2, 2010}}</ref> Also this year, Kinross acquired the [[Dvoinoye Gold Mine|Dvoinoye deposit]] and the property in Vodorazdelnaya, about {{convert|90|km|mi}} north of Kinross’ Kupol operation; and sold 25% of its interest in the Cerro Casale project in Chile to Barrick. The following year, Kinross entered into a share purchase agreement with the State Unitary Enterprise of the Chukotka Autonomous Okrug, whereby it therefore held 100% of the Kupol mine and exploration licenses. Kinross sold its interest in the Crixás mine to AngloGold Ashanti in 2012.<ref name="Canadian Mining Journal unload">{{cite web|title=Kinross unloads stake in Crixas for US$220 million|url=http://www.canadianminingjournal.com/news/kinross-unloads-stake-in-crixas-for-us-220-million/|website=Canadian Mining Journal|publisher=Canadian Mining Journal|accessdate=24 September 2016}}</ref><ref name="Lexpert">{{cite web|title=Kinross Gold Acquires Red Back Mining for $7.3B|url=http://www.lexpert.ca/article/kinross-gold-acquires-red-back-mining-for-73b/?p=%7C273&sitecode=DIR|website=Lexpert|publisher=Lexpert|accessdate=23 September 2016}}</ref>
[[File:Gold-228547.jpg|thumb|Gold from the Round Mountain Mine]]
A putative [[securities]] [[class action]] complaint was filed against the company in 2012 by Bo Young Cha in the [[United States District Court for the Southern District of New York]], alleging Kinross inflated its own share price by making misrepresentations concerning its acquisition of Red Back and its development of the Tasiast mine. The claims were settled in court, without acknowledgement of guilt. A similar claim was made in the [[Ontario Superior Court of Justice]] that same year, and was settled in 2015.<ref name="Kinross 2014">{{cite web|title=ANNUAL INFORMATION FORM|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2014/2014-annual-information-form.pdf|website=Kinross|publisher=Kinross|accessdate=23 September 2016}}</ref><ref name="CNW">{{cite web|title=Notice of Settlement with Kinross Gold Corporation|url=http://www.newswire.ca/news-releases/notice-of-settlement-with-kinross-gold-corporation-518025131.html|website=Newswire|publisher=CNW|accessdate=23 September 2016}}</ref><ref name="LLP">{{cite web|last1=Bigin|first1=Michael S.|title=Bernstein Liebhard LLP Announces $33 Million Kinross Gold Corporation Securities Class Action Settlement|url=http://www.prnewswire.com/news-releases/bernstein-liebhard-llp-announces-33-million-kinross-gold-corporation-securities-class-action-settlement-300057141.html|website=Bernstein Liebhard LLP|publisher=PRNewswire|accessdate=23 September 2016}}</ref>


The Crixás mine is located in Brazil. In 2012, Kinross sold its 50% interest in Crixás to [[AngloGold Ashanti]] for $220 million.<ref name="Kinross Gold crixas">{{cite web|last1=Mitchell|first1=Steve|title=Kinross agrees to sale of Crixás interest for $220 million|url=http://www.kinross.com/news-and-investors/news-releases/press-release-details/2012/Kinross-agrees-to-sale-of-Crixs-interest-for-220-million/default.aspx|website=Kinross Gold|publisher=Kinross Gold|accessdate=17 September 2016}}</ref> The Corporation announced its halting of development at Fruta del Norte and La Coipa in 2013, as well as the sale of its interest in Aurelian Resources Inc. the following year. It also withdrew its permit application for the [[Lobo-Marte mine]].<ref name="Business in Canada">{{cite web|title=Kinross Gold Gives Up On Ecuadorean Mining Project|url=https://businessincanada.com/2013/06/11/kinross-gold-ecuador-fruta-del-norte/|website=Business in Canada|publisher=Business in Canada|accessdate=24 September 2016}}</ref>
The La Coipa gold mine is located in Chile.


On November 2015, Kinross announced it would finalize its purchase of the Bald Mountain mine, its associated land, as well as the remaining 50% of the Round Mountain mine from Barrick.<ref name="Market Realist bald">{{cite web|last1=Gilroy|first1=Annie|title=How Bald Mountain Is a Positive for Kinross Gold|url=http://marketrealist.com/2016/08/receipt-permits-bald-mountain-positive-kinross-gold/|website=Market Realist|publisher=Market Realist|accessdate=23 September 2016}}</ref> As of December 31, 2015, Kinross reported its White Gold project was a pre-development property.<ref name="Canadian Mining Journal white">{{cite web|title=MERGER: Kinross eyes Underworld’s White Gold|url=http://www.canadianminingjournal.com/news/merger-kinross-eyes-underworld-s-white-gold/|website=Canadian Mining Journal|publisher=Canadian Mining Journal|accessdate=25 September 2016}}</ref><ref>{{cite web|title=2015 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|page=66|language=English}}</ref>
In 2003, Kinross acquired an interest in the La Coipa open pit mine when it merged with TVX. The remainder was purchased from [[Goldcorp]] in 2007.<ref name="KG-La Coipa">{{cite web|title=La Coipa, Chile|url=http://kinross.com/operations/operation-la-coipa-chile.aspx|publisher=Kinross Gold|accessdate=27 August 2011}}</ref>


In 2013 the company's silver production was 9 million ounces, making the company the 18th largest silver producer in the world at the time.<ref>{{cite web|title=Silver Institute largest silver producer rankings|url=https://www.silverinstitute.org/site/supply-demand/silver-production/|accessdate= 16 July 2014}}</ref> Kinross' proven and probable gold reserves were 33.2 million ounces as at December 31, 2015. This total includes reserves from inactive mines, Cerro Casale (5.8 million ounces) and [[Maricunga Gold Mine|Maricunga]] (1.0 million ounces).<ref name="Kinross Gold 2015 Annual Report">{{cite web|title=Kinross Gold 2015 Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=7 September 2016|page=66|language=English}}</ref> In 2015, Kinross produced 2.59 million ounces of gold.<ref>{{cite web|author1=Kinross Gold Corporation|title=2015 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=www.Kinross.come|publisher=Kinross Gold Corporation|accessdate=8 September 2016|page=7|language=English}}</ref> Kinross was listed as fifth largest gold producer worldwide in 2015.<ref name="top ten">{{cite news|last1=Basov|first1=Vladimir|title=UPDATED: The world's top 10 gold producers|url=http://www.mining.com/top-10-gold-companies-in-2014-67501/|accessdate=11 March 2016|publisher=Mining.com|date=26 February 2015}}</ref><ref name="Reuters forecast">{{cite web|last1=Taylor|first1=Susan|title=Gold miner Kinross forecasts brighter 2016 production, costs|url=http://www.reuters.com/article/us-kinross-results-idUSKCN0VJ2NY|website=Reuters|publisher=Reuters|accessdate=24 September 2016}}</ref>
Gold production was suspended at La Coipa in October 2013.<ref>See page MDA 26 - 2014 Annual Report http://2014annualreport.kinross.com/pdf/annual-report-2014.pdf</ref> In 2014, Kinross recorded an impairment charge of $124 million.


==Operations==
====Fruta del Norte====
{{main article|Lupin Mine|Maricunga Gold Mine|Fruta del Norte mine|Fort Knox Gold Mine|Round Mountain Gold Mine|Tasiast Gold Mine|Chirano Gold Mine|Dvoinoye Gold Mine|Kupol Gold Mine|Paracatu mine}}
Kinross acquired Aurelian Resources Inc. in 2008 for total consideration of $US 705 million.<ref>See page 99 of 2009 Kinross Gold Annual Report</ref> Aurelian owned the Fruta del Norte deposit in Ecuador. Kinross described Fruta del Norte as "arguably the premier gold discovery in a generation."<ref>See 2009 Kinross Gold Annual Report</ref>
===Americas===
Kinross Gold operates mining projects in North and South America, Russia, and Africa. Its Fort Knox gold mine property counts with a mill, [[tailing]]s storage, [[Heap leaching|heap leach]] facility, the Gil project, and the True North open pit mine, which is closed and under monitoring.<ref name="Reuters company profile">{{cite web|title=Kinross Gold Corp (KGC)|url=http://www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=KGC|publisher=Reuters|accessdate=31 August 2011}}</ref><ref name=cmj /> In 2015 the mine produced about 401,500 gold equivalent ounces of gold.<ref name="KG-Fort Knox" /><ref name="Market Realist gil" />


Kinross operates the Buckhorn mine and Kettle River mill in the US [[State of Washington]], following its acquisition of Crown Resources Corporation in 2006. This subsidiary operates the Buckhorn mine, while Echo Bay Minerals operates the Kettle River mill. The mine produces about 97,000 gold equivalent ounces.<ref name="KG-Kettle meets pot">{{cite web|title=Kettle River-Buckhorn, USA|url=http://kinross.com/operations/operation-kettle-river-buckhorn-usa.aspx|publisher=Kinross Gold|accessdate=27 August 2011}}</ref>
On June 20, 2013, Kinross announced it would not proceed with further development of the Fruta del Norte project. The carrying value of its investment was $US 709 million as at December 31, 2012.<ref>See page FS60 of 2012 Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2012/kinross-gold-annual-report-2012.pdf</ref> On October 21, 2014, Kinross sold its interest for $US 233 million and Kinross realized a loss of $US 496 million.<ref name="Kinross Gold 2015 Annual Report - Fruta del Norte">{{cite web|title=Kinross Gold 2014 Annual Report|url=http://2014annualreport.kinross.com/pdf/annual-report-2014.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=7 September 2016|page=FS 23|language=English}}</ref>

====Lobo-Marte====
Lobo-Marte is located in Chile.

