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Kinross Gold

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Kinross Gold Corporation
Company typePublic
TSX: K
NYSE: KGC
IndustryMining
Founded1993
FounderRobert Buchan
Headquarters
Toronto
,
Canada
Key people
J. Paul Rollinson, CEO
ProductsGold
Revenue$US 3.052 billion (2015) [1]
-$US 984 million (2015) [1]
Number of employees
9,000 (2013)
Websitewww.kinross.com

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 now owns ten active gold mines on four continents.

History

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

Kinross merged with Amax Gold (formerly known as Kinam Gold)[3] in 1998, which gave Kinross the Fort Knox Gold Mine.[4] 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,[5] but was approved by shareholders in January 2003.[6] 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.[7] Kinross also sold the Aquarius Project (acquired as part of the Echo Bay merger[8]) in 2006 to St. Andrews Goldfields (who operated the nearby Stock Gold Mine).[9] In 2002 Kinross and Placer Dome combined their assets in Timmins, Ontario and formed the Porcupine Joint Venture (51% Placer Dome, 49% Kinross).[10] 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.[11] 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).[12]

Decline

Over $US 10 billion of losses incurred from 2011 to 2015

Kinross Gold has incurred significant losses during the past five years. The reported incomes (losses) were:

  • 2011 ($US 2.013 billion) [13]
  • 2012 ($US 2.509 billion)
  • 2013 ($US 3.742 billion) [14]
  • 2014 ($US 1.193 billion)
  • 2015 ($US 0.984 billion) [15]

The losses are primarily related to the Tasiast gold mine. Kinross acquired Tasiast in 2010. See discussion below.

Total Assets Decreased by $US 10 billion from 2010 to 2015

Kinross Gold's total assets were $7.7 billion as at December 31, 2015.[16] Total asset have decreased by 10.1 billion during the five years from 2010 to 2015. The total assets were $17.8 billion as at December 31, 2010.[17]

90% Decrease in Share Price since 2009

Kinross Gold's share price has decreased significantly - from $US 18.40 per share as at December 31, 2009 to $US 1.82 as at December 31, 2015.[18]

Dividend Payments Suspended - 2013

On July 31, 2013, Kinross announced it would no longer be paying semi-annual dividends.[19]

110 Corporate Jobs Eliminated - 2015

On November 10, 2015, Kinross announced 110 corporate jobs would be eliminated. [20]

Credit Rating Downgraded to "Junk" - 2016

On February 18, 2016, Standard and Poor's lowered Kinross Gold's long-term corporate credit rating from BBB- to BB+.[21] [22] The BB+ rating means Kinross bonds are classified as "non-investment grade speculative". Non-investment grade bonds are colloquially described as "junk bonds".

Proven and Probable Reserves have Decreased 28 Million Ounces Since 2010

The reported proven and probable gold reserves were 33.9 million ounces as at December 31, 2015.[23] Reserves have decreased by 28 million ounces since 2010. The reported reserves were 62.4 million ounces as at December 31, 2010.[24]

The 33.9 million ounces of gold reserves includes 5.8 million ounces related to the Cerro Casale project. Cerro Casale is non-operating and has nominal value. See discussion below.

Long-term Debt has Increased $US 1.5 Billion Since 2010

Kinross Gold's long-term debt was $US 1.9 billion as of December 31, 2015. The long-term debt increased by $US 1.4 billion during the five years from 2010 to 2015. Kinross Gold's long-term debt was $US 0.474 billion as Dec 31, 2010.[25]

$US 1.1 Billion of Negative Cash Flow from Operating and Investing Activities - 2011 to 2015

Kinross Gold has made significant investments in property, plant and equipment since 2011. The net cash used in investing activities was $US 6.3 billion from 2011 to 2015. Net cash flow from operating activities was insufficient to fund these investments. Net cash flow from operations was $US 5.2 billion from 2011 to 2015. [26] The negative cash flow from operating and investing activities was $US 1.1 billion.

Kinross has booked significant impairment charges related to goodwill and property, plant and equipment. From 2011 to 2015, the impairment charges were $US 11.5 billion. [27]

$US 250 million Share Offering to Improve Liquidity - 2016

In order to improve its liquidity, Kinross announced a share offering at $US 3 per share for gross proceeds of approximately $US 250 million. The proceeds will be primarily used for the purchase of interests in the Bald Mountain and Round Mountain mines. [28] The fees associated with this issuance have not been disclosed.

