Kinross Gold

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Kinross Gold Corporation
Public
Traded as TSXK NYSEKGC
Industry Mining
Founded 1993
Founder Robert Buchan
Headquarters Toronto, Canada
Key people
J. Paul Rollinson, CEO
Products Gold
Revenue $3.8 billion (2013)
Number of employees
9,000 (2013)
Website 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.[1] 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.

Financial Performance[edit]

In 2013, Kinross suspended payment of dividends. [2]

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.[3]

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.[4]

Net income (loss)[edit]

Kinross Gold’s net incomes (losses) during the past six years were:

  • 2011 ($US 2.013 billion) [5]
  • 2012 ($US 2.509 billion) [6]
  • 2013 ($US 3.742 billion) [7]
  • 2014 ($US 1.193 billion) [8]
  • 2015 ($US 0.989 billion) [9]
  • 2016 $US 0.006 billion - six months [10]

Total Assets[edit]

Kinross' total assets have decreased significantly since 2010. Total assets were:

  • 2010 $US 17.7 billion
  • 2011 $US 16.5 billion [11]
  • 2012 $US 14.8 billion
  • 2013 $US 10.2 billion [12]
  • 2014 $US 8.9 billion
  • 2015 $US 7.7 billion [13]

Gold reserves and production[edit]

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). [14] In 2010, the reported proven and probable reserves were 62.4 million ounces.[15]

In 2015, Kinross produced 2.59 million ounces of gold. [16]

History[edit]

Major Transactions[edit]

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.[17] Kinross was listed on June 1, 1993 on the TSX and NASDAQ.

In 1998, Kinross merged with Amax Gold (formerly known as Kinam Gold),[18] which gave Kinross the Fort Knox Gold Mine.[19]

In 2002, Kinross and Placer Dome combined their assets in Timmins, Ontario and formed the Porcupine Joint Venture (51% Placer Dome, 49% Kinross).[20] 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,[21] but was approved by shareholders in January 2003.[22]

In 2005, Kinross sold the Aquarius Project (acquired as part of the Echo Bay merger[23]) to St. Andrews Goldfields (who operated the nearby Stock Gold Mine).[24][25]

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.[26][27]

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.[28]

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).[29]

Inactive mines and divested properties[edit]

Lupin and Blanket Mines[edit]

Main article: Lupin Mine

In 2006, Kinross sold the Lupin Mine (located in Canada) and the Blanket Mine located in Zimbabwe.

Crixás[edit]

The Crixás mine is located in Brazil. In 2012, Kinross sold its 50% interest in Crixás to AngloGold Ashanti for $US 220 million. [30]

La Coipa Gold Mine[edit]

Main article: La Coipa Gold Mine

The La Coipa gold mine is located in Chile.

The TVX merger resulted in Kinross' stake in the La Coipa open pit mine, the remainder was purchased from Goldcorp in 2007.[31]

Gold production was suspended at La Coipa in October 2013.[32] In 2014, Kinross recorded an impairment charge of $124 million.

Fruta del Norte[edit]

Kinross acquired Aurelian Resources Inc. in 2008 for total consideration of $US 705 million.[33] Aurelian owned the Fruta del Norte deposit in Ecuador. Kinross described Fruta del Norte as "arguably the premier gold discovery in a generation." [34]

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.[35] On October 21, 2014, Kinross sold its interest for $US 233 million and Kinross realized a loss of $US 496 million. [36]

Lobo-Marte[edit]

Lobo-Marte is located in Chile.