In 2008, Kinross acquired a 40% interest in Lobo-Marte from [[Anglo American plc]] for $US 141 million.<ref>{{cite web|title=2008 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2008/2008-annual-report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|page=34|language=English}}</ref> In early 2009, Kinross acquired the remaining interest for $US 41 million.<ref>{{cite web|title=2009 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2010/2010-annual-report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|page=58|language=English}}</ref>

As at December 31, 2013, Kinross reported the property contained 6.0 million ounces of probable gold reserves. In 2014, the reserves were reclassified from "probable" to "measure & indicated" and Kinross recorded an impairment charge of $118 million. Consequently, as at December 31, 2014, Lobo Marte had no proven or probable reserves.<ref>See page MDA 25 and 27 and 67 of 2014 Kinross Annual Report. http://2014annualreport.kinross.com/pdf/annual-report-2014.pdf</ref>

As of December 31, 2015, Kinross reported that Lobo-Marte was a "significant" development property. Its net book value was not disclosed.<ref>{{cite web|title=2015 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|page=27|language=English}}</ref>

====Maricunga Gold Mine====
{{Main article|Maricunga Gold Mine}}
Kinross first acquired 50% ownership in the property with the merger with [[Amax Gold]] (which changed its name to Kinam).<ref name="Rosetta Stone">{{cite web|title=Glossary|url=http://www.kinross.com/investor-centre/glossary.aspx#k|publisher=Kinross Gold|accessdate=3 September 2011}}</ref> The 2007 purchase of [[Bema Gold]] brought the other 50%.<ref name=KG-Maricunga>{{cite web|title=Maricunga, Chile|url=http://kinross.com/operations/operation-maricunga-chile.aspx|publisher=Kinross Gold|accessdate=27 August 2011}}</ref>

In August 2016, Kinross ceased operations at the Maricunga gold mine, resulting in a layoff of 300 employees. The decision to close the mine was the result of the Chilean government "shut[ing] down the water system linked to the operation over environmental concerns."<ref name="MGM shut 2016">{{cite news|last1=Jamasmie|first1=Cecilia|title=Kinross Gold halts Maricunga mine in Chile, lays off 300 workers|url=http://www.mining.com/kinross-gold-halts-maricunga-mine-in-chile-lays-off-300-workers/?utm_source=digest-en-mining-160826&utm_medium=email&utm_campaign=digest|accessdate=28 August 2016|agency=Mining.com|date=26 August 2016}}</ref>

The book value of Maricunga was $US 373 million as at December 31, 2015.<ref>Page FS 54 of December 31, 2015 Kinross Gold Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf</ref> Kinross reported a $139 million impairment charge in Q3 2016. <ref>{{cite web|title=News Release: Kinross reports 2016 third-quarter results|url=http://s2.q4cdn.com/496390694/files/doc_news/2016/nov/KGC-Q3-2016-news-release-final.pdf|publisher=Kinross Gold|accessdate=2 November 2016|page=6|language=English|quote=he Company recorded non-cash impairment charges of $68.3 million to property, plant and equipment, and $71.3 million to inventory, at Maricunga.}}</ref>

====Cerro Casale====
The Cerro Casale property is located in Chile.<ref>{{cite web|title=2008 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2008/2008-annual-report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|page=96|language=English}}</ref>

Kinross acquired Cerro Casale in 2007 as part of the acquisition of Bema Gold Corporation.<ref>{{cite web|title=2008 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2008/2008-annual-report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|pages=95 - 96|language=English}}</ref> In 2010, Kinross sold a 25% interest in Cerro Casale to [[Barrick Gold]] for $474 million.<ref>{{cite web|title=2010 Kinross Gold Annual Report|url=http://fb.kinross.com/media/213502/2010%20annual%20report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|page=FS 45|language=English}}</ref> Kinross currently owns a 25% interest and Barrick owns the remaining 75%.<ref>{{cite web|title=2015 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|page=FS 31|language=English}}</ref>

The property has been inactive since its acquisition in 2007.<ref>Revenue is $nil for 2015 and 2014 - see page FS 34 of 2015 Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf</ref> In 2014, Kinross recorded a $156 million impairment charge related to its investment.<ref>See page MDA 25 of 2015 Kinross Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf</ref> As at December 31, 2015, the reported proven and probable reserves were 5.8 million ounces.<ref>{{cite web|title=2015 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|page=FS 66|language=English}}</ref>

====White Gold====
As of December 31, 2015, Kinross reported White Gold was a pre-development property. White Gold has no proven or probable reserves.<ref>{{cite web|title=2015 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|page=66|language=English}}</ref> Its net book value was not disclosed. The net book value of all of Kinross' pre-development properties was $84 million as at December 31, 2015.<ref>{{cite web|title=2015 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|page=26|language=English}}</ref>

==Active gold mines and offshore subsidiaries==
Kinross Gold operates mining projects in North and South America, Russia, and Africa. In 2013 the company's gold production was 2,631,092 gold equivalent ounces.<ref>http://2013annualreport.kinross.com/#/performance-highlights/performance-page-5/</ref> In 2013 the company's silver production was 9 million ounces, making the company the 18th largest silver producer in the world.<ref>{{cite web|title=Silver Institute largest silver producer rankings|url=https://www.silverinstitute.org/site/supply-demand/silver-production/|accessdate= 16 July 2014}}</ref>

===Fort Knox===
{{main article|Fort Knox Gold Mine}}
Kinross has a 100% stake in the Fort Knox Gold Mine, which operates as an [[open-pit mining|open pit]] in Alaska. The area was [[prospecting|prospected]] as early as 1913, but no mining took place until 1996. In 1998 the owner of Fort Knox (Amex Gold) merged with Kinross.<ref name=cmj /><ref name="KG-Fort Knox">{{cite web|title=Fort Knox, Alaska, USA|url=http://kinross.com/operations/operation-fort-knox-alaska-usa.aspx|publisher=Kinross Gold|accessdate=27 August 2011}}</ref> The Fort Knox complex has two open pits (Fort Knox, and the now closed True North),<ref name="Reuters company profile">{{cite web|title=Kinross Gold Corp (KGC)|url=http://www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=KGC|publisher=Reuters|accessdate=31 August 2011}}</ref> with ore from the Fort Knox pit being processed on site at the Fort Knox mill.<ref name=cmj /> In 2013 the mine produced 421,641 ounces of gold.<ref name="KG-Fort Knox" />

===Kettle River-Buckhorn===

Kinross operates the Buckhorn mine and Kettle River mill in the US State of Washington.<ref name="KG-Kettle meets pot">{{cite web|title=Kettle River-Buckhorn, USA|url=http://kinross.com/operations/operation-kettle-river-buckhorn-usa.aspx|publisher=Kinross Gold|accessdate=27 August 2011}}</ref>

The Kettle River-Buckhorn mine is expected to close in Q3 2016.<ref>See page MDA12 - 2015 Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf</ref>

===Round Mountain===
[[Image:Round Mountain gold mine, aerial.jpg|thumb|right|Round Mountain Gold Mine]]
[[Image:Round Mountain gold mine, aerial.jpg|thumb|right|Round Mountain Gold Mine]]
Kinross also operates the Round Mountain Gold Mine in [[Nye County, Nevada]] since 2003. Round Mountain was a joint venture between Round Mountain Gold Corporation (a Kinross subsidiary) and [[Barrick Gold]]. Kinross' merger with [[Echo Bay Mines]] gave them a 50% share of Round Mountain, with Barrick retaining the remainder.<ref name="KG-round mountain">{{cite web|title=Round Mountain, USA|url=http://kinross.com/operations/operation-round-mountain,-usa.aspx|publisher=Kinross Gold|accessdate=27 August 2011}}</ref> In 2016 Kinross purchased Barrick's 50% interest. 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. Its production volume was approximately 197,000 gold equivalent ounces for 2015.<ref name="LandsResources1999">{{cite book|author1=Committee on Hardrock Mining on Federal Lands|author2=Board on Earth Sciences and Resources|author3=Commission on Geosciences, Environment and Resources|coauthors=Division on Earth and Life Studies, National Research Council|title=Hardrock Mining on Federal Lands|url=http://books.google.com/books?id=xVIOYm9kZPsC&pg=PA136|date=3 December 1999|publisher=National Academies Press|isbn=978-0-309-06596-2|pages=136–}}</ref> {{asof|2011}} the mine was undergoing expansion to increase the size of the pit and related infrastructure.<ref name="Elko - BLM OK">{{cite news|last=Harding|first=Adella|title=BLM OKs Round Mountain expansion|url=http://elkodaily.com/mining/article_9c75e91c-8a27-11df-895c-001cc4c002e0.html|accessdate=31 August 2011|newspaper=Elko Daily Free Press|date=7 July 2010}}</ref><ref name="Elko free press protest">{{cite news|last=Harding|first=Adella|title=Appeals filed against Round Mountain|url=http://elkodaily.com/news/local/article_3c0c700c-ae79-11df-a1bd-001cc4c002e0.html|accessdate=31 August 2011|newspaper=Elko Daily Free Press|date=22 Aug 2010}}</ref> Near the Round Mountain mine, Kinross operates a smaller open-pit mine, the Gold Hill mine.<ref name="Kinross 2015">{{cite web|last1=Diaz|first1=Louie|title=Kinross Reports 2015 Fourth-Quarter and Full-Year Results|url=http://www.kinross.com/news-and-investors/news-releases/press-release-details/2016/Kinross-Reports-2015-Fourth-Quarter-and-Full-Year-Results/default.aspx|website=Kinross|publisher=Kinross|accessdate=23 September 2016}}</ref>
{{main article|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.<ref name="HRM on federal land">{{cite book|title=Hardrock Mining on Federal Lands|publisher=National Research Council (U.S.)|isbn=0-309-06596-8|pages=136|url=https://books.google.com/books?id=xVIOYm9kZPsC&pg=PA136&dq=%22round+mountain+mine%22#v=onepage&q=%22round%20mountain%20mine%22&f=false}}</ref> Kinross' merger with [[Echo Bay Mines]] gave them a 50% share of Round Mountain, with Barrick retaining the remainder.<ref name="KG-round mountain">{{cite web|title=Round Mountain, USA|url=http://kinross.com/operations/operation-round-mountain,-usa.aspx|publisher=Kinross Gold|accessdate=27 August 2011}}</ref>
{{asof|2011}} 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 organization]]s.<ref name="Elko - BLM OK">{{cite news|last=Harding|first=Adella|title=BLM OKs Round Mountain expansion|url=http://elkodaily.com/mining/article_9c75e91c-8a27-11df-895c-001cc4c002e0.html|accessdate=31 August 2011|newspaper=Elko Daily Free Press|date=7 July 2010}}</ref><ref name="Elko free press protest">{{cite news|last=Harding|first=Adella|title=Appeals filed against Round Mountain|url=http://elkodaily.com/news/local/article_3c0c700c-ae79-11df-a1bd-001cc4c002e0.html|accessdate=31 August 2011|newspaper=Elko Daily Free Press|date=22 Aug 2010}}</ref>


