Kinross Gold

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Kinross Gold Corporation
Industry Mining
Founded 1993
Founder Robert Buchan
Headquarters Toronto, Canada
Key people
J. Paul Rollinson, CEO
Products Gold
Revenue $3.47 billion (2014)
-$US 1,193 million (2014)
Number of employees
9,000 (2013)

Kinross Gold Corporation ranks seventh in the list of largest gold companies. The Canadian-based gold mining company with mines and projects in the United States, Brazil, Chile, Russia, Ghana and Mauritania. 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 owns ten active gold mines on four continents.



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

Kinross merged with Amax Gold (formerly known as Kinam Gold)[2] in 1998, which gave Kinross the Fort Knox Gold Mine.[3] 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,[4] but was approved by shareholders in January 2003.[5] In 2006 Kinross sold the Lupin Mine (in Canada) and the Blanket Mine (in Zimbabwe), and bought Crown Resources Corporation, which gave them ownership of the mineral resource Buckhorn Mountain (later Buckhorn Gold Mine) and the associated mineral processing facilities.[6] Kinross also sold the Aquarius Project (acquired as part of the Echo Bay merger[7]) in 2006 to St. Andrews Goldfields (who operated the nearby Stock Gold Mine).[8] In 2002 Kinross and Placer Dome combined their assets in Timmins, Ontario and formed the Porcupine Joint Venture (51% Placer Dome, 49% Kinross).[9] 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.[10] In 2010 Kinross purchased the remaining shares (91%) of Red Back Mining for $7.1-billion. The purchase brought with it the two gold mines in Africa (Chirano and Tasiast).[11]


Kinross incurred significant losses from 2011 to 2015. Kinross suspended payment of dividends in 2013. The company's share price has fallen to under $US 2 per share in 2015 as compared to $US 19 per share in 2010.[12]

The reported value of Kinross's assets was overstated in the 2015 quarterly financial statements. The Q2 2015 financial statements report the value of assets (net of liabilities) was $US 4.8 billion. In contrast, the share price of $US 1.85 in September 2015 equates to a market capitalization of only $US 2.1 billion. Significant impairment charges are expected for most of its mining properties in Q3 2015 or Q4 2015 due to the decline in $US gold prices.

Much of the decline in the company's fortunes relates to the acquisition of the Tasiast mine in 2010. Kinross has reported cumulative losses for Tasiast of over $US 8 billion. As noted below, the Tasiast acquisition was one of the largest securities and accounting frauds in Canadian history.


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.[13] In 2013 the company's silver production was 9 million ounces, making the company the 18th largest silver producer in the world.[14]

Fort Knox Gold Mine[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.[3][15] The Fort Knox complex has two open pits (Fort Knox, and the now closed True North),[16] with ore from the Fort Knox pit being processed on site at the Fort Knox mill.[3] In 2013 the mine produced 421,641 ounces of gold.[15]

Buckhorn Mine[edit]

Main article: Buckhorn Gold Mine

Kinross operates the Buckhorn mine and Kettle River mill in the US State of Washington.[17]

Round Mountain Gold Mine[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.[18] Kinross' merger with Echo Bay Mines gave them a 50% share of Round Mountain, with Barrick retaining the remainder.[19] 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.[20][21]

Paracatu Gold Mine[edit]

Main article: Paracatu mine

Kinross received their original stake in the Brazilian mine when they merged with TVX, and purchased the remainder from Rio Tinto in 2004.[22] In 2013, Paracatu produced 500,380 gold equivalent ounces.

Maricunga Gold Mine[edit]

Main article: Maricunga Gold Mine

Kinross first acquired 50% ownership in the properter with the merger with Amax Gold (which changed its name to Kinam).[23] The 2007 purchase of Bema Gold brought the other 50%.[24]

La Coipa Gold Mine[edit]

Main article: La Coipa Gold Mine

The TVX merger resulted in Kinross' stake in the La Coipa open pit mine, the remainder was purchased from Goldcorp in 2007.[25]

Kupol Mine[edit]

Main article: Kupol Gold Mine

The Kupol Gold Mine is a combination open-pit and underground gold mine in Chukotka Autonomous Okrug, Russia, in an area originally mined in the 1930s by prisoners of the Gulag.[26] 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.[27][28]

Dvoinoye Gold Mine[edit]

Main article: Dvoinoye Gold Mine

The Dvoinoye Gold Mine is located approximately 100 kilometres (60 mi) from Kupol, and 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.[29]

Tasiast Gold Mine[edit]

Main article: Tasiast Gold Mine

The Tasiast gold mine is located in Mauritania, Africa.