In 2008, Kinross acquired a 40% interest in Lobo-Marte from Anglo American plc for $US 141 million. [37] In early 2009, Kinross acquired the remaining interest for $US 41 million. [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" and Kinross recorded an impairment charge of $118 million. Consequently, as at December 31, 2014, Lobo Marte had no proven or probable reserves.[39]

As of December 31, 2015, Kinross reported that Lobo-Marte was a "significant" development property. Its net book value is not disclosed. [40]

Maricunga Gold Mine[edit]

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).[41] The 2007 purchase of Bema Gold brought the other 50%.[42]

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."[43]

The book value of Maricunga was $US 373 million as at December 31, 2015.[44]

Cerro Casale[edit]

The Cerro Casale property is located in Chile. [45]

Kinross acquired Cerro Casale in 2007 as part of the acquisition of Bema Gold Corporation. [46] In 2000, Kinross sold a 25% interest in Cerro Casale to Barrick Gold for $474 million. [47] Kinross currently owns a 25% interest and Barrick owns the remaining 75%. [48]

The property has been inactive since its acquisition in 2007. [49] In 2014, Kinross recorded a $156 million impairment charge related to its investment. [50] As at December 31, 2015, the reported proven and probable reserves were 5.8 million ounces. [51]

White Gold[edit]

As of December 31, 2015, Kinross reported White Gold was a pre-development property. White Gold has no proven or probable reserves. [52] 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. [53]

Active Gold Mines[edit]

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.[54] In 2013 the company's silver production was 9 million ounces, making the company the 18th largest silver producer in the world.[55]

Fort Knox[edit]

Main article: Fort Knox Gold Mine

Kinross has a 100% stake in the Fort Knox Gold Mine, which operates as an open pit in Alaska. The area was prospected as early as 1913, but no mining took place until 1996. In 1998 the owner of Fort Knox (Amex Gold) merged with Kinross.[19][56] The Fort Knox complex has two open pits (Fort Knox, and the now closed True North),[57] with ore from the Fort Knox pit being processed on site at the Fort Knox mill.[19] In 2013 the mine produced 421,641 ounces of gold.[56]

Kettle River-Buckhorn[edit]

Main article: Buckhorn Gold Mine

Kinross operates the Buckhorn mine and Kettle River mill in the US State of Washington.[58]

The Kettle River-Buckhorn mine is expected to close in Q3 2016.[59]

Round Mountain[edit]

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.[60] Kinross' merger with Echo Bay Mines gave them a 50% share of Round Mountain, with Barrick retaining the remainder.[61] As of 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 organizations.[62][63]

Bald Mountain[edit]

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. [64]

During the six months ended June 30, 2016, Bald Mountain incurred an operating loss of $US 11.6 million. [65]

Paracatu[edit]

Main article: Paracatu mine

Paracatu is an open pit gold mine located in Brazil.

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. [66] [67] for $US 255 million. [68]

In 2015, Paracatu produced 477,662 gold equivalent ounces. [69]

Proven and probable reserves have decreased from 18.1 million ounces as at December 31, 2008 [70] to 9.6 million ounces as at December 31, 2015. [71]

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 [72]
  • 2012 ... $US 310 million
  • 2013 ... $US 152 million [73]
  • 2014 ... $US 105 million
  • 2015 ... $US 109 million [74]
  • –––––––––––––––––––
  • Total . $US 1,184 million

Kupol and Dvoinoye[edit]

The Kupol and Dvoinoye gold mines are located in Russia 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.[75]

Kupol[edit]

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 1930s by prisoners of the Gulag.[76] 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.[77][78]

Kinross expects to commence mining at Moroshka in 2018 and will process ore in the Kupol mill. [79] Moroshka is located approximately four kilometres east of Kupol and within the Kupol licence area.

Dvoinoye[edit]

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.[80]

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.[81]

The September Northeast project is expected to begin mining in early 2017.[82]

Chirano[edit]

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.[29] The mine is made up of multiple open pits and an underground operation called Akwaaba.[83]

During the first six months of 2016, Chirano incurred a loss of $46 million.[84]

Proven and probable reserves have decreased from 2.434 million ounces [85] as at December 31, 2010 to 1.135 million ounces as at December 31, 2015. [86]

Tasiast[edit]

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."[87]

Expansion[edit]

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.[88] In early 2014, a feasibility study for an expanded Tasiast operation with a 38,000 tonne per day (tpd) mill was completed.[89] 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.[90]