Another Kinross investment, La Coipa gold mine is located in Chile. In October 2013, however, the mine and plant were suspended and the mine is undergoing further exploration.<ref name="Reuters coipa">{{cite web|last1=Tilak|first1=John|last2=O'Brien|first2=Rosalba|title=Exclusive: Kinross to retreat from Chile, puts unit on the block|url=http://www.reuters.com/article/us-kinross-divestiture-chile-idUSKCN10T1WC?type=companyNews|website=Reuters|publisher=Reuters|accessdate=24 September 2016}}</ref><ref name="Seeking Alpha 2014 q4">{{cite web|title=Kinross Gold Reports 2014 Q4 And Full-Year Results|url=http://seekingalpha.com/article/2906566-kinross-gold-reports-2014-q4-and-full-year-results|website=Seeking Alpha|publisher=Seeking Alpha|accessdate=17 September 2016}}</ref> In August 2016, Kinross suspended operations at other Chilean mine, the Maricunga gold mine, resulting in a layoff of 300 employees.<ref name="Mining maricunga">{{cite web|last1=Jasmamie|first1=Cecilia|title=Kinross Gold halts Maricunga mine in Chile, lays off 300 workers|url=http://www.mining.com/kinross-gold-halts-maricunga-mine-in-chile-lays-off-300-workers/|website=Mining|publisher=Mining|accessdate=23 September 2016}}</ref> The decision to close the mine was the result of the Chilean government "shut[ing] down the water system linked to the operation over environmental concerns."<ref name="Reuters chile">{{cite web|last1=George|first1=Vishaka|title=Kinross suspends operations at Chile mine, lays off 300 workers|url=http://www.reuters.com/article/kinross-mine-chile-idUSL3N1B64TT|website=Reuters|publisher=Reuters|accessdate=23 September 2016}}</ref> The company has pending appeals with Chile's Environmental Tribunal.<ref name="MGM shut 2016">{{cite news|last1=Jamasmie|first1=Cecilia|title=Kinross Gold halts Maricunga mine in Chile, lays off 300 workers|url=http://www.mining.com/kinross-gold-halts-maricunga-mine-in-chile-lays-off-300-workers/?utm_source=digest-en-mining-160826&utm_medium=email&utm_campaign=digest|accessdate=28 August 2016|agency=Mining.com|date=26 August 2016}}</ref><ref name="Market Wired maric">{{cite web|title=Kinross Announces Operational Updates at Bald Mountain, Tasiast and Maricunga|url=http://finance.yahoo.com/news/kinross-announces-operational-updates-bald-210000768.html|website=Yahoo Finance|publisher=Market Wired|accessdate=23 September 2016}}</ref> The book value of Maricunga was $373 million as at December 31, 2015, producing approximately 212,000 gold equivalent ounces for the same year.<ref>Page FS 54 of December 31, 2015 Kinross Gold Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf</ref><ref name="Reuters chile2">{{cite web|last1=Mordant|first1=Nicole|title=Kinross Gold expects to suspend Chilean mine in fourth quarter|url=http://www.reuters.com/article/us-kinross-results-idUSKCN1072O2|website=Reuters|publisher=Reuters|accessdate=23 September 2016}}</ref>
In 2016, Kinross acquired the remaining 50% interest of Round Mountain from Barrick.
[[File:951774-mineradora 21.jpg|thumb|Morro do Ouro mine]]
In Brazil, Kinross owns the open-pit Paracatu gold mine, located in northwest [[Minas Gerais]]. It includes two process plants, two tailings facilities, as well as accompanying infrastructure. On January 31, 2003, Kinross acquired a 49% ownership interest as part of the acquisition of TVX Gold. On December 31, 2004, Kinross acquired the remaining 51% from [[Rio Tinto]] for $255 million,<ref>{{cite book|title=Canadian and American Mines Handbook|url=http://books.google.com/books?id=8pxNAQAAIAAJ|year=2005|publisher=Business Information Group|isbn=978-0-919336-63-6}}</ref> and operated the mine as Kinross Brasil Mineração S.A. This mine is the region's largest employer.<ref name="International Mining">{{cite web|title=Metso to supply grinding equipment to Kinross Gold’s Paracatu in Brazil|url=http://im-mining.com/2011/01/03/metso-to-supply-grinding-equipment-to-kinross-golds-paracatu-in-brazil/|website=International Mining|publisher=International Mining|accessdate=23 September 2016}}</ref> In 2015, Paracatu produced 477,662 gold equivalent ounces.<ref>See page MDA 20 of 2015 Kinross Gold Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf</ref>


In January 2016, Kinross acquired 100% of the Bald Mountain gold mine and the remaining 50% of the Round Mountain gold mine from an affiliate of Barrick Gold Corporation for $610 million in cash.<ref name="Kinross Gold 2015 Annual Report - Bald">{{cite web|title=Kinross Gold 2015 Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=7 September 2016|page=2|language=English}}</ref> Bald Mountain is operated by subsidiary KG Mining (Bald Mountain) Inc.<ref name="Mining nevada">{{cite web|last1=Jamasmie|first1=Cecilia|title=Kinross eyes expansions at its new gold mines in Nevada|url=http://www.mining.com/kinross-eyes-expansions-at-its-new-gold-mines-in-nevada/|website=Mining|publisher=Mining|accessdate=23 September 2016}}</ref> Its 2015 production amounted to about 160,000 gold equivalent ounces.<ref name="Kinross Gold Q2 2016 Quarterly Report">{{cite web|title=Kinross Gold Q2 2016 Quarterly Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2016/q2/Q2-2016-Report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=7 September 2016|page=21|language=English}}</ref> The [[US Bureau of Land Management]] has authorized the Corporation to increase its exploration activities.<ref name="Nasdaq">{{cite web|title=Kinross Gold (KGC) Poised on Expansion, Cost Actions|url=http://www.nasdaq.com/article/kinross-gold-kgc-poised-on-expansion-cost-actions-cm672797|website=Nasdaq|publisher=Nasdaq|accessdate=23 September 2016}}</ref>
===Bald Mountain===
In January 2016, Kinross acquired 100% of the Bald Mountain gold mine and the remaining 50% of the Round Mountain gold mine from Barrick Gold Corporation for $610 million in cash.<ref name="Kinross Gold 2015 Annual Report - Bald">{{cite web|title=Kinross Gold 2015 Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=7 September 2016|page=2|language=English}}</ref>


===West Africa===
During the six months ended June 30, 2016, Bald Mountain incurred an operating loss of $US 11.6 million.<ref name="Kinross Gold Q2 2016 Quarterly Report">{{cite web|title=Kinross Gold Q2 2016 Quarterly Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2016/q2/Q2-2016-Report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=7 September 2016|page=21|language=English}}</ref>
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.<ref name="NYT"/> The mine is made up of three open pits and two underground operations.<ref name=EMJ>{{cite journal|title=Kinross Agrees to Acquire Red Back|journal=Engineering & Mining Journal|date=14 September 2010|url=http://www.e-mj.com/index.php/news/leading-developments/468-kinross-agrees-to-acquire-red-back.html|accessdate=1 September 2011}}{{dead link}}</ref><ref name="Market Realist maricunga" />


Red Back Mining began production at Tasiast in 2008 in Mauritania. In September 2010, Kinross acquired Tasiast with its Red Back purchase.<ref name="Survey2013">{{cite book|author=Geological Survey|title=Minerals Yearbook - Area Reports: International Review: 2011, Africa and the Middle East|url=http://books.google.com/books?id=M8U_NOcpKygC&pg=SA30-PA2|date=1 December 2013|publisher=Government Printing Office|isbn=978-1-4113-3669-8|pages=30–}}</ref> The property includes an open-pit gold mine with a combined carbon-in-leach and dump leach operation, as well as an [[adsorption]]-[[desorption]] recovery plant that produces [[Doré bar|doré]].<ref name="The Northern Miner liability">{{cite web|last1=KEEVIL|first1=MATTHEW|title=Kinross aims to move Tasiast from liability to ‘world-class’|url=http://www.northernminer.com/news/kinross-aims-to-move-tasiast-from-liability-to-world-class/1003771606/|website=The Northern Miner|publisher=The Northern Miner|accessdate=25 September 2016}}</ref> Kinross described a proposed expansion project to increase throughput from 8,000 tonnes per day to 60,000 tonnes per day, which was never put in place. In early 2014, a feasibility study for an expanded Tasiast operation with a 38,000 tonne per day (tpd) mill was completed.<ref name="The Northern Miner tasiast">{{cite web|title=Kinross’s scaled-down expansion plan at Tasiast|url=http://www.northernminer.com/news/kinross-reveals-new-expansion-plan-at-tasiast/1003723612/|website=The Northern Miner|publisher=The Northern Miner|accessdate=25 September 2016}}</ref> On March 30, 2016, Kinross announced it was proceeding with the Tasiast expansion. The expansion is expected to increase processing from 8,000 tonnes per day to 12,000 tonnes per day,<ref name="Bloomberg play">{{cite web|last1=Mead|first1=Charles|last2=Hill|first2=Liezel|last3=Nazareth|first3=Rita|title=Kinross in Play After Paying Too Much for African Gold: Real M&A|url=http://www.bloomberg.com/news/articles/2012-01-20/kinross-in-play-after-paying-too-much-in-african-gold-real-m-a|website=Bloomberg|publisher=Bloomberg|accessdate=23 September 2016}}</ref> and then 30,000 once a second phase is complete.<ref name="The Globe and Mail tonnes">{{cite web|last1=MCGUGAN|first1=Ian|title=Tasiast mine expansion gives Kinross some hope amid commodities slump|url=http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/kinross-to-proceed-with-first-phase-of-tasiast-mine-expansion/article29429535/|website=The Globe and Mail|publisher=The Globe and Mail|accessdate=25 September 2016}}</ref> In June that year, due to "government allegations of invalid work permits" for expatriate employees, the mine suspended operations, resuming them in August that same year. As of 2015, its annual production amounted to about 212,000 gold equivalent ounces.<ref name="Mining suspend">{{cite web|last1=Jasmamie|first1=Cecilia|title=Kinross Gold suspends work at Tasiast mine in Mauritania, shares dive|url=http://www.mining.com/kinross-gold-suspends-work-at-tasiast-mine-in-mauritania-shares-dive/|website=Mining|publisher=Mining|accessdate=23 September 2016}}</ref><ref name="Market Realist gold">{{cite web|last1=Gilroy|first1=Annie|title=How Kinross Gold’s Recent Operational Updates Affect Its Future|url=http://marketrealist.com/2016/08/tasiast-back-full-swing-implications-kinross-gold/|website=Market Realist|publisher=Market Realist|accessdate=23 September 2016}}</ref><ref name="Mining tasiast">{{cite web|last1=Jasmamie|first1=Cecilia|title=Kinross Gold workers strike at Tasiast mine in Mauritania, shares plummet|url=http://www.mining.com/kinross-gold-workers-strike-at-tasiast-mine-in-mauritania-shares-plummet/|website=Mining|publisher=Mining|accessdate=23 September 2016}}</ref>
===Paracatu===
{{main article|Paracatu mine}}


===Russia===
Paracatu is an open pit gold mine located in Brazil.
In Russia, Kinross possesses the Kupol and Dvoinoye gold mines, located approximately {{convert|100|km|mi|sigfig=1}} apart. Kupol/Dvoinoye is Kinross' most profitable operating segment. During the first six months of 2016, its operating earnings were $180 million.<ref>See page 25 of Q2 2016 Kinross Management Discussion and Analysis http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2016/q2/Q2-2016-Report.pdf</ref>