Red Back Mining Inc. began production at Tasiast in 2008.

$US 6.6 Billion Acquisition of Tasiast in 2010[edit]

On May 4, 2010, Kinross acquired 9% of Red Back's common shares pursuant to a private placement for $US 0.789 billion. Subsequently, Kinross acquired the remaining 91% of Red Back common shares in exchange for $US 7.93 billion of Kinross shares and warrants.[30] Consequently, Kinross became the owner of 100% of the Tasiast mine and 90% of the Chirano mine. The acquisition price for Tasiast was approximately $US 6.6 billion.[31]

Prior to the acquisition, Red Back reported increases in Tasiast's gold reserves at the "startling rate" of up to 500,000 ounces per month. Prophetically, as noted in the National Post, "[s]ome investors said they had not seen anything like it since Bre-X."[32]

Tasiast Acquisition - One of the Largest Securities and Accounting Frauds in Canadian History[edit]

The Tasiast acquisition was described to shareholders as a $US 6.6 billion asset acquisition. In fact, the value of Tasiast's assets was only $US 2 billion and Kinross was gambling that Tasiast contained billions of dollars worth of undiscovered gold deposits. The gamble was unsuccessful. Since the acquisition, Kinross has not discovered gold deposits of any significance and Kinross has incurred billions of dollars of losses.

Shareholders Were Misled About the Value of Assets Being Acquired[edit]

Shareholder approval was required for the Red Back transaction. A Management Information Circular was published on August 16, 2010 to provide shareholders with information regarding the proposed acquisition. In the Circular, Kinross represented the acquisition of the remaining 91% of Red Back would result in a $6.6 billion increase in the assets of Kinross.[33] Similarly, the 2010 audited financial statements published after the acquisition reported the value of Tasiast's assets was $US 6.6 billion.

These representations were false. The value of the assets acquired was less than $2 billion. As noted in the December 31, 2010 National Instrument 43-101 Technical Report, the value of Tasiast was only $US 2 billion.[34] In 2012, Kinross dramatically reduced the reported value in the audited financial statements to only $US 1.876 billion.[35] Because Kinross grossly overpaid for Tasiast's assets, Kinross incurred over $US 8 billion of losses in the four years after the acquisition.

J. Paul Rollinson was the Executive Vice-President in charge of corporate development from 2009 to 2012. He had a significant role in the Tasiast acquisition.[36]

$4.6 Billion Discrepancy Between Valuation Reports and Purchase Price[edit]

The acquisition of Red Back was controversial. There were conflicting opinions regarding whether shareholders should approve the transaction.

Six Positive Opinions and Recommendations for $6.6 Billion Acquisition Price[edit]

Morgan Stanley Canada Limited, B.M.O. Nesbitt Burns Inc., G.M.P Securities L.P., and Rothschild Inc. all stated in their opinion letters the consideration to be paid by Kinross to acquire Red Back was fair to Kinross from a financial point of view.[37] Glass Lewis & Co. and PROXY Governance, Inc. also provided positive recommendations.[38][39]

NI 43-101 Technical Reports Stated Tasiast Only Worth $US 2 Billion[edit]

However, the $6.6 billion purchase price grossly exceeded the estimated value of Tasiast reported in the NI 43-101 technical reports. According to the August 18, 2010 National Instrument 43-101 technical report, the present value of Tasiast was only $US 1.247 billion as at December 2009.[40] According to the December 31, 2010 National Instrument 43-101 technical report, the present value was only $US 2.003 billion (assuming a gold price of $US 1,200 per ounce).[34]

ISS Recommended Shareholders Reject the Proposed Acquisition[edit]

Institutional Shareholders Services (ISS) recommended shareholders reject the Red Back deal. ISS concluded Kinross would be overpaying for Red Back's assets.