Falling Gold Prices

Kinross has been adversely impacted by falling gold prices. The realized gold prices were:

  • 2011 $US 1,500 per ounce
  • 2012 $US 1,643 per ounce [29]
  • 2013 $US 1,402 per ounce
  • 2014 $US 1,263 per ounce
  • 2015 $US 1,159 per ounce [30]

Operations

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.[31] In 2013 the company's silver production was 9 million ounces, making the company the 18th largest silver producer in the world.[32]

Fort Knox Gold Mine

Main article: Fort Knox Gold Mine

Kinross has a 100% stake in the Fort Knox Gold Mine, an open pit in Alaska. In 1998, the owner of Fort Knox (Amex Gold) merged with Kinross.[4][33]

The area was prospected as early as 1913, but no mining took place until 1996. The Fort Knox complex has two open pits (Fort Knox, and the now closed True North),[34] with ore from the Fort Knox pit being processed on site at the Fort Knox mill.[4]

The mine has produced approximately 400,000 ounces of gold per year for the past several years.[33] [35] As at December 31, 2015, Fort Knox was estimated to have 2,022,000 ounces of proven and probable reserves. Assuming production continues at the same rate, the reserves will be exhausted by 2020.[36]

Production Focused on Highest Grade Reserves

The average grade of Fort Knox's proven and probable reserves was only 0.4269 g/tonne as at December 31, 2015.[37] In order to maximize profits, Kinross has focused on mining the highest grade reserves and consequently the grades mined have been substantially higher than the average grade. The grades of reserves mined were: 0.69 g/tonne in 2012,[38] 0.82 g/tonne in 2013, 0.66 g/tonne in 2014 and 0.76 g/tonne in 2015.

$US180 Million Loss in 2015

In 2015, Fort Knox incurred a loss of $US 180 million.[39] This loss included an impairment charge of $US 252 million.

Kettle River - Buckhorn Mine

Main article: Buckhorn Gold Mine

Kinross operates the Buckhorn mine and Kettle River mill in the US State of Washington.[40]

Expected Closure in 2016

Kettle River - Buckhorn had only 47,000 ounces of proven and probable reserves as at December 31, 2015. [41] The mine is expected to close in Q3 2016.[42][43]

Round Mountain Gold Mine

Round Mountain Gold Mine
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.[44] Kinross' merger with Echo Bay Mines gave them a 50% share of Round Mountain, with Barrick retaining the remainder.[45] 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.[46][47]

2014 Operations and Results

As of December 31, 2014, Round Mountain had 689,000 ounces of proven and probable reserves (Kinross Gold's 50% portion).[48] In 2014, Round Mountain produced 169,000 ounces of gold which suggests the economically mineable reserves will be fully depleted by 2018.[49]

The all-in sustaining costs were $US 1,170 ounce in 2014 ($US 1,345 ounce in 2013).[50]

Paracatu Gold Mine

Main article: Paracatu mine

Acquisition

Kinross received their original stake in the Brazilian mine when they merged with TVX, and purchased the remainder from Rio Tinto in 2004.[51] In 2013, Paracatu produced 500,380 gold equivalent ounces.

Reported Proven and Probable Reserves Decreased 8.8 Million Ounces from 2010 to 2015

The reported proven and probable reserves for Paracatu were 9.6 million ounces as a December 31, 2015.[52] The reported reserves decreased by 8.8 million during five years from 2010 to 2015. The reported reserves were 18.4 million ounces as at December 31, 2010.[53] Total gold production was only 2.4 million ounces from 2011 to 2015.[54][55][56]

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).[57] The 2007 purchase of Bema Gold brought the other 50%.[58]

Reported Proven and Probable Reserves Decreased 5 million Ounces from 2011 to 2015

Since 2011, proven and probable reserves have decreased by 5 million ounces but only 1 million of this decrease relates to production. The reported proven and probable reserves for Maricunga were:

  • 2011 - 5.948 million ounces [59]
  • 2012 - 4.313 million ounces [60]
  • 2013 - 2.181 million ounces [61]
  • 2014 - 1.670 million ounces [62]
  • 2015 - 1.042 million ounces [63]

The estimated reserves assume a gold price of $US 1,200 per ounce. Annual production is less than 250,000 ounces per year.