The Kupol Gold Mine is a combination open-pit and underground gold mine in [[Chukotka Autonomous Okrug]], in an area originally mined in the [[Soviet Union#1930s|1930s]] by prisoners of the [[Gulag]].<ref name="Reuters gulag">{{cite web|last1=Paxton|first1=Robin|title=Russia revives gold mining in the Gulags|url=http://www.reuters.com/article/businesspro-us-russia-gold-idUSTRE57B01E20090812|website=Reuters|publisher=Reuters|accessdate=17 September 2016}}</ref> [[Bema Gold|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 (Chukotka Mining & Geological Company) purchased the remaining 25% from the government (via the State Unitary Enterprise of the Chukotka Autonomous Okrug) in 2011.<ref name="Financial Post rules">{{cite web|last1=Koven|first1=Peter|title=Russia needs to change rules to encourage mining investment: Kinross CEO|url=http://business.financialpost.com/news/mining/russia-needs-to-change-rules-to-encourage-mining-investment-kinross-ceo|website=Financial Post|publisher=Financial Post|accessdate=25 September 2016}}</ref><ref name=KG-Kupol>{{cite web|title=Kupol, Russia|url=http://kinross.com/operations/operation-kupol-russia.aspx|publisher=Kinross Gold|accessdate=27 August 2011}}</ref><ref name="mining technology">{{cite web|title=Kupol Gold and Silver Mine, Russia|url=http://www.mining-technology.com/projects/kupalgoldandsilver/|publisher=Mining-Technology.com|accessdate=2 September 2011}}</ref> Kinross expects to commence mining at Moroshka in 2018 and will have its ore processed in the Kupol mill.<ref>{{cite web|title=2015 Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=Kinross Gold|publisher=Kinross Gold|accessdate=7 September 2016|page=MDA 13}}</ref> Moroshka is located approximately four kilometers east of Kupol and within the Kupol license area.<ref name="Yahoo Finance 2">{{cite web|title=Kinross Reports 2016 Second-Quarter Results|url=http://finance.yahoo.com/news/kinross-reports-2016-second-quarter-210000666.html|website=Yahoo Finance|publisher=Market Wired|accessdate=24 September 2016}}</ref><ref name="The Globe and Mail ceo">{{cite web|last1=Reguly|first1=Eric|title=For Kinross CEO, it's 'situation normal' in Russia|url=http://www.theglobeandmail.com/report-on-business/careers/careers-leadership/for-kinross-its-situation-normal-in-russia/article21708838/|website=The Globe and Mail|publisher=The Globe and Mail|accessdate=25 September 2016}}</ref>
On January 31, 2003, Kinross acquired a 49% ownership interest as part of the acquisition of TVX Gold. On December 31, 2004, Kinorss acquired the remaining 51% from Rio Tinto Plc.<ref>{{cite web|title=2008 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2008/2008-annual-report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|page=44|language=English}}</ref><ref name=paracatu>{{cite web|title=Paracatu, Brazil|url=http://kinross.com/operations/operation-paracatu-brazil.aspx|publisher=Kinross Gold|accessdate=27 August 2011}}</ref> for $US 255 million.<ref>{{cite web|title=2006 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2006/06ar.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|accessdate=9 September 2016|page=69|language=English}}</ref>


The Dvoinoye [[underground mine|underground]] gold mine was acquired in 2010 through Northern Gold LLC and Ragionruda LLC, and opened in 2013. Ore from the mine is processed at Kupol. Gold production at both mined equated a total of approximately 758,000 gold equivalent ounces for 2015.<ref name="FP - Opens">{{cite news|last1=Koven|first1=Peter|title=Kinross opens Dvoinoye mine in Russia|url=http://business.financialpost.com/2013/10/09/kinross-opens-dvoinoye-mine-in-russia/|accessdate=1 June 2014|publisher=Financial Post|date=9 October 2013}}</ref> The grade of reserves at Dvoinoye, 11.2 g/tonne, is significantly higher than Kinross' other mines. In contrast, the grade at Paracatu is only 0.4 g/tonne and the grade at Tasiast is 1.9 g/tonne. The September Northeast project near Dvoinoye is expected to begin mining in early 2017.<ref name="Market Realist gil" /><ref name="The Globe and Mail losses">{{cite web|last1=York|first1=Geoffrey|title=Kinross Gold struggling to reverse losses at Mauritania’s Tasiast mine|url=http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/kinross-gold-struggling-to-reverse-losses-at-mauritanias-tasiast-mine/article26448419/|website=The Globe and Mail|publisher=The Globe and Mail|accessdate=23 September 2016}}</ref>
In 2015, Paracatu produced 477,662 gold equivalent ounces. <ref>See page MDA 20 of 2015 Kinross Gold Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf</ref>


At Kupol, gold and silver occur as native gold, gold-silver [[alloy]] [[electrum]], [[acanthite]] as well as silver-rich [[sulfosalts]].<ref>Deschênes, G., et al. "Advances in the cyanidation of silver." Minerals & Metallurgical Processing Journal 28.1 (2011): 37-43.</ref> Dvoinoye, on the other hand is a low sulfidation [[epithermal]] gold-silver [[Vein (geology)|vein deposit]], and notably counts with appreciable free gold in parts of the deposit. Ore minerals and sulfides in the vein include [[freibergite]], [[pyrite]], [[chalcopyrite]], [[galena]], and [[sphalerite]].<ref name="Porter">{{cite web|title=Kupol, Dvoinoye|url=http://www.portergeo.com.au/database/mineinfo.asp?mineid=mn1329|website=Porter GeoConsultancy|publisher=Porter GeoConsultancy Pty Ltd.|accessdate=23 September 2016}}</ref>
Proven and probable reserves have decreased from 18.1 million ounces as at December 31, 2008 <ref>See page 144 of 2008 Kinross Gold Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2008/2008-annual-report.pdf</ref> to 9.6 million ounces as at December 31, 2015. <ref>See page 66 of 2015 Kinross Gold Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf</ref>

As at December 31, 2015, the net book value of property, plant and equipment was $1.69 billion. Capital expenditures have been significant:
* 2010 ... $US 169 million
* 2011 ... $US 339 million <ref>Per page F119 of 2011 Kinross Annual Report</ref>
* 2012 ... $US 310 million
* 2013 ... $US 152 million <ref>Per page FS 60 of 2013 Kinross Gold Annual Report</ref>
* 2014 ... $US 105 million
* 2015 ... $US 109 million <ref>Per page FS 54 of 2015 Kinross Gold Annual Report</ref>
* –––––––––––––––––––
* Total . $US 1,184 million

===Kupol and Dvoinoye===

The Kupol and Dvoinoye gold mines are located in Russia approximately {{convert|100|km|mi|sigfig=1}} apart.

Kupol/Dvoinoye is Kinross' most profitable operating segment. During the first six months of 2016, its operating earnings were $180 million.<ref>See page 25 of Q2 2016 Kinross Management Discussion and Analysis http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2016/q2/Q2-2016-Report.pdf</ref>

====Kupol====
{{Main article|Kupol Gold Mine}}

The Kupol Gold Mine is a combination open-pit and underground gold mine in [[Chukotka Autonomous Okrug]], in an area originally mined in the [[Soviet Union#1930s|1930s]] by prisoners of the [[Gulag]].<ref name="Reuters">{{cite news|publisher=Reuters|url=http://www.reuters.com/article/2009/08/12/businesspro-us-russia-gold-idUSTRE57B01E20090812|title=Russia revives gold mining in the Gulags|date=11 August 2009|accessdate=28 August 2011|last=Paxton|first=Robin}}</ref> [[Bema Gold|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.<ref name=KG-Kupol>{{cite web|title=Kupol, Russia|url=http://kinross.com/operations/operation-kupol-russia.aspx|publisher=Kinross Gold|accessdate=27 August 2011}}</ref><ref name="mining technology">{{cite web|title=Kupol Gold and Silver Mine, Russia|url=http://www.mining-technology.com/projects/kupalgoldandsilver/|publisher=Mining-Technology.com|accessdate=2 September 2011}}</ref>

In 2012, a high grade gold deposit was discovered at Moroshka. The estimated reserves are 0.2 million ounces. <ref>{{cite web|title=Kinross - Denver Gold Forum - Presentation|url=http://s2.q4cdn.com/496390694/files/doc_events/2016/091916-Denver-Gold-Forum-pitchbook.pdf|publisher=Kinross Gold Corp.|accessdate=21 October 2016|page=18|language=English|date=September 18, 2016}}</ref> Kinross expects to commence mining at Moroshka in 2018 and will process ore in the Kupol mill. <ref>{{cite web|title=2015 Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=Kinross Gold|publisher=Kinross Gold|accessdate=7 September 2016|page=MDA 13}}</ref> Moroshka is located approximately four kilometres east of Kupol and within the Kupol licence area.

====Dvoinoye====
{{main article|Dvoinoye Gold Mine}}
The Dvoinoye Gold Mine opened in 2013. Dvoinoye is an underground mine which produces 1000 tonnes of gold ore per day. Ore from the mine is processed at Kupol.<ref name="FP - Opens">{{cite news|last1=Koven|first1=Peter|title=Kinross opens Dvoinoye mine in Russia|url=http://business.financialpost.com/2013/10/09/kinross-opens-dvoinoye-mine-in-russia/|accessdate=1 June 2014|publisher=Financial Post|date=9 October 2013}}</ref>

The grade of reserves at Dvoinoye, 11.2 g/tonne, is significantly higher than Kinross' other mines. In contrast, the grade at Paracatu is only 0.4 g/tonne and the grade at Tasiast is 1.9 g/tonne.<ref>See page FS 66 of 2015 Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf</ref>

The September Northeast project is expected to begin mining in early 2017.<ref>Page 5 of Kinross Q1 2016 http://s2.q4cdn.com/496390694/files/doc_news/2016/KGC-Q1-2016-news-release.pdf</ref>

===Chirano===
{{Main article|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.<ref name="NYT"/> The mine is made up of multiple open pits and an underground operation called Akwaaba.<ref name=EMJ>{{cite journal|title=Kinross Agrees to Acquire Red Back|journal=Engineering & Mining Journal|date=14 September 2010|url=http://www.e-mj.com/index.php/news/leading-developments/468-kinross-agrees-to-acquire-red-back.html|accessdate=1 September 2011}}</ref>

During the first six months of 2016, Chirano incurred a loss of $46 million.<ref name="s2.q4cdn.com">See page 27 of Q2 2016 Kinross Management Discussion and Analysis http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2016/q2/Q2-2016-Report.pdf</ref>

Proven and probable reserves have decreased from 2.434 million ounces <ref>See page 164 of 2010 Kinross Gold Annual Report</ref> as at December 31, 2010 to 1.135 million ounces as at December 31, 2015. <ref>See page 66 of 2015 Kinross Gold Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf</ref>

===Tasiast===
{{Main article|Tasiast Gold Mine}}
Red Back Mining began production at Tasiast in 2008 in Mauritania. In 2010, Kinross purchased Red Back to acquire the mine. In its Q2 2011 quarterly results Kinross' CEO noted: "We continue to believe that Tasiast is one of the world’s great gold projects and a long-term foundation asset for Kinross."<ref>See page 2 - CEO Commentary - http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2011/q2/q2-2011-report.pdf</ref>