In response to ISS's concerns, Kinross stated:

  • ″It is standard practice in the mining industry to make acquisitions based on in-depth, professional evaluations of the expected long-term potential of an ore body, even though that potential has not been clearly delineated according to NI 43-101 requirements at the time of acquisition.″ [41]
Kinross Acquired Tasiast and Reported $US 4.6 Billion of "Goodwill"[edit]

The Red Back transaction was approved by shareholders on September 15, 2010.[42]

Kinross recorded $US 4.6 billion of "goodwill" for Tasiast in its financial statements to account for the difference between the purchase price and the fair value of Tasiast's proven and probable gold reserves. The carrying value of this goodwill was the focus of the class action lawsuits.

In its 2010 Annual Report, Kinross provided a confused explanation of what the Tasiast "goodwill" represented. According to Kinross, goodwill was attributed to:

  • Expected additional value (‘‘EAV’’) from identified exploration targets at the reporting unit is calculated based on management’s estimates of the ounces at such targets, based on the specific geological attributes of the mineral property and based on prices in market transactions involving properties with similar exploration targets [43]

However, pursuant to Canadian generally accepted accounting principles, assets can only be recognized if it is probable that future economic benefits will be obtained.[44] The $4.6 billion of "goodwill" reported in the December 31, 2010 financial statements never met this requirement. Tasiast's proven and probable reserves were included in the Property, Plant and Equipment balance.[45]

Kinross also stated that goodwill was attributed to optionality and going-concern value but only at the corporate level [46] and not to individual mines.[47]

$US 8.1 Billion of Losses Incurred by Tasiast from 2010 to 2015[edit]

Beginning in 2011, the carrying value of the Tasiast assets exceeded their fair value and impairment charges were recorded. During the four years after the acquisition, Kinross recorded impairment charges related to Tasiast as follows:

  • 2011 - $US 2.490 billion - (15 months after acquisition)
  • 2012 - $US 3.416 billion [48]
  • 2013 - $US 1.488 billion
  • 2014 - $US 0.505 billion [49]
  • 2015 - $US 0.300 billion (expected but not yet reported as of Q2 2015)[50]

Consequently, the carrying value of Tasiast's long-term assets (PP&E and goodwill) was reduced from $US6.6 billion as at December 31, 2010 to $US 0.809 billion as at December 31, 2014.[51] The $4.6 billion of "goodwill" for Tasiast was reduced to $US nil as of December 31, 2012.

Strangely, the impairment charges were required even though $US gold prices were at record highs in 2011 and 2012. In 2011, the average realized gold price for Kinross was $US 1,502 / ounce.[52] In 2012, the average realized gold price for Kinross was $US 1,643 / ounce.[53] In contrast, the average realized gold price in 2010 (the year Tasiast was acquired) was only $1,191.

Tasiast incurred operating losses in five of the six years after the acquisition. The incomes (losses) excluding impairment charges for Tasiast were:

  • 2010 - ($US 14.5 million)
  • 2011 -- $US 70.1 million [54]
  • 2012 - ($US 50.5 million)
  • 2013 - ($US 86.3 million) [55]
  • 2014 - ($US 65.9 million) [56]
  • 2015 - ($US 47.8 million) [57] - 6 months ending June 30

Despite the impairment charges and operating losses, Kinross continued to invest in Tasiast. From 2010 to 2014, Kinross incurred $US 2.179 billion of capital expenditures at Tasiast.[58]

Gold Production 38% Lower Than Forecast - 2011 to 2015[edit]

Since the 2010 acquisition, gold production has been significantly lower than the forecast in the Dec 31, 2009 NI 43-101 technical report.[59] Below is a list of the forecast vs actual gold production in ounces:

  • Year....Forecast Production.......Actual Production
  • 2008.....................................................140,054 - Redback
  • 2009.....................................................158,660 - Redback
  • 2010.....................................................104,015 - Redback - 6 months
  • 2010........................................................56,611 - since Sept 15th
  • 2011..............435,000...........................200,619
  • 2012..............372,000...........................185,334
  • 2013..............362,000...........................247,818
  • 2014..............320,000...........................260,485
  • 2015..............259,000...........................111,899 (6 months)
  • ______________________________________
  • Total...........1,748,000.........................1,006,155

Grade of Ore Mined Significantly Lower Than Forecast - 2011 to 2015[edit]

Since the 2010 acquisition, mill grade of gold has been significantly lower than the forecast in the Dec 31, 2009 NI 43-101 technical report.[60] Below is a list of the forecast vs actual mill grades in g/tonne:

  • Year....Forecast Grade.......Actual Grade
  • 2011.............2.43........................2.02
  • 2012.............2.94........................1.57
  • 2013.............2.92........................1.99
  • 2014.............2.60........................2.16
  • 2015.............2.16........................2.10 (6 months)

Due Diligence Was Grossly Inadequate[edit]

$US 8 billion of losses were incurred even though Kinross represented that "very detailed due diligence" was conducted prior to the acquisition. As noted in the August 16, 2010 Management Information Circular:

  • "Kinross’ management, technical services team and third party technical advisors completed a very detailed due diligence review, which included numerous site visits, a twin drilling campaign, metallurgical testing and preparation of modelling options for optimal mining and processing scenarios." [61]

As reported in the National Post: "The due diligence process on Tasiast took months, with Kinross using a team of close to 100 people."[62]

Chief Executive Officer Replaced and Chief Financial Officer Replaced Twice[edit]

On August 1, 2012, Chief Executive Officer Tye W. Burt was replaced and J. Paul Rollinson became Chief Executive Officer. In March 2011, Chief Financial Officer Thomas M. Boehlert was replaced and Paul H. Barry became CFO. Only twenty months later, on December 1, 2012, Paul H. Barry was replaced.[63]

Class Action Lawsuits Alleged Tasiast's "Goodwill" was Overstated[edit]

Class action lawsuits were initiated in Canada and the United States alleging Kinross overstated the value of Tasiast in its financial statements. Kinross reported the value of Tasiast (property, plant & equipment and goodwill) was $US 6.6 billion as at December 31, 2010.[64][65] The lawsuits were settled in 2015.

Value of Mineral Reserves and Resources Discovered Since 2010 Acquisition is $Nil[edit]

The value of mineral reserves and resources discovered since the acquisition is $nil despite significant exploration efforts. The value of Tasiast at December 31, 2014 was equal to the value at December 31, 2009 less depletion charges from 2010 to 2014.

      • Tasiast Value - December 31, 2009...........................$US 1.2 billion - per NI 43-101 Technical Report [66]
      • Add: Value of Reserves Added Post-Acquisition.......$US 0.0 billion
      • Less: Depletion - 2010 to 2014................................($US 0.3) billion
      • Less: Other...............................................................($US 0.1) billion
      • _____________________________________________________
      • Tasiast Value - December 31, 2014 - Total................$US 0.8 billion - per 2014 financial statements [51]

89% Decrease in Kinross' Share Price since Tasiast Acquisition[edit]

During the five years since the Tasiast acquisition, Kinross' share price has decreased by 89%, from $Cdn 18.93 to $Cdn 2.01 per share.[67]

Kinross Continues to Spin Tasiast as an "Exceptional Opportunity" and "One of the World's Great Gold Projects" [68][edit]

Deceptively, Kinross published numerous positive statements about Tasiast despite the massive losses being incurred and unsuccessful exploration efforts. For example:

  1. In its 2011 Annual Report, after incurring a $US 2.49 billion impairment charge for Tasiast, Kinross noted: "Tasiast, with its approximately 20-million-ounce mineral resource base and district potential, remains an exceptional opportunity, and the cornerstone asset in Kinross’ long-term growth strategy."
  2. Kinross repeatedly boasted of increases in Tasiast's mineral resources as well as "encouraging" and "exciting" exploration results.[69][70][71][72][73][74][75][76][77][78] However, by definition, mineral resources are gold deposits that have not been demonstrated to be economically mineable.[79] Further, the value of mineral reserves and resources discovered by Kinross after the acquisition is $nil. (see above)
  3. Kinross repeatedly mentioned the feasibility study being conducted for expanding the Tasiast operation with a 30,000 tonne per day (tpd) mill.[80][81] It was not until February 10, 2015 (and not until over $US 8 billion of losses had been incurred) that Kinross announced it would not proceed with the expansion.[82]
  4. In September 2015, Mr. Mike Sylvestre, Kinross' head of the West Africa regional office, stated: "We believe Tasiast is a rare asset. We truly believe in its future.[83]

$US 174 million of "Other Operating Expenses" - Unusual Expenses for a Mine[edit]

Tasiast incurred $174 million of "Other Operating Expenses" from 2010 to 2015.[84] [85] These expenses are unusual because:

  1. A description of these expenses is not provided in the financial statements. The expenses are not general and administrative costs, exploration expenses or production cost of sales.
  2. The amount of the expenses is unusually high relative to Kinross' other mines. The seven other mines combined incurred only $83 million of Other Operating Expenses during the same period.
  3. Most of these expenses were booked in the fourth quarter - $82 million of the $174 million.
  4. These expenses have increased significantly since 2010. The expenses by year are:
        • 2010 ..... 0.2 million (3.5 months)
        • 2011 ... 12.2 million
        • 2012 ... 37.6 million
        • 2013 ... 51.2 million
        • 2014 ... 50.9 million
        • 2015 ... 22.6 million (6 months)
        • ––––––––––––––––
        • Total ...173.7 million

Kinross may be manipulating the reported gross profit for Tasiast by misclassifying Production Cost of Sales as Other Operating Expenses. The gross profit (loss) for Tasiast, after adjusting for impairment costs, was approximately zero for both 2013 and 2014. [86] If the Other Operating Expenses had been included in Production Cost of Sales, the gross profit would have been negative for both years (negative $50 million). A negative gross profit would be a triggering event for assessing whether the carrying value of the Tasiast assets exceeded their fair value.

Kinross may be spinning the information regarding Tasiast in order to delay recognition of additional impairment charges and because of the class action lawsuits.

These expenses may also be bribes paid to government officials. See next section.

Ongoing Bribery Investigations by SEC and US Department of Justice[edit]

On October 2, 2015, Kinross reported ongoing investigations by the Securities and Exchange Commission and the US Department of Justice. The investigations are in relation to bribes paid to government officials related to its West Africa mining operations. [87]

Kinross has not denied wrongdoing. The company merely stated it "has not identified issues that [it] believes would have a material adverse effect on the Company's financial position or business operations."

Kinross have retained external legal counsel to conduct an internal investigation. By using lawyers to conduct the investigation, Kinross can limit disclosure regarding the findings of the investigation by claiming legal professional privilege. Curiously, the 25-month internal investigation has not yet been completed.

10% Workforce Reduction[edit]

On July 29, 2015, Kinross announced it had initiated discussions with the Government of Mauritania regarding a workforce reduction at Tasiast.[88] On September 20, 2015, Kinross announced it was reducing the workforce at Tasiast by 225 employees (approximately a 10% reduction).[89]

Bleak Future[edit]

Tasiast will likely continue to incur losses because of falling $US gold prices and the limited remaining amount of economically recoverable gold reserves. The average gold price for 2015 has been approximately $US 1,175 per ounce,[90] which is significantly lower than the gold prices Kinross realized in 2013 and 2014. In 2013, the average realized gold price for Kinross was $1,402. In 2014, the average realized gold price was $1,263.[91] The gold price on September 1, 2015 was under $US 1,140 per ounce.

Gold production during the first 6 months of 2015 was 18% lower than during the same period in 2014.[92] The 10% workforce reduction announced in September 2015 will also likely negatively impact gold production.

Kinross will likely report a significant impairment charge for Tasiast in Q3 2015 or Q4 2015 because of declining gold prices. When the average realized gold price fell from $1,402 in 2013 to $1,263 in 2014, a $505 million impairment charge was recorded. The average realized gold price for 2015 is $US 100 lower than in 2014.

$US 78 million Liability for Closure and Rehabilitation Costs[edit]

The estimated closure and rehabilitation costs for Tasiast are significant. The costs were estimated to be $US 78 million.[93] It is unclear what portion of these costs have already been accrued in the provision for reclamation and remediation obligations.

According to Kinross, Tasiast was expected to operate until 2040. [94] However, this is unlikely given the low $US gold price and high production costs.

Chirano Gold Mine[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.[11] The mine is made up of multiple open pits and an underground operation called Akwaaba.[95]

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.[96] In 2007, Kinross achieved an A− ranking in Maclean's magazine's annual assessment of socially responsible companies,[97] the highest ranking of any Canadian mining company.