La Coipa Gold Mine

Main article: La Coipa Gold Mine

Acquisition in 2007

The TVX merger resulted in Kinross' stake in the La Coipa open pit mine, the remainder was purchased from Goldcorp in 2007.[64]

Production Suspended in 2013

Gold production was suspended at La Coipa in October 2013.[65] An impairment charge of $124 million was recorded in 2014.

Fruta del Norte

Acquisition of Aurelian in 2008

Kinross acquired Aurelian Resources Inc. in 2008 for total consideration of $US 705 million.[66] Aurelian owned the Fruta del Norte deposit in Ecuador. Kinross described Fruta del Norte as "arguably the premier gold discovery in a generation." [67]

Sold in 2014 and $US 496 Million Loss Incurred

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 736 million. On October 21, 2014, Kinross sold its interest for $US 233 million and Kinross realized a loss of $US 496 million.[68]

Cerro Casale

Kinross Gold holds a 25% interest in the Cerro Casale project. The project is located in Chile.

Non-operating

The proven and probable reserves for Cerro Casale were 5.8 million ounces as a December 31, 2015. [69] Kinross incurred a loss of $US 3 million in 2015 related to its 25% interest. [70] The carrying value was $US 138 million as at December 31, 2015. [71] The Cerro Casale project had no revenue in 2014 or 2015. [72]

Kupol Mine

Main article: Kupol Gold Mine

Acquisition

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.[73] 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.[74][75]

1.89 Million of Gold Reserves

The reported proven and probable gold reserves for Kupol were 1.89 million ounces as at December 31, 2015.[76] Kinross added 1.2 million ounces of proven and probable reserves for Kupol and Dvoinoye from 2013 to 2015.

Moroshka Project

Kinross has completed a pre-feasibility study of the Moroshka project. Moroshka is located approximately four kilometres east of Kupol and within the Kupol licence area. The Company expects to commence mining in 2018 and will process ore in the Kupol mill.[77]

Dvoinoye Gold Mine

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.[78]

Tasiast Gold Mine

Main article: Tasiast Gold Mine

The Tasiast 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

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 offered to acquire the remaining 91% of Red Back common shares in exchange for $US 7.93 billion of Kinross shares and warrants.[79] Consequently, Kinross would become 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.[80] 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 Management Information Circular Kinross represented the acquisition of the remaining 91% of Red Back would result in a $7.1 billion increase in the assets of Kinross.[81]

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. [82] As noted in the National Post newspaper: "Some investors said they had not seen anything like it since Bre-X." [83]

Six Positive Recommendations to Acquire Tasiast for $US 6.6 Billion

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.[84] Glass Lewis & Co. and PROXY Governance, Inc. also provided positive recommendations.[85] [86]

$US 248 Million of Operating Losses from 2010 to 2015

Tasiast has incurred significant operating losses since being acquired by Kinross. Operating incomes (losses) excluding impairment charges by year were:

  • 2010 ($US 14 million)
  • 2011 $US 70 million
  • 2012 ($US 50 million)
  • 2013 ($US 86 million)
  • 2014 ($US 66 million)
  • 2015 ($US 101 million) [87]

$US 8.2 Billion of Impairment Charges Related to Tasiast from 2011 to 2015

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

  • 2011 $US 2.490 billion
  • 2012 $US 3.416 billion [88]
  • 2013 $US 1.488 billion
  • 2014 $US 0.505 billion [89]
  • 2015 $US 0.259 billion [90]

Consequently, the carrying value of Tasiast was reduced from $US6.9 billion as at December 31, 2010 to $US 0.736 billion as at December 31, 2015.[91]

The impairment charges recorded in 2011 and 2012 were surprising given $US gold prices were at historically high levels in 2011 and 2012. The realized gold price was $US 1,500 per ounce in 2011 and $US 1,643 per ounce in 2012.[92]

$US 2.4 Billion of Capital Expenditures from 2010 to 2015

Since the 2010 acquisition, Kinross has incurred $US 2.459 billion in capital expenditures in the Tasiast mine.[17][93][94]

In contrast, according to the NI 43-101 Technical Report for Tasiast dated December 31, 2010, the total capital expenditures for Tasiast were forecast to be only $US 300 million from 2011 to 2040.[95] According to the NI 43-101 Technical Report dated March 31, 2012, the total life of mine capital expenditures were estimated to be only $US 182 million.[96]