====Expansion====
In its 2010 Annual Report, Kinross described a proposed expansion project to increase throughput from 8,000 tonnes per day to 60,000 tonnes per day.<ref>See page 42 of 2010 Annual Report - http://fb.kinross.com/media/213502/2010%20annual%20report.pdf</ref>
In early 2014, a feasibility study for an expanded Tasiast operation with a 38,000 tonne per day (tpd) mill was completed.<ref name="Tasiast Gold Mine">{{cite web|title=Tasiast feasibility report|url=http://kinross.com/media/252046/033114%20kinross%20releases%20tasiast%20expansion%20feasibility%20study.pdf|publisher=Kinross Gold|accessdate=31 March 2014}}</ref> On March 30, 2016, Kinross announced it was proceeding with the Tasiast expansion. The expansion is expected to increase production from 8,000 tonnes per day to 12,000 tonnes per day.<ref>http://s2.q4cdn.com/496390694/files/doc_news/2016/mar/Tasiast-Expansion.pdf</ref>

====Financial Performance====

During the first six months of 2016, Tasiast incurred a loss of $73 million. <ref>See page 77 of Q2 2016 Kinross Gold Financial Statements http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2016/q2/Q2-2016-Report.pdf</ref>

As at December 31, 2015, the net book value of property, plant and equipment was $739 million. <ref>See page 77 of Q2 2016 Kinross Gold Financial Statements http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2016/q2/Q2-2016-Report.pdf</ref> Capital expenditures have been significant:
:2011 ... $US 469 million <ref>Per page F119 of 2011 Kinross Annual Report</ref>
:2012 ... $US 893 million
:2013 ... $US 729 million <ref>Per page FS 60 of 2013 Kinross Gold Annual Report</ref>
:2014 ... $US 147 million
:2015 ... $US 165 million <ref>Per page FS 54 of 2015 Kinross Gold Annual Report</ref>
:–––––––––––––––––––
:Total . $US 2,403 million

====Impairment Charges====
During the five years after the acquisition, Kinross recorded impairment charges related to Tasiast as follows:

:2011 - $US 2.490 billion <ref name="fb.kinross.com">see page MDA 27; http://fb.kinross.com/media/245138/kinross%20gold%20annual%20report%202012.pdf</ref>
:2012 - $US 3.416 billion <ref name="fb.kinross.com"/>
:2013 - $US 1.488 billion <ref name="2014annualreport.kinross.com">see page MDA 23 of the 2014 Annual Report http://2014annualreport.kinross.com/pdf/annual-report-2014.pdf</ref>
:2014 - $US 0.505 billion <ref name="2014annualreport.kinross.com"/>
:2015 - $US 0.259 billion <ref>See page MDA 23 of 2015 Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf</ref>

===Barbadian subsidiaries===
As at December 31, 2014, Kinross had $US 893 million of [[net operating loss|net operating losses]] related to its subsidiaries in [[Barbados]], a Caribbean [[tax haven]]. These losses can be carried forward to reduce the Barbadian income tax of the Barbadian subsidiaries in future years. <ref>{{cite web|title=2014 Kinross Gold Annual Report|url=http://2014annualreport.kinross.com/pdf/annual-report-2014.pdf|publisher=Kinross Gold|accessdate=13 October 2016|pages=FS 52|language=English}}</ref>

==Fraud Allegations, Class Action Lawsuits and Settlements==

In 2012, class action lawsuits were launched in the U.S. and Canada alleging Kinross Gold overstated the value of its Tasiast mine in its financial statements and made other false statements.<ref name="ReferenceA">See page MDA 36 on 2015 Kinross Gold Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf</ref> The Ontario action related to allegations that (1) Kinross ought to have reported a write down of its goodwill (there was an unreported goodwill impairment) in May 2011; (2) Kinross failed to disclose that its drilling program for the Tasiast mine had revealed high amounts of low-grade ore; and (3) Kinross misrepresented that the expansion project for the Tasiast mine remained on schedule.<ref>Paragraphs 4 and 158 of the court decision - Bayens v Kinross - Ontario Superior Court - http://www.canlii.org/en/on/onsc/doc/2013/2013onsc6864/2013onsc6864.html?autocompleteStr=bayens&autocompletePos=3</ref>

In 2015, the parties reached settlement agreements which included payments by Kinross totalling approximately $US 40 million.<ref name="ReferenceA"/>


==Corporate responsibility==
==Corporate responsibility==
Kinross asserts a strong commitment to [[responsible mining]], as outlined on its corporate website via their Ten Guiding Principles for Corporate Responsibility.<ref>{{cite news|url=http://www.kinross.com/cr/index.html|title=Kinross Corporate Responsibility Page|publisher=Kinross Gold}}</ref> In 2015, Kinross achieved an A− ranking in ''[[Maclean's]]'' magazine's annual assessment of socially responsible companies, the highest ranking of any Canadian mining company.<ref name="Mining Global">{{cite web|title=What does it take to be a responsible miner?|url=http://www.miningglobal.com/operations/1666/What-does-it-take-to-be-a-responsible-miner|website=Mining Global|publisher=Mining Global|accessdate=25 September 2016}}</ref><ref name="Canadian Mining Journal mclean">{{cite web|title=GOLD: Maclean’s names Kinross top socially responsible mining company|url=http://www.canadianminingjournal.com/news/gold-macleans-names-kinross-top-socially-responsible-mining-company/|website=Canadian Mining Journal|publisher=Canadian Mining Journal|accessdate=27 September 2016}}</ref>


Kinross claims a strong commitment to [[responsible mining]], as outlined on its corporate website via their Ten Guiding Principles for Corporate Responsibility.<ref>{{cite news|url=http://www.kinross.com/cr/index.html|title=Kinross Corporate Responsibility Page|publisher=Kinross Gold}}</ref> In 2007, Kinross achieved an A− ranking in ''[[Maclean's]]'' magazine's annual assessment of socially responsible companies,<ref name="Maclean's">{{cite news|title=Doing business the right way|url=http://www.macleans.ca/article.jsp?content=20071130_114344_4508&source=srch&page=5|accessdate=27 August 2011|newspaper=Macleans|date=November 16, 2007}}{{dead link|date=April 2014}}</ref> the highest ranking of any Canadian mining company.
For Kinross' cooperation with an environmental group in [[Washington (state)|Washington state]], and for five out of eight mines being in compliance with the [[International Cyanide Management Code]] (as of May 2013, the Company had eight of its nine mines in compliance with the International Cyanide Management Code),<ref>{{cite news|url=http://www.kinross.com/media/247031/2012%20kinross%20cr%20data%20supplement.pdf|title=2012 CR Data Supplement|publisher=Kinross Gold Corporation}}</ref> Kinross was recognized as one of Canada's Top 50 Most Responsible Corporations by ''Maclean's'' magazine and Jantzi Research in 2009.<ref name="Jantz-Mac 2009">{{cite news|title=Jantzi-Macleans 50 Most Socially Responsible Corporations 2009|url=http://www2.macleans.ca/2009/06/18/jantzi-macleans-50-most-socially-responsible-corporations/29/|accessdate=27 August 2011|newspaper=Maclean's|date=June 18, 2009}}</ref><ref name="Natural Resources Canada">{{cite web|title=CSR ABROAD Anti-Corruption and Bribery|url=https://www.nrcan.gc.ca/mining-materials/mining/corporate-social-responsibility/17225|website=Natural Resources Canada|publisher=Natural Resources Canada|accessdate=23 September 2016}}</ref>


Through a $1 million donation by Kinross in 2010, the [[University of Guelph]] created a new chair as part of its BetterPlanet Project. Said Chair is named the Kinross Chair in Environmental Governance, and is held by a "succession of experts".<ref name="University of Guelph">{{cite web|title=Kinross Chair in Environmental Governance|url=http://www.uoguelph.ca/csahs/kinrosskec/kinross-chair-environmental-governance-0|website=University of Guelph|publisher=University of Guelph|accessdate=23 September 2016}}</ref> Also with the university, Kinross provided $100 thousand towards its Fight Against Hunger.<ref name="Viewpoint Mining">{{cite web|title=Kinross fights hunger crisis in Mauritania|url=http://viewpointmining.com/article/kinross-fights-hunger-crisis-in-mauritania|website=Viewpoint Mining|publisher=Viewpoint Mining|accessdate=23 September 2016}}</ref><ref name="The Ontarion">{{cite web|last1=McManus|first1=Deaglan|last2=Garvie|first2=Drew|last3=O’Brien|first3=Padraic|title=Feeding corporate responsibility|url=http://www.theontarion.com/2013/09/feeding-corporate-responsibility/|website=The Ontarion|publisher=The Ontarion|accessdate=23 September 2016}}</ref>
For Kinross' cooperation with an environmental's group in [[Washington (state)|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),<ref>{{cite news|url=http://www.kinross.com/media/247031/2012%20kinross%20cr%20data%20supplement.pdf|title=2012 CR Data Supplement|publisher=Kinross Gold Corporation}}</ref> Kinross was recognized as one of Canada's Top 50 Most Responsible Corporations by ''Maclean's'' magazine and Jantzi Research in 2009.<ref name="Jantz-Mac 2009">{{cite news|title=Jantzi-Macleans 50 Most Socially Responsible Corporations 2009|url=http://www2.macleans.ca/2009/06/18/jantzi-macleans-50-most-socially-responsible-corporations/29/|accessdate=27 August 2011|newspaper=Maclean's|date=June 18, 2009}}</ref>


In 2010, Kinross committed to contribute $10 million over a three-year period towards developing a mining school in Mauritania. The following year, it committed $2.5 million to build and equip a medical emergency centre in that country.<ref name="The Globe and Mail school">{{cite web|last1=Reguly|first1=Eric|title=Kinross CEO Tye Burt: Staking his claim, and his reputation|url=http://www.theglobeandmail.com/report-on-business/careers/careers-leadership/kinross-ceo-tye-burt-staking-his-claim-and-his-reputation/article571701/?page=all|website=The Globe and Mail|publisher=The Globe and Mail|accessdate=23 September 2016}}</ref><ref name="The Guardian">{{cite web|last1=Crossland|first1=James|title=Kinross Gold takes its ethical standards seriously|url=https://www.theguardian.com/business/2015/may/27/kinross-gold|website=The Guardian|publisher=The Guardian|accessdate=23 September 2016}}</ref>
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.<ref>{{cite web|url=http://www.eluta.ca/top-employer-kinross-gold|title=Reasons for Selection, 2009 Greater Toronto's Top Employers Competition}}</ref> 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.<ref>{{cite web|url= http://www.kinross.com/news-articles/2011/090811-kinross-named-to-dow-jones-sustainability-world-index.aspx|title=Kinross named to Dow Jones Sustainability World Index}}</ref>