For Kinross' cooperation with an environmental group in Washington state, and for five out of eight mines being in compliance with the International Cyanide Management Code (as of May 2013, the Company has eight of its nine mines in compliance with the International Cyanide Management Code),[98] Kinross was recognized as one of Canada's Top 50 Most Responsible Corporations by Maclean's magazine and Jantzi Research in 2009.[99]

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.[100] 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.[101]

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.[102]

See also[edit]


  1. ^ "Shareholders back merger forming Kinross Gold". Deseret News. 31 May 1993. Retrieved 2 September 2011. 
  2. ^ Kinross Gold (23 June 2006). "Walter Creek Valley Fill Heap Leach Facility Project Description" (PDF). Alaska DNR. p. 4. Retrieved 3 September 2011. 
  3. ^ a b c Scales, Marilyn (June 2003). "How to Get Gold Out of Fort Knox". Canadian Mining Journal. Retrieved 31 August 2011. 
  4. ^ "COMPANY NEWS – Kinross, Echo Bay, TVX Delay Merger". Canadian Mining Journal. 20 November 2002. Retrieved 2 September 2011. 
  5. ^ "Newmont increases dividend". 31 January 2003. Retrieved 2 September 2011. 
  6. ^ Leng Yeong, Cheng (4 August 2006). "Kinross Has Record $65.6 Million Profit on Gold Rally (Update4)". Bloomberg. Retrieved 2 September 2011. 
  7. ^ "Merger improves viability of gold deposit project". Northern Ontario Business. 26 June 2002. Retrieved 2 September 2011. 
  8. ^ "Kinross To Sell Aquarius Project". 29 December 2005. Retrieved 2 September 2011. 
  9. ^ Vieira, Paul (12 April 2002). "Placer Dome, Kinross to join forces in Ontario gold operation: Kinross gains mill access". National Post. p. FP7. 
  10. ^ "Analysts see Goldcorp, Kinross asset swap gains". Bloomberg. 26 Sep 2007. Retrieved 2 September 2011. 
  11. ^ a b "In Canada, a Merger for Miners of Gold". The New York Times (AP). August 2, 2010. Retrieved August 2, 2010. 
  12. ^ "Kinross Gold Corporation (USA): NYSE:KGC quotes & news – Google Finance". 
  13. ^ "Kinross Gold - Annual Report 2013". 
  14. ^ "Silver Institute largest silver producer rankings". Retrieved 16 July 2014. 
  15. ^ a b "Fort Knox, Alaska, USA". Kinross Gold. Retrieved 27 August 2011. 
  16. ^ "Kinross Gold Corp (KGC)". Reuters. Retrieved 31 August 2011. 
  17. ^ "Kettle River-Buckhorn, USA". Kinross Gold. Retrieved 27 August 2011. 
  18. ^ Hardrock Mining on Federal Lands. National Research Council (U.S.). p. 136. ISBN 0-309-06596-8. 
  19. ^ "Round Mountain, USA". Kinross Gold. Retrieved 27 August 2011. 
  20. ^ Harding, Adella (7 July 2010). "BLM OKs Round Mountain expansion". Elko Daily Free Press. Retrieved 31 August 2011. 
  21. ^ Harding, Adella (22 Aug 2010). "Appeals filed against Round Mountain". Elko Daily Free Press. Retrieved 31 August 2011. 
  22. ^ "Paracatu, Brazil". Kinross Gold. Retrieved 27 August 2011. 
  23. ^ "Glossary". Kinross Gold. Retrieved 3 September 2011. 
  24. ^ "Maricunga, Chile". Kinross Gold. Retrieved 27 August 2011. 
  25. ^ "La Coipa, Chile". Kinross Gold. Retrieved 27 August 2011. 
  26. ^ Paxton, Robin (11 August 2009). "Russia revives gold mining in the Gulags". Reuters. Retrieved 28 August 2011. 
  27. ^ "Kupol, Russia". Kinross Gold. Retrieved 27 August 2011. 
  28. ^ "Kupol Gold and Silver Mine, Russia". Retrieved 2 September 2011. 
  29. ^ Koven, Peter (9 October 2013). "Kinross opens Dvoinoye mine in Russia". Financial Post. Retrieved 1 June 2014. 
  30. ^ See page F83 of 2011 Kinross Annual Report
  31. ^ see pages F89 and F119 of the 2011 Annual Report -
  32. ^ "Kinross Cross Finish Line on Red Back Deal - by Peter Koven in the National Post January 26, 2011
  33. ^ see page C-2
  34. ^ a b See page 1-9
  35. ^ Per page F60 of 2012 Kinross Annual Report
  36. ^ see page 22 of Kinross' August 16, 2010 Management Information Circular
  37. ^ Per page 2 of Kinross Management Information Circular - August 16, 2010
  38. ^ September 1, 2010 Kinross News Release
  39. ^ September 8, 2010 Kinross News Release