Negative Cash Flow

Because of the significant capital expenditures, Tasiast has experienced negative cash flows every year since 2011. Tasiast had negative cash flow of $US 186 million in 2015.[97] Kinross continued to report the Tasiast mine as an asset as at December 31, 2015.[16]

Employee Layoffs - 2015

In September 2015, Kinross announced the layoff of 222 Tasiast employees. [98]

Proposed Expansion Delayed

In its 2010 and 2011 Annual Reports, Kinross discussed a proposed plant expansion with a design throughput of 60,000 tonnes per day.[99][100] Subsequently, Kinross decided "to pursue a smaller mill option" in the range of 30,000 tonnes per day.[101] A pre-feasibility study was expected to be completed in Q1 2013.[102]

On April 29, 2013, Kinross announced a new feasibility study for an expansion of the Tasiast operation with a 38,000 tonne per day mill. In early 2014, the feasibility study was completed [103] but on February 10, 2015 Kinross announced it was not proceeding with the expansion.[104]

Another feasibility study regarding an expansion to increase throughput from 8,000 tonnes per day to 12,000 tonnes per day is expected to be completed in Q1 2016.[98]

2015 Reserve Estimate Based on 38,000 tonne/day Mill

The proven and probable gold reserves were 8.95 million ounces as at December 31, 2015. [105] This estimate assumes a mill with a throughput of 38,000 tonne per day. [106]

Chirano Gold Mine

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.[12] The mine is made up of multiple open pits and an underground operation called Akwaaba.[107]

$US 1.29 Billion of Impairment Charges from 2011 to 2015

Kinross recorded impairment charges related to the Chirano mine as follows:

  • 2011 - $US 0.447 billion
  • 2012 - $US 0.111 billion
  • 2013 - $US 0.359 billion [108]
  • 2014 - $US 0.370 billion [109]
  • 2015 - $US 0.005 billion
  • Total - $US 1.294 billion

$US 70 Million Loss and Only $US 78 Million of Positive Cash Flow in 2015

In 2015, Chicano incurred a loss of $US 70.1 million.[110] and generated position cash flow of $US 78 million.[111] The annual depreciation of $US 175 million and total PP&E of $US 489 million as at December 31, 2015 suggests Chirano's gold deposits will be exhausted by 2019. Assuming a 3.5 year remaining life of the mine and no change in gold prices, the total future cash flows will be approximately $US 300 million.

Bald Mountain Gold Mine Acquisition

On January 11, 2016, Kinross acquired 100% of the Bald Mountain gold mine and 50% of the Round Mountain gold mine for $US 610 million in cash from Barrick Gold Corporation.[112]

According to Barrick Gold's 2014 financial statements, as of Dec 31, 2014 the value of Bald Mountain was $US 538 million and the value of its 50% interest in Round Mountain was $US 140 million. Barrick's valuations assume a gold price of $US 1,300 per ounce.[113] Per Barrick's financial statements, the all-in sustaining costs were $US 1,070 per ounce in 2014. [114] The gold price as at January 11, 2016 was $US 1,095 per ounce.[115]

Corporate responsibility

Kinross claims a strong commitment to responsible mining, as outlined on its corporate website via their Ten Guiding Principles for Corporate Responsibility.[116] In 2007, Kinross achieved an A− ranking in Maclean's magazine's annual assessment of socially responsible companies,[117] 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),[118] Kinross was recognized as one of Canada's Top 50 Most Responsible Corporations by Maclean's magazine and Jantzi Research in 2009.[119]

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.[120] 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.[121]

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.[122]