In 2013, Kinross was named to the Dow Jones Sustainability World Index for the third 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 to the Jantzi Social Index, and as one of Canada’s Best 50 Corporate Citizens by Corporate Knights magazine for the fourth year.<ref>=http://2013annualreport.kinross.com/#/</ref>
In 2013, Kinross was named to the [[Dow_Jones_Sustainability_Indices#DJSI_World_Index|Dow Jones Sustainability World Index]] for the third 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 to the [[Jantzi Social Index]], and as one of Canada’s Best 50 Corporate Citizens by Corporate Knights magazine for the fourth year.<ref name="Corporate Knights">{{cite web|title=2016 Best 50 results|url=http://www.corporateknights.com/magazines/2016-best-50-issue/2016-best-50-results-14652758/|website=Corporate Knights|publisher=Corporate Knights|accessdate=24 September 2016}}</ref>


==See also==
==See also==
{{Portal|Companies}}
{{Portal|Companies}}
* [[Gold as an investment]]
* [[Gold as an investment]]
* [[Gold mining]]


==References==
==References==
{{Reflist}}
{{Reflist|2}}


==External links==
==External links==
* [http://www.kinross.com Kinross Gold web site]
*{{Official|Kinross Gold web site}}
* [http://finance.google.com/finance?q=TSE:K Google Finance company profile]
*[http://www.sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=00002968 SEDAR company profile]
*[http://finance.google.com/finance?q=TSE:K Google Finance company profile]
*{{twitter|KinrossGold}}




{{S&P/TSX 60}}
{{S&P/TSX 60}}

Revision as of 14:03, 15 November 2016

Kinross Gold Corporation
Company typePublic
TSXK NYSEKGC
IndustryMetals and Mining
Founded1993
FounderRobert Buchan
Headquarters
Toronto
,
Canada
Key people
J. Paul Rollinson, President and CEO[1]
ProductsGold, Silver
Revenue$3.5 billion (2015)[2]
Websitewww.kinross.com

Kinross Gold Corporation is a Canadian-based gold and silver mining company founded in 1993 and headquartered in Toronto, Canada. Kinross, through a series of transactions now operates nine active gold mines, being 2015's fifth largest gold producer in the world. That year, Kinross produced 2.59 million ounces of gold. The company's activities are mainly carried out in Brazil, Chile, Ghana, Mauritania, Russia and the United States, formerly owning operations in Canada. It trades under the KGC ticker in the New York Stock Exchange and under K in the Toronto Stock Exchange.

History

Founding and early years

Kinross' merger with Echo Bay Mines resulted in ownership of Lupin Mine, which was sold in 2006.

Kinross Gold Corporation was founded in 1993 following the amalgamation of three companies: Plexus Resources Corporation, CMP Resources and the numbered company 1021105 Ontario Corp. This resulted in the new company owning a stake and royalties on a mining property in Fallon, Nevada and the QR Mine in British Columbia.[3] Kinross was listed on June 1, 1993 on the Toronto Stock Exchange and NASDAQ, and on the New York Stock Exchange the following year.[2]

Kinross' first project, now operated by its subsidiary Fairbanks Gold Mining, was the Fort Knox Gold Mine operating as an open pit in Alaska. The area, including its surroundings deposits, was prospected as early as 1913, but no mining took place until 1996. In 1998 the owner of Fort Knox (Amax Gold) merged with Kinross.[4][5]

In 1998, Kinross merged with Amax Gold (formerly known as Kinam Gold),[6] which gave Kinross the Fort Knox Gold Mine.[4] In 2000, Kinross amalgamated with LT Acquisition Inc.[7]

1999 – 2006

In 2002, Kinross and Placer Dome combined their assets in Timmins, Ontario and formed the Porcupine Joint Venture (51% Placer Dome, 49% Kinross).[8] Also in 2002, Kinross TVX Gold, 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,[9] but was approved by shareholders in January 2003.[10] The TVX merger resulted in Kinross' stake in the La Coipa open pit mine, the remainder being purchased from Goldcorp in 2007.

Kinross took control of the Lupin mine in Nunavut Territory, Canada, in 2003. In 2006, Kinross sold the Lupin Mine and the Blanket Mine located in Zimbabwe, completing the sale in 2007. By 2013, the Lupin mine was inactive.[11][12]

Leach dumps at the Round Mountain Mine

The acquisition of Rio Paracatu Mineração followed in 2004. In 2005, Kinross sold the Aquarius Project (acquired as part of the Echo Bay merger[13]) to St. Andrews Goldfields (who operated the nearby Stock Gold Mine).[14][15][16]

In 2006, Kinross bought Crown Resources Corporation, which gave them ownership of the mineral resource Buckhorn Mountain (later Buckhorn Gold Mine) and the associated mineral processing facilities.[17][18][19] That year saw the sale of Kinross' Blanket mine in Zimbabwe to Caledonia Mining Corporation. Kinross had never operated the mine given it was written down in 2002.[20][21]

Kinross first acquired 50% ownership in the Maricunga Gold Mine property with the merger with Amax Gold (which changed its name to Kinam).[22] The 2007 purchase of Bema Gold brought the other 50%, being now owned by Compañía Minera Maricunga (CMM).[23] Production re-started in October 2005.[24]

2007 – present

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.[25] In September 2008, Kinross acquired 100% of the outstanding shares of Aurelian Resources Inc. for a total of $809 million,[26][27] effectively acquiring 100% of the Fruta del Norte and Condor Ecuadorian deposits.[27][28] Kinross described Fruta del Norte as one of the most "significant gold discoveries in the last 15 years".[29] On June 20, 2013, Kinross announced it would not proceed with further development of the Fruta del Norte project,[30] and in October 2014 sold its interest for $233 million.[31][32]

Another of Kinross' Chilean properties is the Cerro Casale mine.[27] Kinross acquired Cerro Casale in 2007 as part of the acquisition of Bema Gold Corporation.[33] In 2010, Kinross sold a 25% interest in Cerro Casale's copper deposit to Barrick Gold for $474 million.[34] Kinross currently owns a 25% interest and Barrick owns the remaining 75%, the project itself being owned by Compañía Minera Casale.[35] The project is inactive as of 2015.[36]

In 2008, Kinross acquired a 40% interest in Lobo-Marte, located in Chile, from Anglo American plc for $141 million.[37] In early 2009, Kinross acquired the remaining interest for $41 million, via its daughter company CMM.[38] As at December 31, 2013, Kinross reported the property contained 6.0 million ounces of probable gold reserves. In 2014, the reserves were reclassified from "probable" to "measure & indicated".[31] As of December 31, 2015, Kinross reported that Lobo-Marte was a "significant" development property, although only prefeasibility studies have been performed on the site.[39]

Distant view of the Lupin mine

In 2010, Kinross purchased 91% of Red Back Mining for $7.1-billion.[40] The purchase brought with it the two gold mines in Africa (Chirano and Tasiast).[41] Also this year, Kinross acquired the Dvoinoye deposit and the property in Vodorazdelnaya, about 90 kilometres (56 mi) north of Kinross’ Kupol operation; and sold 25% of its interest in the Cerro Casale project in Chile to Barrick. The following year, Kinross entered into a share purchase agreement with the State Unitary Enterprise of the Chukotka Autonomous Okrug, whereby it therefore held 100% of the Kupol mine and exploration licenses. Kinross sold its interest in the Crixás mine to AngloGold Ashanti in 2012.[42][43]

Gold from the Round Mountain Mine

A putative securities class action complaint was filed against the company in 2012 by Bo Young Cha in the United States District Court for the Southern District of New York, alleging Kinross inflated its own share price by making misrepresentations concerning its acquisition of Red Back and its development of the Tasiast mine. The claims were settled in court, without acknowledgement of guilt. A similar claim was made in the Ontario Superior Court of Justice that same year, and was settled in 2015.[44][45][46]

The Crixás mine is located in Brazil. In 2012, Kinross sold its 50% interest in Crixás to AngloGold Ashanti for $220 million.[47] The Corporation announced its halting of development at Fruta del Norte and La Coipa in 2013, as well as the sale of its interest in Aurelian Resources Inc. the following year. It also withdrew its permit application for the Lobo-Marte mine.[48]

On November 2015, Kinross announced it would finalize its purchase of the Bald Mountain mine, its associated land, as well as the remaining 50% of the Round Mountain mine from Barrick.[49] As of December 31, 2015, Kinross reported its White Gold project was a pre-development property.[50][51]

In 2013 the company's silver production was 9 million ounces, making the company the 18th largest silver producer in the world at the time.[52] Kinross' proven and probable gold reserves were 33.2 million ounces as at December 31, 2015. This total includes reserves from inactive mines, Cerro Casale (5.8 million ounces) and Maricunga (1.0 million ounces).[53] In 2015, Kinross produced 2.59 million ounces of gold.[54] Kinross was listed as fifth largest gold producer worldwide in 2015.[55][56]

Operations

Americas

Kinross Gold operates mining projects in North and South America, Russia, and Africa. Its Fort Knox gold mine property counts with a mill, tailings storage, heap leach facility, the Gil project, and the True North open pit mine, which is closed and under monitoring.[57][4] In 2015 the mine produced about 401,500 gold equivalent ounces of gold.[5][2]

Kinross operates the Buckhorn mine and Kettle River mill in the US State of Washington, following its acquisition of Crown Resources Corporation in 2006. This subsidiary operates the Buckhorn mine, while Echo Bay Minerals operates the Kettle River mill. The mine produces about 97,000 gold equivalent ounces.[58]

Round Mountain Gold Mine

Kinross also operates the Round Mountain Gold Mine in Nye County, Nevada since 2003. Round Mountain was a joint venture between Round Mountain Gold Corporation (a Kinross subsidiary) and Barrick Gold. Kinross' merger with Echo Bay Mines gave them a 50% share of Round Mountain, with Barrick retaining the remainder.[59] In 2016 Kinross purchased Barrick's 50% interest. 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. Its production volume was approximately 197,000 gold equivalent ounces for 2015.[60] As of 2011 the mine was undergoing expansion to increase the size of the pit and related infrastructure.[61][62] Near the Round Mountain mine, Kinross operates a smaller open-pit mine, the Gold Hill mine.[63]

Another Kinross investment, La Coipa gold mine is located in Chile. In October 2013, however, the mine and plant were suspended and the mine is undergoing further exploration.[64][65] In August 2016, Kinross suspended operations at other Chilean mine, the Maricunga gold mine, resulting in a layoff of 300 employees.[66] The decision to close the mine was the result of the Chilean government "shut[ing] down the water system linked to the operation over environmental concerns."[67] The company has pending appeals with Chile's Environmental Tribunal.[68][69] The book value of Maricunga was $373 million as at December 31, 2015, producing approximately 212,000 gold equivalent ounces for the same year.[70][71]