  40. ^ See page 91
  41. ^ Per September 3, 2010 Kinross New Release
  42. ^ See September 15, 2010 Kinross News Release
  43. ^ Per page 94 of 2010 Kinross Annual Report
  44. ^ Paragraph 1000.44(b) of the CICA Handbook
  45. ^ See Pag 118 of 2010 Kinross Annual Report
  46. ^ Per page 119 of Kinross 2010 Annual Report
  47. ^ Per page 95 of Kinross 2010 Annual Report:
    • Goodwill and Goodwill Impairment
    • However, in applying the Company’s accounting policy at impairment testing dates, no value is computed or attributed for the optionality and the going concern value, which are contributors to goodwill at the time that the reporting units were acquired. Under the Company’s accounting policy these amounts are considered to exist at the corporate level and cannot be attributed to individual reporting units or individual mines. By not attributing any value to the optionality and going- concern value at the individual mines, an impairment of acquired goodwill, with all other assumptions including gold price and reserves remaining constant, is likely to occur at the time of the first impairment test after acquisition.
  48. ^ see page MDA 27;
  49. ^ see page MDA 23 of the 2014 Annual Report
  50. ^ $US 100 decrease in gold price results in decrease in value of Tasiast of at least $US 0.3 billion - See page 18-17 of Dec 31, 2010 NI 43-101 Report
  51. ^ a b Per page FS55 - 2014 Annual Report
  52. ^ Per page 6 of 2011 Kinross Annual Report
  53. ^ Per page MDA4 of 2012 Kinross Annual Report
  54. ^ Per page F27 of 2011 Annual Report
  55. ^ Per page 23 of 2013 Annual Report
  56. ^ Per page 23 of 2014 Annual Report
  57. ^ Per page 17 of Kinross's Q2 2015 Report
  58. ^ See page 68 of 2010 Annual Report, page MDA34 of 2012 Annual Report, and page 32 of 2014 Annual Report
  59. ^ See page 92 of NI 43-101 Technical Report - August 10, 2010
  60. ^ See page 92 of NI 43-101 Technical Report - August 10, 2010
  61. ^ Per page 24 of Kinross Management Information Circular - August 16, 2010
  62. ^ Per Nationa Post "Kinross crosses finish line on Red Back deal" by Peter Koven - January 27, 2011
  63. ^ Per page MDA17 of 2012 Annual Report
  64. ^ Bayens v. Kinross Gold Corp., 2013 ONSC 6834
  65. ^ Bayens v. Kinross Gold Corporation, 2014 ONCA 901
  66. ^ See page 91
  67. ^ "KINROSS GOLD CORP. Stock Chart - K.TO Interactive Chart - Yahoo! Canada Finance". 
  68. ^ Per page 2 of Kinross Q2 2011 Report: “We continue to believe that Tasiast is one of the world’s great gold projects and a long-term foundation asset for Kinross."
  69. ^ Per page 5 of November 3, 2010 Kinross News Release: "The Tasiast geological resource model has been updated to include recent drill hole assay data and reclassified to appropriately represent the significant continuity within the Greenschist mineralisation. As a result, inferred mineral resources have been increased and are now estimated to be 105.6 million tonnes at 1.5 g/t Au, containing approximately 5.1 million gold ounces. This represents an increase of 3.2 million ounces over the prior September 7, 2010 estimate reported by Red Back. "
  70. ^ Per Kinross Q1 2011 Report - May 3, 2011: “We continue our aggressive campaign to define and advance mineral reserves and resources at Tasiast, with 26 drills turning around the clock. Results at the main deposit continue to fulfill our expectations, while encouraging results at other targets along the trend reinforce our belief that Tasiast has the potential to develop into a major gold producing district."
  71. ^ Per page 2 of Kinross Q2 2011 Report: “We continue to believe that Tasiast is one of the world’s great gold projects and a long-term foundation asset for Kinross. Our drilling campaign at Tasiast is yielding exciting results which not only increase our confidence in the resource, but suggest significant new opportunities and potential project expansions which warrant further study."