Financial Performance[edit]

During the first six months of 2016, Tasiast incurred a loss of $73 million. [91]

As at December 31, 2015, the net book value of property, plant and equipment was $739 million. [92] Capital expenditures have been significant:

  • 2011 ... $US 469 million [93]
  • 2012 ... $US 893 million
  • 2013 ... $US 729 million [94]
  • 2014 ... $US 147 million
  • 2015 ... $US 165 million [95]
  • –––––––––––––––––––
  • Total . $US 2,403 million

Impairment Charges[edit]

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

  • 2011 - $US 2.490 billion [96]
  • 2012 - $US 3.416 billion [96]
  • 2013 - $US 1.488 billion [97]
  • 2014 - $US 0.505 billion [97]
  • 2015 - $US 0.259 billion [98]

Fraud Allegations, Class Action Lawsuits and Settlements[edit]

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.[99] 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.[100]

In 2015, the parties reached settlement agreements which included payments by Kinross totalling approximately $US 40 million.[99]

Corporate responsibility[edit]

Kinross claims a strong commitment to responsible mining, as outlined on its corporate website via their Ten Guiding Principles for Corporate Responsibility.[101] In 2007, Kinross achieved an A− ranking in Maclean's magazine's annual assessment of socially responsible companies,[102] the highest ranking of any Canadian mining company.

For Kinross' cooperation with an environmental's group in Washington state, and for five out of eight mines being in compliance with the International Cyanide Management Code (as of May 2013, the Company has eight of its nine mines in compliance with the International Cyanide Management Code),[103] Kinross was recognized as one of Canada's Top 50 Most Responsible Corporations by Maclean's magazine and Jantzi Research in 2009.[104]

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.[105] 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.[106]

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.[107]

See also[edit]

References[edit]