See also

References

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  2. ^ "Shareholders back merger forming Kinross Gold". Deseret News. 31 May 1993. Retrieved 2 September 2011.
  3. ^ Kinross Gold (23 June 2006). "Walter Creek Valley Fill Heap Leach Facility Project Description" (PDF). Alaska DNR. p. 4. Retrieved 3 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. ^ "COMPANY NEWS – Kinross, Echo Bay, TVX Delay Merger". Canadian Mining Journal. 20 November 2002. Retrieved 2 September 2011. {{cite news}}: C1 control character in |title= at position 14 (help)
  6. ^ "Newmont increases dividend". 31 January 2003. Retrieved 2 September 2011.
  7. ^ Leng Yeong, Cheng (4 August 2006). "Kinross Has Record $65.6 Million Profit on Gold Rally (Update4)". Bloomberg. Retrieved 2 September 2011.
  8. ^ "Merger improves viability of gold deposit project". Northern Ontario Business. 26 June 2002. Retrieved 2 September 2011.
  9. ^ "Kinross To Sell Aquarius Project". thestreet.com. 29 December 2005. Retrieved 2 September 2011.
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  11. ^ "Analysts see Goldcorp, Kinross asset swap gains". Bloomberg. 26 Sep 2007. Retrieved 2 September 2011.
  12. ^ a b "In Canada, a Merger for Miners of Gold". The New York Times (AP). August 2, 2010. Retrieved August 2, 2010.
  13. ^ Per page F61 - 2011 financial statements - http://s2.q4cdn.com/496390694/files/doc_financials/annual/2011/kinross-2011-annual-report-final.pdf
  14. ^ See page FS5 2013 financial statements - http://s2.q4cdn.com/496390694/files/doc_financials/annual/2013/kinross-2013-annual-report.pdf
  15. ^ See page 4 of 2015 financial statements http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2015/q4/Q42015_FS_Eng.pdf
  16. ^ a b See page 54 - 2015 Financial Statements
  17. ^ a b See page F119 of 2011 Annual Report
  18. ^ http://www.nasdaq.com/symbol/kgc/stock-chart?intraday=off&timeframe=7y&splits=off&earnings=off&movingaverage=None&lowerstudy=volume&comparison=off&index=&drilldown=off
  19. ^ See page MDA14 2013 financial statements - http://s2.q4cdn.com/496390694/files/doc_financials/annual/2013/kinross-2013-annual-report.pdf
  20. ^ http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/kinross-cuts-110-corporate-jobs-and-closes-denver-office/article27200632/
  21. ^ http://www.northernminer.com/news/kinross-latest-miner-to-have-credit-rating-cut-to-junk/1003763855/
  22. ^ http://www.bloomberg.com/news/articles/2016-02-18/kinross-gold-cut-to-junk-by-s-p-outlook-seen-as-stable
  23. ^ See page of 26 of Q4 2015 News Release - "Kinross reports 2015 fourth-quarter and full-year results"
  24. ^ See page 164 of 2010 Kinross Annual Report
  25. ^ See page F105 of 2011 Annual Report
  26. ^ See Consolidated Statement of Cash Flow - 2011 Annual Report, 2013 Annual Report, 2015 Annual Report
  27. ^ See Consolidated Statement of Cash Flow - 2011 Annual Report, 2013 Annual Report, 2015 Annual Report
  28. ^ See February 24, 2016 News Release - http://www.kinross.com/news-and-investors/news-releases/press-release-details/2016/Kinross-Announces-US250-Million-Bought-Deal-Financing/default.aspx
  29. ^ 2012 Kinross Gold Annual Report - page viii - http://s2.q4cdn.com/496390694/files/doc_financials/annual/2012/kinross-gold-annual-report-2012.pdf
  30. ^ See page 2 - 2015 Kinross MD&A http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2015/q4/Q42015_MD-A_Eng.pdf
  31. ^ http://2013annualreport.kinross.com/#/performance-highlights/performance-page-5/
  32. ^ "Silver Institute largest silver producer rankings". Retrieved 16 July 2014.
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  35. ^ 401,553 in 2015 and 379,453 in 2014 - see 2015 MD&A page 17
  36. ^ See page 26 - 2015 fourth-quarter and full-year results
  37. ^ http://www.kinross.com/news-and-investors/news-releases/press-release-details/2016/Kinross-Reports-2015-Fourth-Quarter-and-Full-Year-Results/default.aspx
  38. ^ See page MDA 20 - 2012 Annual Report