Morro do Ouro mine

In Brazil, Kinross owns the open-pit Paracatu gold mine, located in northwest Minas Gerais. It includes two process plants, two tailings facilities, as well as accompanying infrastructure. On January 31, 2003, Kinross acquired a 49% ownership interest as part of the acquisition of TVX Gold. On December 31, 2004, Kinross acquired the remaining 51% from Rio Tinto for $255 million,[72] and operated the mine as Kinross Brasil Mineração S.A. This mine is the region's largest employer.[73] In 2015, Paracatu produced 477,662 gold equivalent ounces.[74]

In January 2016, Kinross acquired 100% of the Bald Mountain gold mine and the remaining 50% of the Round Mountain gold mine from an affiliate of Barrick Gold Corporation for $610 million in cash.[75] Bald Mountain is operated by subsidiary KG Mining (Bald Mountain) Inc.[76] Its 2015 production amounted to about 160,000 gold equivalent ounces.[77] The US Bureau of Land Management has authorized the Corporation to increase its exploration activities.[78]

West Africa

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.[41] The mine is made up of three open pits and two underground operations.[79][23]

Red Back Mining began production at Tasiast in 2008 in Mauritania. In September 2010, Kinross acquired Tasiast with its Red Back purchase.[80] The property includes an open-pit gold mine with a combined carbon-in-leach and dump leach operation, as well as an adsorption-desorption recovery plant that produces doré.[81] Kinross described a proposed expansion project to increase throughput from 8,000 tonnes per day to 60,000 tonnes per day, which was never put in place. In early 2014, a feasibility study for an expanded Tasiast operation with a 38,000 tonne per day (tpd) mill was completed.[82] On March 30, 2016, Kinross announced it was proceeding with the Tasiast expansion. The expansion is expected to increase processing from 8,000 tonnes per day to 12,000 tonnes per day,[83] and then 30,000 once a second phase is complete.[84] In June that year, due to "government allegations of invalid work permits" for expatriate employees, the mine suspended operations, resuming them in August that same year. As of 2015, its annual production amounted to about 212,000 gold equivalent ounces.[85][86][87]

Russia

In Russia, Kinross possesses the Kupol and Dvoinoye gold mines, located approximately 100 kilometres (60 mi) apart. Kupol/Dvoinoye is Kinross' most profitable operating segment. During the first six months of 2016, its operating earnings were $180 million.[88]

The Kupol Gold Mine is a combination open-pit and underground gold mine in Chukotka Autonomous Okrug, in an area originally mined in the 1930s by prisoners of the Gulag.[89] 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 (Chukotka Mining & Geological Company) purchased the remaining 25% from the government (via the State Unitary Enterprise of the Chukotka Autonomous Okrug) in 2011.[90][91][92] Kinross expects to commence mining at Moroshka in 2018 and will have its ore processed in the Kupol mill.[93] Moroshka is located approximately four kilometers east of Kupol and within the Kupol license area.[94][95]

The Dvoinoye underground gold mine was acquired in 2010 through Northern Gold LLC and Ragionruda LLC, and opened in 2013. Ore from the mine is processed at Kupol. Gold production at both mined equated a total of approximately 758,000 gold equivalent ounces for 2015.[96] The grade of reserves at Dvoinoye, 11.2 g/tonne, is significantly higher than Kinross' other mines. In contrast, the grade at Paracatu is only 0.4 g/tonne and the grade at Tasiast is 1.9 g/tonne. The September Northeast project near Dvoinoye is expected to begin mining in early 2017.[2][97]

At Kupol, gold and silver occur as native gold, gold-silver alloy electrum, acanthite as well as silver-rich sulfosalts.[98] Dvoinoye, on the other hand is a low sulfidation epithermal gold-silver vein deposit, and notably counts with appreciable free gold in parts of the deposit. Ore minerals and sulfides in the vein include freibergite, pyrite, chalcopyrite, galena, and sphalerite.[99]

Corporate responsibility

Kinross asserts a strong commitment to responsible mining, as outlined on its corporate website via their Ten Guiding Principles for Corporate Responsibility.[100] In 2015, Kinross achieved an A− ranking in Maclean's magazine's annual assessment of socially responsible companies, the highest ranking of any Canadian mining company.[101][102]

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 had eight of its nine mines in compliance with the International Cyanide Management Code),[103] Kinross was recognized as one of Canada's Top 50 Most Responsible Corporations by Maclean's magazine and Jantzi Research in 2009.[104][105]

Through a $1 million donation by Kinross in 2010, the University of Guelph created a new chair as part of its BetterPlanet Project. Said Chair is named the Kinross Chair in Environmental Governance, and is held by a "succession of experts".[106] Also with the university, Kinross provided $100 thousand towards its Fight Against Hunger.[107][108]

In 2010, Kinross committed to contribute $10 million over a three-year period towards developing a mining school in Mauritania. The following year, it committed $2.5 million to build and equip a medical emergency centre in that country.[109][110]

In 2013, Kinross was named to the Dow Jones Sustainability World Index for the third 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 to the Jantzi Social Index, and as one of Canada’s Best 50 Corporate Citizens by Corporate Knights magazine for the fourth year.[111]