  1. ^ Basov, Vladimir (26 February 2015). "UPDATED: The world's top 10 gold producers". Mining.com. Retrieved 11 March 2016. 
  2. ^ Kinross Gold Corporation. "2013 Kinross Gold Annual Report" (PDF). www.Kinross.com. p. iii. Retrieved 8 September 2016. 
  3. ^ Ian, McGugan (10 November 2015). "Kinross to shut down Denver office, cut 110 corporate jobs". The Globe and Mail. Retrieved 12 March 2016. 
  4. ^ Bochove, Danielle (18 February 2016). "Kinross Gold's credit rating cut to junk". The Globe and Mail. 
  5. ^ Per page F61 - 2011 financial statements - http://s2.q4cdn.com/496390694/files/doc_financials/annual/2011/kinross-2011-annual-report-final.pdf
  6. ^ See page FS4 of 2012 Annual Report http://fb.kinross.com/media/245138/kinross%20gold%20annual%20report%202012.pdf
  7. ^ See page FS5 2013 financial statements - http://s2.q4cdn.com/496390694/files/doc_financials/annual/2013/kinross-2013-annual-report.pdf
  8. ^ See page FS4 of 2014 Annual Report http://2014annualreport.kinross.com/pdf/annual-report-2014.pdf
  9. ^ See page 4 of 2015 financial statements http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2015/q4/Q42015_FS_Eng.pdf
  10. ^ Per page 9 of Q2 2016 Report http://s2.q4cdn.com/496390694/files/doc_news/2016/jul/KGC_Q2_2016_news_release_final.pdf
  11. ^ Per page F61 - 2011 financial statements - http://s2.q4cdn.com/496390694/files/doc_financials/annual/2011/kinross-2011-annual-report-final.pdf
  12. ^ See page FS60 2013 financial statements - http://s2.q4cdn.com/496390694/files/doc_financials/annual/2013/kinross-2013-annual-report.pdf
  13. ^ See page 53 of 2015 financial statements http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2015/q4/Q42015_FS_Eng.pdf
  14. ^ "Kinross Gold 2015 Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. 66. Retrieved 7 September 2016. 
  15. ^ See page 164 of 2010 Kinross Annual Report http://fb.kinross.com/media/213502/2010%20annual%20report.pdf
  16. ^ Kinross Gold Corporation. "2015 Kinross Gold Annual Report" (PDF). www.Kinross.come. Kinross Gold Corporation. p. 7. Retrieved 8 September 2016. 
  17. ^ "Shareholders back merger forming Kinross Gold". Deseret News. 31 May 1993. Retrieved 2 September 2011. 
  18. ^ Kinross Gold (23 June 2006). "Walter Creek Valley Fill Heap Leach Facility Project Description" (PDF). Alaska DNR. p. 4. Retrieved 3 September 2011. 
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  20. ^ Vieira, Paul (12 April 2002). "Placer Dome, Kinross to join forces in Ontario gold operation: Kinross gains mill access". National Post. p. FP7. 
  21. ^ "COMPANY NEWS – Kinross, Echo Bay, TVX Delay Merger". Canadian Mining Journal. 20 November 2002. Retrieved 2 September 2011.  C1 control character in |title= at position 14 (help)
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  24. ^ "Kinross To Sell Aquarius Project". thestreet.com. 29 December 2005. Retrieved 2 September 2011. 
  25. ^ http://www.kinross.com/news-and-investors/news-releases/press-release-details/2005/Kinross-Sells-Aquarius-Project-to-St-Andrew-Goldfields/default.aspx
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  27. ^ http://fb.kinross.com/operations/operation-kettle-river-buckhorn-usa.aspx
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  32. ^ See page MDA 26 - 2014 Annual Report http://2014annualreport.kinross.com/pdf/annual-report-2014.pdf
  33. ^ See page 99 of 2009 Kinross Gold Annual Report
  34. ^ See 2009 Kinross Gold Annual Report
  35. ^ See page FS60 of 2012 Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2012/kinross-gold-annual-report-2012.pdf
  36. ^ "Kinross Gold 2014 Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. FS 23. Retrieved 7 September 2016. 
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  39. ^ See page MDA 25 and 27 and 67 of 2014 Kinross Annual Report. http://2014annualreport.kinross.com/pdf/annual-report-2014.pdf
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  42. ^ "Maricunga, Chile". Kinross Gold. Retrieved 27 August 2011. 
  43. ^ Jamasmie, Cecilia (26 August 2016). "Kinross Gold halts Maricunga mine in Chile, lays off 300 workers". Mining.com. Retrieved 28 August 2016. 
  44. ^ 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
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  46. ^ "2008 Kinross Gold Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. pp. 95 – 96. Retrieved 9 September 2016. 
  47. ^ "2010 Kinross Gold Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. FS 45. Retrieved 9 September 2016. 
  48. ^ "2015 Kinross Gold Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. FS 31. Retrieved 9 September 2016. 
  49. ^ 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
  50. ^ 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
  51. ^ "2015 Kinross Gold Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. FS 66. Retrieved 9 September 2016. 