  72. ^ Per page 7 of Kinross Q2 2011 Report: "Drilling was completed on 400 metre spaced sections along the Tasiast shear zone resulting in the identification of five new target areas. Preliminary results are encouraging with gold mineralization encountered above the base of oxidation on most drill fences."
  73. ^ Per page 4 of Kinross Q2 2011 Report: "Mineral resource update: Infill exploration drilling of greenschist mineralisation at West Branch has significantly increased both the geological confidence and overall size of the mineral resource estimate. Compared to year- end 2010, approximately 6.4 million gold ounces have been upgraded from inferred to measured and indicated categories of mineral resource. Measured and indicated mineral resources now total approximately 9.1 million ounces, a more than fourfold increase since year-end 2010. In addition, approximately 2.9 million gold ounces have been added to the total mineral resource estimates (comprising proven and probable mineral reserves, measured and indicated mineral resources, and inferred mineral resources), an increase of 16% in total mineral resources and reserves since year-end 2010."
  74. ^ Per page 2 of Kinross' Q3 2011 Report: "Our drilling campaign at Tasiast continues both to confirm our confidence in the resource and indicate potential further expansions to our previous model."
  75. ^ See Page 05 of 2011 Kinross Annual Report: "Added mineral resources at Tasiast and advanced exploration to define new areas for potential growth."
  76. ^ Per page vi of 2012 Kinross Annual Report: "We saw early encouraging results from both Tasiast and Kupol. At Tasiast, most of our work focused on targets outside the eight-kilometre Tasiast mineral resource footprint. Results from several of those targets were encouraging and will be the focus of continued drilling in 2013."
  77. ^ Per page vi of 2013 Kinross Annual Report: "Delivered encouraging exploration drill results from targets at Tasiast, La Coipa, Chirano, Kupol and Dvoinoye"
  78. ^ Per page 4 of 2014 Kinross Annual Report: "Our continued focus on exploration within the existing footprint of our mines and districts added 765,191 Au oz. estimated measured and indicated mineral resources at Kupol, Chirano and Tasiast."
  79. ^ Only proven and probable reserves have been demonstrated to be economically mineable by a feasibility study. See definitions on page 73 of the 2014 Kinross Annual Report
  80. ^ See page vi and MDA16 of the 2012 Kinross Annual Report
  81. ^ In its 2014 Annual Report, Kinross noted: "Kinross continues to believe in the [Tasiast] expansion’s potential to add significant value as a large, low cost, cornerstone asset."
  82. ^ Per page 2 of the 2014 Kinross Annual Report
  83. ^ Globe & Mail - "Kinross Gold Struggling to Reverse Losses at Mauritanias-Tasiast Mine" September 20, 2015
  84. ^ See page FS59 of 2012 Kinross Annual Report
  85. ^ See page 54 of 2014 Kinross financial statements
  86. ^ After adjusting for impairment charges, the gross profit (loss) in 2013 was ($6 million) in 2013 and $1 million in 2014)
  87. ^ Kinross News Release - October 2, 2015
  88. ^ per page 15 of Kinross's Second Quarter 2015 Report
  89. ^ Globe & Mail newspaper
  90. ^ "Gold Price". 
  91. ^ See page 4 of 2014 Kinross MD&A
  92. ^ See page 28 of the Kinross' Q2 2015 Report
  93. ^ Per page 236 NI 43-101 - March 31, 2014 - Tasiast expansion project -
  94. ^ See page 18-8 of NI 43-101 Tasiast - Dec 31, 2010
  95. ^ "Kinross Agrees to Acquire Red Back". Engineering & Mining Journal. 14 September 2010. Retrieved 1 September 2011. 
  96. ^ "Kinross Corporate Responsibility Page". Kinross Gold. 
  97. ^ "Doing business the right way". Macleans. November 30, 2007. Retrieved 27 August 2011. [dead link]
  98. ^ "2012 CR Data Supplement" (PDF). Kinross Gold Corporation. 
  99. ^ "Jantzi-Macleans 50 Most Socially Responsible Corporations 2009". Maclean's. June 18, 2009. Retrieved 27 August 2011. 
  100. ^ "Reasons for Selection, 2009 Greater Toronto's Top Employers Competition". 
  101. ^ "Kinross named to Dow Jones Sustainability World Index". 
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