See also

References

  1. ^ Jamasmie, Cecilia. "Kinross Gold's CFO leaves, two months after CEO replaced". Mining. Mining. Retrieved 23 September 2016.
  2. ^ a b c d Gilroy, Annie. "Must Know: An Overview of Kinross Gold Corp". Market Realist. Market Realist. Retrieved 23 September 2016.
  3. ^ "Shareholders back merger forming Kinross Gold". Deseret News. 31 May 1993. Retrieved 2 September 2011.
  4. ^ a b c Scales, Marilyn (June 2003). "How to Get Gold Out of Fort Knox". Canadian Mining Journal. Retrieved 31 August 2011.
  5. ^ a b "Fort Knox, Alaska, USA". Kinross Gold. Retrieved 27 August 2011.
  6. ^ Kinross Gold (23 June 2006). "Walter Creek Valley Fill Heap Leach Facility Project Description" (PDF). Alaska DNR. p. 4. Retrieved 3 September 2011.
  7. ^ Canadian Mines Handbook. Southam Mining Group. 2001.
  8. ^ Vieira, Paul (12 April 2002). "Placer Dome, Kinross to join forces in Ontario gold operation: Kinross gains mill access". National Post. p. FP7.
  9. ^ "COMPANY NEWS Kinross, Echo Bay, TVX Delay Merger". Canadian Mining Journal. 20 November 2002. Retrieved 2 September 2011.
  10. ^ CZERNOWALOW, MARTIN. "Newmont increases dividend". Mining Weekly. Mining Weekly. Retrieved 17 September 2016.
  11. ^ "Kinross sheds some weight (Jul 3 - 9, 2006 Volume 92 Number 19)". The Northern Miner. The Northern Miner. Retrieved 17 September 2016.
  12. ^ "Owner puts Nunavut's Lupin Mine project back into limbo". Nunatsiaq online. Nunatsiaq online. Retrieved 23 September 2016.
  13. ^ "Merger improves viability of gold deposit project". Northern Ontario Business. 26 June 2002. Retrieved 2 September 2011.
  14. ^ "Kinross To Sell Aquarius Project". thestreet.com. 29 December 2005. Retrieved 2 September 2011.[dead link]
  15. ^ Canadian & American Mines Handbook. Business Information Group. 2006.
  16. ^ "Kinross Sells Aquarius Project to St Andrew Goldfields". Kinross Gold. Kinross Gold. Retrieved 17 September 2016.
  17. ^ Okanogan and Wenatchee National Forests (N.F.), Buckhorn Access Project: Environmental Impact Statement. 2007. pp. 19–.
  18. ^ Leng Yeong, Cheng (4 August 2006). "Kinross Has Record $65.6 Million Profit on Gold Rally (Update4)". Bloomberg. Retrieved 2 September 2011.[dead link]
  19. ^ "Kettle River-Buckhorn, USA". Kinross Gold. Kinross Gold. Retrieved 17 September 2016.
  20. ^ SA Mining: South African Mining, Coal, Gold, and Base Minerals. TML Business. May 2006.
  21. ^ "Kinross Braces for $11.8 Million Loss". Africa Intelligence. Africa Intelligence. Retrieved 14 October 2016.
  22. ^ Commerce Clearing House (1941*). Federal securities law reporter: federal regulation of securities : laws, regulations, forms, rulings and decisions currently supplemented and indexed. Commerce Clearing House. {{cite book}}: Check date values in: |date= (help)
  23. ^ a b Gilroy, Annie. "A Look at Kinross Gold's West Africa Operations". Market Realist. Market Realist. Retrieved 24 September 2016.
  24. ^ Chilean mining compendium. Editec. 2005.
  25. ^ "Analysts see Goldcorp, Kinross asset swap gains". Bloomberg. 26 Sep 2007. Retrieved 2 September 2011.
  26. ^ Gavin Hilson (22 April 2016). Natural Resource Extraction and Indigenous Livelihoods: Development Challenges in an Era of Globalization. Routledge. pp. 122–. ISBN 978-1-317-08971-1.
  27. ^ a b c Geological Survey (U S ) (17 February 2011). Minerals Yearbook, 2008, V. 1, Metals and Minerals. Government Printing Office. pp. 31–. ISBN 978-1-4113-3015-3.
  28. ^ Jamasmie, Cecilia. "Lundin Gold getting closer to developing Fruta del Norte in Ecuador". Mining. Mining. Retrieved 23 September 2016.
  29. ^ "GOLD: Kinross sells Fruta del Norte to Fortress". Canadian Mining Journal. Canadian Mining Journal. Retrieved 24 September 2016.
  30. ^ Gill, Nathan. "Kinross Reaches Preliminary Agreement for Ecuador Mine". Bloomberg. Bloomberg. Retrieved 23 September 2016.
  31. ^ a b "Kinross Gold 2014 Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. FS 23. Retrieved 7 September 2016.
  32. ^ Alvaro, Mercedes. "Kinross to Sell Interest in Ecuador's Fruta del Norte Gold Mine to Fortress". Wall Street Journal. Wall Street Journal. Retrieved 23 September 2016.
  33. ^ Usa Ibp Usa (November 2009). Chile Mineral & Mining Sector Investment and Business Guide Volume 1 Strategic Information and Regulations. Int'l Business Publications. pp. 63–. ISBN 978-1-4330-0664-7.
  34. ^ Russell, Simon. "Exeter Resource Corporation: Big Gold Discovery in Northern Chile". GoldSeek. GoldSeek. Retrieved 25 September 2016.
  35. ^ "2015 Kinross Gold Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. FS 31. Retrieved 9 September 2016.
  36. ^ "Estudio para reactivar Cerro Casale finaliza sin éxito y Barrick lo saca de su portafolio". Minería Chilena. Minería Chilena. Retrieved 25 September 2016.
  37. ^ "2008 Kinross Gold Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. 34. Retrieved 9 September 2016.
  38. ^ "2009 Kinross Gold Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. 58. Retrieved 9 September 2016.
  39. ^ "2015 Kinross Gold Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. 27. Retrieved 9 September 2016.
  40. ^ The Globe and Mail (29 June 2012). The Lunch. Booktango. pp. 104–. ISBN 978-1-4689-0835-0.
  41. ^ a b "In Canada, a Merger for Miners of Gold". The New York Times (AP). August 2, 2010. Retrieved August 2, 2010.
  42. ^ "Kinross unloads stake in Crixas for US$220 million". Canadian Mining Journal. Canadian Mining Journal. Retrieved 24 September 2016.
  43. ^ "Kinross Gold Acquires Red Back Mining for $7.3B". Lexpert. Lexpert. Retrieved 23 September 2016.
  44. ^ "ANNUAL INFORMATION FORM" (PDF). Kinross. Kinross. Retrieved 23 September 2016.
  45. ^ "Notice of Settlement with Kinross Gold Corporation". Newswire. CNW. Retrieved 23 September 2016.
  46. ^ Bigin, Michael S. "Bernstein Liebhard LLP Announces $33 Million Kinross Gold Corporation Securities Class Action Settlement". Bernstein Liebhard LLP. PRNewswire. Retrieved 23 September 2016.
  47. ^ Mitchell, Steve. "Kinross agrees to sale of Crixás interest for $220 million". Kinross Gold. Kinross Gold. Retrieved 17 September 2016.
  48. ^ "Kinross Gold Gives Up On Ecuadorean Mining Project". Business in Canada. Business in Canada. Retrieved 24 September 2016.
  49. ^ Gilroy, Annie. "How Bald Mountain Is a Positive for Kinross Gold". Market Realist. Market Realist. Retrieved 23 September 2016.
  50. ^ "MERGER: Kinross eyes Underworld's White Gold". Canadian Mining Journal. Canadian Mining Journal. Retrieved 25 September 2016.
  51. ^ "2015 Kinross Gold Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. 66. Retrieved 9 September 2016.
  52. ^ "Silver Institute largest silver producer rankings". Retrieved 16 July 2014.
  53. ^ "Kinross Gold 2015 Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. 66. Retrieved 7 September 2016.
  54. ^ Kinross Gold Corporation. "2015 Kinross Gold Annual Report" (PDF). www.Kinross.come. Kinross Gold Corporation. p. 7. Retrieved 8 September 2016.
  55. ^ Basov, Vladimir (26 February 2015). "UPDATED: The world's top 10 gold producers". Mining.com. Retrieved 11 March 2016.
  56. ^ Taylor, Susan. "Gold miner Kinross forecasts brighter 2016 production, costs". Reuters. Reuters. Retrieved 24 September 2016.
  57. ^ "Kinross Gold Corp (KGC)". Reuters. Retrieved 31 August 2011.
  58. ^ "Kettle River-Buckhorn, USA". Kinross Gold. Retrieved 27 August 2011.
  59. ^ "Round Mountain, USA". Kinross Gold. Retrieved 27 August 2011.
  60. ^ Committee on Hardrock Mining on Federal Lands; Board on Earth Sciences and Resources; Commission on Geosciences, Environment and Resources (3 December 1999). Hardrock Mining on Federal Lands. National Academies Press. pp. 136–. ISBN 978-0-309-06596-2. {{cite book}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  61. ^ Harding, Adella (7 July 2010). "BLM OKs Round Mountain expansion". Elko Daily Free Press. Retrieved 31 August 2011.
  62. ^ Harding, Adella (22 Aug 2010). "Appeals filed against Round Mountain". Elko Daily Free Press. Retrieved 31 August 2011.
  63. ^ Diaz, Louie. "Kinross Reports 2015 Fourth-Quarter and Full-Year Results". Kinross. Kinross. Retrieved 23 September 2016.
  64. ^ Tilak, John; O'Brien, Rosalba. "Exclusive: Kinross to retreat from Chile, puts unit on the block". Reuters. Reuters. Retrieved 24 September 2016.
  65. ^ "Kinross Gold Reports 2014 Q4 And Full-Year Results". Seeking Alpha. Seeking Alpha. Retrieved 17 September 2016.
  66. ^ Jasmamie, Cecilia. "Kinross Gold halts Maricunga mine in Chile, lays off 300 workers". Mining. Mining. Retrieved 23 September 2016.
  67. ^ George, Vishaka. "Kinross suspends operations at Chile mine, lays off 300 workers". Reuters. Reuters. Retrieved 23 September 2016.
  68. ^ Jamasmie, Cecilia (26 August 2016). "Kinross Gold halts Maricunga mine in Chile, lays off 300 workers". Mining.com. Retrieved 28 August 2016.
  69. ^ "Kinross Announces Operational Updates at Bald Mountain, Tasiast and Maricunga". Yahoo Finance. Market Wired. Retrieved 23 September 2016.
  70. ^ Page FS 54 of December 31, 2015 Kinross Gold Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf
  71. ^ Mordant, Nicole. "Kinross Gold expects to suspend Chilean mine in fourth quarter". Reuters. Reuters. Retrieved 23 September 2016.
  72. ^ Canadian and American Mines Handbook. Business Information Group. 2005. ISBN 978-0-919336-63-6.
  73. ^ "Metso to supply grinding equipment to Kinross Gold's Paracatu in Brazil". International Mining. International Mining. Retrieved 23 September 2016.
  74. ^ See page MDA 20 of 2015 Kinross Gold Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf
  75. ^ "Kinross Gold 2015 Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. 2. Retrieved 7 September 2016.
  76. ^ Jamasmie, Cecilia. "Kinross eyes expansions at its new gold mines in Nevada". Mining. Mining. Retrieved 23 September 2016.
  77. ^ "Kinross Gold Q2 2016 Quarterly Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. 21. Retrieved 7 September 2016.
  78. ^ "Kinross Gold (KGC) Poised on Expansion, Cost Actions". Nasdaq. Nasdaq. Retrieved 23 September 2016.
  79. ^ "Kinross Agrees to Acquire Red Back". Engineering & Mining Journal. 14 September 2010. Retrieved 1 September 2011.[dead link]
  80. ^ Geological Survey (1 December 2013). Minerals Yearbook - Area Reports: International Review: 2011, Africa and the Middle East. Government Printing Office. pp. 30–. ISBN 978-1-4113-3669-8.
  81. ^ KEEVIL, MATTHEW. "Kinross aims to move Tasiast from liability to 'world-class'". The Northern Miner. The Northern Miner. Retrieved 25 September 2016.
  82. ^ "Kinross's scaled-down expansion plan at Tasiast". The Northern Miner. The Northern Miner. Retrieved 25 September 2016.
  83. ^ Mead, Charles; Hill, Liezel; Nazareth, Rita. "Kinross in Play After Paying Too Much for African Gold: Real M&A". Bloomberg. Bloomberg. Retrieved 23 September 2016.
  84. ^ MCGUGAN, Ian. "Tasiast mine expansion gives Kinross some hope amid commodities slump". The Globe and Mail. The Globe and Mail. Retrieved 25 September 2016.
  85. ^ Jasmamie, Cecilia. "Kinross Gold suspends work at Tasiast mine in Mauritania, shares dive". Mining. Mining. Retrieved 23 September 2016.
  86. ^ Gilroy, Annie. "How Kinross Gold's Recent Operational Updates Affect Its Future". Market Realist. Market Realist. Retrieved 23 September 2016.
  87. ^ Jasmamie, Cecilia. "Kinross Gold workers strike at Tasiast mine in Mauritania, shares plummet". Mining. Mining. Retrieved 23 September 2016.
  88. ^ See page 25 of Q2 2016 Kinross Management Discussion and Analysis http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2016/q2/Q2-2016-Report.pdf
  89. ^ Paxton, Robin. "Russia revives gold mining in the Gulags". Reuters. Reuters. Retrieved 17 September 2016.
  90. ^ Koven, Peter. "Russia needs to change rules to encourage mining investment: Kinross CEO". Financial Post. Financial Post. Retrieved 25 September 2016.
  91. ^ "Kupol, Russia". Kinross Gold. Retrieved 27 August 2011.
  92. ^ "Kupol Gold and Silver Mine, Russia". Mining-Technology.com. Retrieved 2 September 2011.
  93. ^ "2015 Annual Report" (PDF). Kinross Gold. Kinross Gold. p. MDA 13. Retrieved 7 September 2016.
  94. ^ "Kinross Reports 2016 Second-Quarter Results". Yahoo Finance. Market Wired. Retrieved 24 September 2016.
  95. ^ Reguly, Eric. "For Kinross CEO, it's 'situation normal' in Russia". The Globe and Mail. The Globe and Mail. Retrieved 25 September 2016.
  96. ^ Koven, Peter (9 October 2013). "Kinross opens Dvoinoye mine in Russia". Financial Post. Retrieved 1 June 2014.
  97. ^ York, Geoffrey. "Kinross Gold struggling to reverse losses at Mauritania's Tasiast mine". The Globe and Mail. The Globe and Mail. Retrieved 23 September 2016.
  98. ^ Deschênes, G., et al. "Advances in the cyanidation of silver." Minerals & Metallurgical Processing Journal 28.1 (2011): 37-43.
  99. ^ "Kupol, Dvoinoye". Porter GeoConsultancy. Porter GeoConsultancy Pty Ltd. Retrieved 23 September 2016.
  100. ^ "Kinross Corporate Responsibility Page". Kinross Gold.
  101. ^ "What does it take to be a responsible miner?". Mining Global. Mining Global. Retrieved 25 September 2016.
  102. ^ "GOLD: Maclean's names Kinross top socially responsible mining company". Canadian Mining Journal. Canadian Mining Journal. Retrieved 27 September 2016.
  103. ^ "2012 CR Data Supplement" (PDF). Kinross Gold Corporation.
  104. ^ "Jantzi-Macleans 50 Most Socially Responsible Corporations 2009". Maclean's. June 18, 2009. Retrieved 27 August 2011.
  105. ^ "CSR ABROAD – Anti-Corruption and Bribery". Natural Resources Canada. Natural Resources Canada. Retrieved 23 September 2016.
  106. ^ "Kinross Chair in Environmental Governance". University of Guelph. University of Guelph. Retrieved 23 September 2016.
  107. ^ "Kinross fights hunger crisis in Mauritania". Viewpoint Mining. Viewpoint Mining. Retrieved 23 September 2016.
  108. ^ McManus, Deaglan; Garvie, Drew; O’Brien, Padraic. "Feeding corporate responsibility". The Ontarion. The Ontarion. Retrieved 23 September 2016.
  109. ^ Reguly, Eric. "Kinross CEO Tye Burt: Staking his claim, and his reputation". The Globe and Mail. The Globe and Mail. Retrieved 23 September 2016.
  110. ^ Crossland, James. "Kinross Gold takes its ethical standards seriously". The Guardian. The Guardian. Retrieved 23 September 2016.
  111. ^ "2016 Best 50 results". Corporate Knights. Corporate Knights. Retrieved 24 September 2016.

External links