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{{Short description|Canadian-based gold and silver mining company}}
{{Infobox company
| name = Kinross Gold Corporation
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| type = [[Public company|Public]]
| traded_as = {{Tsx|K}}<br/>{{nyse|KGC}}
| genre =
| foundation = 1993
| founder = [[Robert Buchan]]
| location_city = [[Toronto]], [[Ontario]]
| key_people = [[J. Paul Rollinson]], CEO <ref name="Mining ceo">{{cite web|last1=Jamasmie|first1=Cecilia|title=Kinross Gold's CFO leaves, two months after CEO replaced|url=http://www.mining.com/kinross-golds-cfo-leaves-two-months-after-ceo-replaced-63168/|website=Mining|date=10 October 2012 |access-date=23 September 2016}}</ref>
| industry = [[Metals]] and [[Mining]]
| products = [[Gold]], [[Silver]]
| revenue
| operating_income = {{
| net_income = {{decrease}}US$221 million (2021)
| assets =
| num_employees =
| homepage = {{URL|www.kinross.com}}
}}
'''Kinross Gold Corporation''' is a Canadian-based [[gold mining|gold]] and [[silver mining]] company founded in 1993 and headquartered in Toronto, Ontario, Canada. Kinross currently operates six active gold mines, and was ranked fifth of the "10 Top Gold-mining Companies" of 2019 by ''InvestingNews''.<ref>[https://investingnews.com/daily/resource-investing/precious-metals-investing/gold-investing/top-gold-mining-companies/ Pistilli, Melissa] "10 Top Gold-mining Companies", July 21, 2020. Retrieved December 8, 2020.</ref> The company's mines are located in Brazil, Mauritania, and the United States. It trades under the KGC ticker in the [[New York Stock Exchange]], and under K in the [[Toronto Stock Exchange]].
==Operations==
{| class="sortable wikitable"
Line 30:
! style="background-color:#daa520;" |Kinross stake
! style="background-color:#daa520;" |Type of mine
! style="background-color:#daa520;" |Gold equivalent production,
! style="background-color:#daa520;" |
|-
|[[Fort Knox Gold Mine]]
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|100%
|open-pit mine
|264,283 oz
|
|-
|[[Round Mountain Gold Mine]]
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|100%
|open-pit mine
|257,005 oz
|
|-
|[[Bald Mountain mine]]
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|100%
|open-pit mine
|204,890 oz
|
|-
|[[Paracatu mine]]
Line 58:
|100%
|open-pit mine
|550,560 oz
|
|-
|[[Tasiast Gold Mine]]
Line 65:
|100%
|open-pit mine
|170,502 oz
|
|-
|[[Chirano Gold Mine]]
Line 72:
|90% (the remaining 10% is held by the Government of [[Ghana]])
|open-pit mine
|154,668 oz
|
|}
===Fort Knox===
This property
[[Image:Round Mountain gold mine, aerial.jpg|thumb|right|Round Mountain Gold Mine]]
===Round Mountain===
The [[Round Mountain Gold Mine]] is located in [[Nye County, Nevada]] and has operated by Kinross since 2003. They purchased the remaining outstanding interest in the company from [[Barrick Gold]] in 2016.<ref name="LandsResources1999">{{cite book|author1=Committee on Hardrock Mining on Federal Lands|url=https://books.google.com/books?id=xVIOYm9kZPsC&pg=PA136|title=Hardrock Mining on Federal Lands|author2=Board on Earth Sciences and Resources|author3=Commission on Geosciences, Environment and Resources|author4=Division on Earth and Life Studies, National Research Council|date=3 December 1999|publisher=National Academies Press|isbn=978-0-309-06596-2|pages=136–}}</ref><ref name="Elko - BLM OK">{{cite news|last=Harding|first=Adella|date=7 July 2010|title=BLM OKs Round Mountain expansion|newspaper=Elko Daily Free Press|url=http://elkodaily.com/mining/article_9c75e91c-8a27-11df-895c-001cc4c002e0.html|access-date=31 August 2011}}</ref><ref name="Elko free press protest">{{cite news|last=Harding|first=Adella|date=22 Aug 2010|title=Appeals filed against Round Mountain|newspaper=Elko Daily Free Press|url=http://elkodaily.com/news/local/article_3c0c700c-ae79-11df-a1bd-001cc4c002e0.html|access-date=31 August 2011}}</ref>
===Bald Mountain===
[[File:Gold-228547.jpg|thumb|Gold from the Round Mountain Mine]]Located in [[White Pine County, Nevada]], the Bald Mountain mine is operated by subsidiary KG Mining (Bald Mountain) Inc.<ref name="Mining nevada">{{cite web|last1=Jamasmie|first1=Cecilia|title=Kinross eyes expansions at its new gold mines in Nevada|url=http://www.mining.com/kinross-eyes-expansions-at-its-new-gold-mines-in-nevada/|access-date=23 September 2016|website=Mining|
===Paracatu===
The open-pit [[Paracatu, Minas Gerais|Paracatu]] gold mine, located in northwest [[Minas Gerais]], Brazil.<ref>{{cite book|url=https://books.google.com/books?id=8pxNAQAAIAAJ|title=Canadian and American Mines Handbook|publisher=Business Information Group|year=2005|isbn=978-0-919336-63-6}}</ref><ref name="International Mining">{{cite web|title=Metso to supply grinding equipment to Kinross Gold's Paracatu in Brazil|url=http://im-mining.com/2011/01/03/metso-to-supply-grinding-equipment-to-kinross-golds-paracatu-in-brazil/|access-date=23 September 2016|website=International Mining|
===Tasiast===