  39. ^ 2015 MD&A - page 17
  40. ^ "Kettle River-Buckhorn, USA". Kinross Gold. Retrieved 27 August 2011.
  41. ^ See page 27 - Kinross 4th Quarter Report http://s2.q4cdn.com/496390694/files/doc_news/2016/jan/Q4-year-end-2015-news-release_final.pdf
  42. ^ http://www.kinross.com/operations/default.aspx#americas-kettleriver
  43. ^ per page 4 of News Release - "Kinross reports 2015 fourth-quarter and full-year results"
  44. ^ Hardrock Mining on Federal Lands. National Research Council (U.S.). p. 136. ISBN 0-309-06596-8.
  45. ^ "Round Mountain, USA". Kinross Gold. Retrieved 27 August 2011.
  46. ^ Harding, Adella (7 July 2010). "BLM OKs Round Mountain expansion". Elko Daily Free Press. Retrieved 31 August 2011.
  47. ^ Harding, Adella (22 Aug 2010). "Appeals filed against Round Mountain". Elko Daily Free Press. Retrieved 31 August 2011.
  48. ^ Per page 67 of 2014 Kinross Gold Annual Report
  49. ^ Per page MDA 18 of 2014 Kinross Gold Annual Report
  50. ^ Per page 42 of the 2014 Barrick Gold Annual Report
  51. ^ "Paracatu, Brazil". Kinross Gold. Retrieved 27 August 2011.
  52. ^ See page 26 - 2015 News Release - "Kinross reports 2015 fourth-quarter and full-year results"
  53. ^ See page 164 - 2010 Kinross Annual Report
  54. ^ See page 54 - 2010 Annual Report
  55. ^ See page 20 of 2015 MD&A
  56. ^ See page MDA24 of 2012 Kinross Annual Report
  57. ^ "Glossary". Kinross Gold. Retrieved 3 September 2011.
  58. ^ "Maricunga, Chile". Kinross Gold. Retrieved 27 August 2011.
  59. ^ page F138 - 2011 Kinross Gold Report
  60. ^ page F72 - 2012 Kinross Gold Report
  61. ^ page 72 - 2013 Kinross Gold Report
  62. ^ page 67 - 2014 Kinross Gold Annual Report
  63. ^ Page 26 - News Release - 2015 - Kinross reports 2015 fourth-quarter and full-year results
  64. ^ "La Coipa, Chile". Kinross Gold. Retrieved 27 August 2011.
  65. ^ See page MDA 26 - 2014 Annual Report
  66. ^ See page 99 of 2009 Kinross Gold Annual Report
  67. ^ See 2009 Kinross Gold Annual Report
  68. ^ See page FS23 2014 Kinross Annual Report
  69. ^ See page 26 of News Release - "Kinross reports 2015 fourth-quarter and full-year results"
  70. ^ Page 31 of 2015 financial statements
  71. ^ Page 34 of 2015 financial statements
  72. ^ Page 34 of 2015 financial statements
  73. ^ Paxton, Robin (11 August 2009). "Russia revives gold mining in the Gulags". Reuters. Retrieved 28 August 2011.
  74. ^ "Kupol, Russia". Kinross Gold. Retrieved 27 August 2011.
  75. ^ "Kupol Gold and Silver Mine, Russia". Mining-Technology.com. Retrieved 2 September 2011.
  76. ^ See page 26 of 2015 MD&A
  77. ^ See page 13 - 2015 MD&A
  78. ^ Koven, Peter (9 October 2013). "Kinross opens Dvoinoye mine in Russia". Financial Post. Retrieved 1 June 2014.
  79. ^ See page F83 of 2011 Kinross Annual Report
  80. ^ see pages F89 and F119 of the 2011 Annual Report - Total Assets of $US 6.717 billion as at Dec 31, 2010 less $US 0.054 billion of capital expenditures - http://s2.q4cdn.com/496390694/files/doc_financials/annual/2011/kinross-2011-annual-report-final.pdf
  81. ^ see page C-2 - Ontario Securities Commission www.sedar.com Increase from $8.4 billion pre-acquisition to $15.5 billion post-acquisition http://sedar.com/GetFile.do?lang=EN&docClass=10&issuerNo=00002968&issuerType=03&projectNo=01620988&docId=2711128
  82. ^ Per 2007 Redback MD&A, Tasiast's reserves were 1 million ounces. Per page 3 of 15 of 2008 Redback MD&A, Tasiast's reserves were 1.64 million ounces. Per 2009 MD&A, Tasiast's reserves were 3.05 million ounces
  83. ^ "Kinross Cross Finish Line on Red Back Deal - by Peter Koven in the National Post January 26, 2011 http://www.nationalpost.com/Kinross+crosses+finish+line+Back+deal/4171635/story.html
  84. ^ Per Kinross Management Information Circular - August 16, 2010 http://sedar.com/GetFile.do?lang=EN&docClass=10&issuerNo=00002968&issuerType=03&projectNo=01620988&docId=2711128
  85. ^ September 1, 2010 Kinross News Release http://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00002968&issuerType=03&projectNo=01632148&docId=2724823