  52. ^ "2015 Kinross Gold Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. 66. Retrieved 9 September 2016. 
  53. ^ "2015 Kinross Gold Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. 26. Retrieved 9 September 2016. 
  54. ^ http://2013annualreport.kinross.com/#/performance-highlights/performance-page-5/
  55. ^ "Silver Institute largest silver producer rankings". Retrieved 16 July 2014. 
  56. ^ a b "Fort Knox, Alaska, USA". Kinross Gold. Retrieved 27 August 2011. 
  57. ^ "Kinross Gold Corp (KGC)". Reuters. Retrieved 31 August 2011. 
  58. ^ "Kettle River-Buckhorn, USA". Kinross Gold. Retrieved 27 August 2011. 
  59. ^ See page MDA12 - 2015 Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf
  60. ^ Hardrock Mining on Federal Lands. National Research Council (U.S.). p. 136. ISBN 0-309-06596-8. 
  61. ^ "Round Mountain, USA". Kinross Gold. Retrieved 27 August 2011. 
  62. ^ Harding, Adella (7 July 2010). "BLM OKs Round Mountain expansion". Elko Daily Free Press. Retrieved 31 August 2011. 
  63. ^ Harding, Adella (22 Aug 2010). "Appeals filed against Round Mountain". Elko Daily Free Press. Retrieved 31 August 2011. 
  64. ^ "Kinross Gold 2015 Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. 2. Retrieved 7 September 2016. 
  65. ^ "Kinross Gold Q2 2016 Quarterly Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. 21. Retrieved 7 September 2016. 
  66. ^ "2008 Kinross Gold Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. 44. Retrieved 9 September 2016. 
  67. ^ "Paracatu, Brazil". Kinross Gold. Retrieved 27 August 2011. 
  68. ^ "2006 Kinross Gold Annual Report" (PDF). www.Kinross.com. Kinross Gold Corporation. p. 69. Retrieved 9 September 2016. 
  69. ^ 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
  70. ^ See page 144 of 2008 Kinross Gold Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2008/2008-annual-report.pdf
  71. ^ 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
  72. ^ Per page F119 of 2011 Kinross Annual Report
  73. ^ Per page FS 60 of 2013 Kinross Gold Annual Report
  74. ^ Per page FS 54 of 2015 Kinross Gold Annual Report
  75. ^ 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
  76. ^ Paxton, Robin (11 August 2009). "Russia revives gold mining in the Gulags". Reuters. Retrieved 28 August 2011. 
  77. ^ "Kupol, Russia". Kinross Gold. Retrieved 27 August 2011. 
  78. ^ "Kupol Gold and Silver Mine, Russia". Mining-Technology.com. Retrieved 2 September 2011. 
  79. ^ "2015 Annual Report" (PDF). Kinross Gold. Kinross Gold. p. MDA 13. Retrieved 7 September 2016. 
  80. ^ Koven, Peter (9 October 2013). "Kinross opens Dvoinoye mine in Russia". Financial Post. Retrieved 1 June 2014. 
  81. ^ See page FS 66 of 2015 Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf
  82. ^ Page 5 of Kinross Q1 2016 http://s2.q4cdn.com/496390694/files/doc_news/2016/KGC-Q1-2016-news-release.pdf
  83. ^ "Kinross Agrees to Acquire Red Back". Engineering & Mining Journal. 14 September 2010. Retrieved 1 September 2011. 
  84. ^ 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
  85. ^ See page 164 of 2010 Kinross Gold Annual Report
  86. ^ 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
  87. ^ See page 2 - CEO Commentary - http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2011/q2/q2-2011-report.pdf
  88. ^ See page 42 of 2010 Annual Report - http://fb.kinross.com/media/213502/2010%20annual%20report.pdf
  89. ^ "Tasiast feasibility report" (PDF). Kinross Gold. Retrieved 31 March 2014. 
  90. ^ http://s2.q4cdn.com/496390694/files/doc_news/2016/mar/Tasiast-Expansion.pdf
  91. ^ 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
  92. ^ 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
  93. ^ Per page F119 of 2011 Kinross Annual Report
  94. ^ Per page FS 60 of 2013 Kinross Gold Annual Report
  95. ^ Per page FS 54 of 2015 Kinross Gold Annual Report
  96. ^ a b see page MDA 27; http://fb.kinross.com/media/245138/kinross%20gold%20annual%20report%202012.pdf
  97. ^ a b see page MDA 23 of the 2014 Annual Report http://2014annualreport.kinross.com/pdf/annual-report-2014.pdf
  98. ^ See page MDA 23 of 2015 Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf
  99. ^ a b 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
  100. ^ 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
  101. ^ "Kinross Corporate Responsibility Page". Kinross Gold. 
  102. ^ "Doing business the right way". Macleans. November 16, 2007. Retrieved 27 August 2011. [dead link]
  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. ^ "Reasons for Selection, 2009 Greater Toronto's Top Employers Competition". 
  106. ^ "Kinross named to Dow Jones Sustainability World Index". 
  107. ^ =http://2013annualreport.kinross.com/#/

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