  86. ^ September 8, 2010 Kinross News Release http://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00002968&issuerType=03&projectNo=01633420&docId=2727005
  87. ^ $361 loss less $259 million impairment - per page 23 - 2015 MD&A http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2015/q4/Q42015_MD-A_Eng.pdf
  88. ^ http://www.sedar.com/GetFile.do?lang=EN&docClass=2&issuerNo=00002968&issuerType=03&projectNo=02042523&docId=3306422
  89. ^ 2014 Annual Report - page MDA 23 http://www.sedar.com/GetFile.do?lang=EN&docClass=2&issuerNo=00002968&issuerType=03&projectNo=02332950&docId=3709071
  90. ^ Page 23 of 2015 MD&A http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2015/q4/Q42015_MD-A_Eng.pdf
  91. ^ Per page 54 of 2015 financial statements - http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2015/q4/Q42015_FS_Eng.pdf
  92. ^ http://s2.q4cdn.com/496390694/files/doc_financials/annual/2012/kinross-gold-annual-report-2012.pdf
  93. ^ See page FS60 of 2013 Annual Report
  94. ^ See page 54 of 2015 Financial Statements
  95. ^ See page 18-14
  96. ^ See page 20-5
  97. ^ Net loss of $361 million add non-cash depreciation of $US 80.9 million, add non-cash impairment charge of $US 259 million, subtract capital expenditures of $US 165 million
  98. ^ a b http://www.kinross.com/news-and-investors/news-releases/press-release-details/2015/Kinross-Reports-2015-Third-Quarter-Results/default.aspx
  99. ^ See page 42 of 2010 Kinross Gold Annual Report
  100. ^ See page F13 of 2011 Kinross Annual Report
  101. ^ Per page vi of 2012 Kinross Annual Report
  102. ^ See page MDA16 of 2012 Annual Report
  103. ^ [>http://kinross.com/media/252046/033114%20kinross%20releases%20tasiast%20expansion%20feasibility%20study.pdf "Tasiast feasibility report"] (PDF). Kinross Gold. Retrieved 31 March 2014. {{cite web}}: Check |url= value (help)
  104. ^ 2014 Kinross Gold Annual Report - page 2 http://2014annualreport.kinross.com
  105. ^ Page 26 - News Release - "Kinross reports 2015 fourth-quarter and full-year results"http://s2.q4cdn.com/496390694/files/doc_news/2016/jan/Q4-year-end-2015-news-release_final.pdf
  106. ^ See footnote 11 on page 29 of News Release - "Kinross reports 2015 fourth-quarter and full-year results" http://s2.q4cdn.com/496390694/files/doc_news/2016/jan/Q4-year-end-2015-news-release_final.pdf
  107. ^ "Kinross Agrees to Acquire Red Back". Engineering & Mining Journal. 14 September 2010. Retrieved 1 September 2011.
  108. ^ See page MDA 26 of 2013 Annual Report - Kinross Gold
  109. ^ See page FS 54 of 2014 Annual Report - Kinross Gold
  110. ^ See page 24 of 2015 Management Discussion and Analysis
  111. ^ Loss of $US 70.1 million plus depreciation of $US 175 million plus impairment charges of $US 6 million less capital expenditures of $US 32 million - See page 54 of 2015 Financial Statements
  112. ^ See Jan 11, 2016 Kinross Press Release http://www.kinross.com/news-and-investors/news-releases/press-release-details/2016/Kinross-Completes-Acquisition-of-Strategic-Nevada-Assets/default.aspx
  113. ^ See pages 137 and 138 of 2014 Annual Report http://s1.q4cdn.com/808035602/files/annual-report/Barrick-Annual-Report-2014.pdf
  114. ^ Page 28 of Barrick Gold 2014 Annual Report
  115. ^ http://goldprice.org
  116. ^ "Kinross Corporate Responsibility Page". Kinross Gold.
  117. ^ "Doing business the right way". Macleans. November 30, 2007. Retrieved 27 August 2011.[dead link]
  118. ^ "2012 CR Data Supplement" (PDF). Kinross Gold Corporation.
  119. ^ "Jantzi-Macleans 50 Most Socially Responsible Corporations 2009". Maclean's. June 18, 2009. Retrieved 27 August 2011.
  120. ^ "Reasons for Selection, 2009 Greater Toronto's Top Employers Competition".
  121. ^ "Kinross named to Dow Jones Sustainability World Index".
  122. ^ =http://2013annualreport.kinross.com/#/

External links

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