Kinross acquired the Tasiast mine (located in [[Mauritania]]) in 2010, expanding the operation twice by 2017.<ref name="Survey2013">{{cite book|author=Geological Survey|url=https://books.google.com/books?id=M8U_NOcpKygC&pg=SA30-PA2|title=Minerals Yearbook - Area Reports: International Review: 2011, Africa and the Middle East|date=1 December 2013|publisher=Government Printing Office|isbn=978-1-4113-3669-8|pages=30–}}</ref><ref name="The Northern Miner tasiast">{{cite web|title=Kinross's scaled-down expansion plan at Tasiast|url=http://www.northernminer.com/news/kinross-reveals-new-expansion-plan-at-tasiast/1003723612/|access-date=25 September 2016|website
In 2012, [[securities]] [[class action]] lawsuits launched in the U.S. and Canada, alleging Kinross Gold overstated the value of Tasiast mine in its financial statements, misrepresented some of the mine's project expansion schedules, and made other [[false statements]].<ref name="s2.q4cdn.com">See page MDA 36 on 2015 Kinross Gold Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf</ref><ref>Paragraphs 4 and 158 of the court decision - Bayens v Kinross - Ontario Superior Court - http://www.canlii.org/en/on/onsc/doc/2013/2013onsc6864/2013onsc6864.html?autocompleteStr=bayens&autocompletePos=3</ref> In 2015, the parties reached [[strict liability|no-fault]] settlement agreements which included payments by Kinross totaling approximately $US 40 million.<ref name="s2.q4cdn.com" />
In June 2016, due to "government allegations of invalid work permits" for [[expatriate]] employees, the mine suspended operations, resuming them in August that same year.<ref name="Mining suspend">{{cite web|last1=Jasmamie|first1=Cecilia|title=Kinross Gold suspends work at Tasiast mine in Mauritania, shares dive|url=http://www.mining.com/kinross-gold-suspends-work-at-tasiast-mine-in-mauritania-shares-dive/|access-date=23 September 2016|website=Mining|date=20 June 2016 }}</ref><ref name="Market Realist gold">{{cite web|last1=Gilroy|first1=Annie|title=How Kinross Gold's Recent Operational Updates Affect Its Future|url=http://marketrealist.com/2016/08/tasiast-back-full-swing-implications-kinross-gold/|access-date=23 September 2016|website=Market Realist|date=29 August 2016 }}</ref><ref name="Mining tasiast">{{cite web|last1=Jasmamie|first1=Cecilia|title=Kinross Gold workers strike at Tasiast mine in Mauritania, shares plummet|url=http://www.mining.com/kinross-gold-workers-strike-at-tasiast-mine-in-mauritania-shares-plummet/|access-date=23 September 2016|website=Mining|date=24 May 2016 }}</ref>
In May 2020, there was a short strike by unionized employees at the mine, which was suspended at the request of the Mauritanian government.<ref>{{Cite news |date=2020-06-15 |title=Kinross Gold resolves Mauritania disputes and secures expansion |language=en |work=Reuters |url=https://www.reuters.com/article/us-kinross-mauritania-idUSKBN23M2BE |access-date=2022-06-10}}</ref> A month later, Kinross reached an agreement in principle with the government, which included revalued [[Royalty payment|royalties]].<ref>{{Cite web |date=2021-07-21 |title=Canada's Kinross and Mauritania finally come to an agreement…without Tasiast Sud |url=https://www.theafricareport.com/110084/canadas-kinross-and-mauritania-finally-come-to-an-agreement-without-tasiast-sud/ |access-date=2022-06-10 |website=The Africa Report.com |language=en-US}}</ref>
===Chirano===
Kinross holds 90% ownership of the Chirano gold mine, with the remainder held by the [[Government of Ghana]].<ref name="NYT" /> In April 2022, Kinross announced plans to sell its 90% ownership for US$225-million to Asante Gold Corp.<ref>{{Cite news |last=McGee |first=Niall |date=2022-04-25 |title=Toronto-based Kinross Gold to exit Ghana mine in US$225-million deal |language=en-CA |work=The Globe and Mail |url=https://www.theglobeandmail.com/business/industry-news/energy-and-resources/article-toronto-based-kinross-gold-to-exit-ghana-mine-in-us225-million-deal/ |access-date=2022-04-25}}</ref>[[File:Kupol winter.jpg|thumb|Trucks on ice road to Kupol mine in Russia, 2013.]]
== History ==
===Founding and early years===
[[File:Lupin 1997.jpg|thumb|right|Kinross' merger with Echo Bay Mines resulted in ownership of [[Lupin Mine]], which was sold in 2006.]]
Kinross Gold Corporation was founded in 1993, following the amalgamation of three companies: Plexus Resources Corporation, CMP Resources and [[numbered company]] 1021105 Ontario Corp., resulting in the new company owning a stake and [[royalties]] in a mining property in [[Fallon, Nevada]] and the QR Mine in [[British Columbia]].<ref name=Formation>{{cite news|title=Shareholders back merger forming Kinross Gold|url=https://news.google.com/newspapers?id=4WJTAAAAIBAJ&pg=1414,7183955&dq=kinross+merger&hl=en|access-date=2 September 2011|newspaper=Deseret News|date=31 May 1993}}</ref> On June 1, 1993, Kinross was listed on the [[Toronto Stock Exchange]] and [[NASDAQ]], then on the [[New York Stock Exchange]] in 1994.<ref name="Market Realist gil">{{cite web|last1=Gilroy|first1=Annie|title=Must Know: An Overview of Kinross Gold Corp.|url=http://marketrealist.com/2015/10/must-know-overview-kinross-gold-corp/|website=Market Realist|
Kinross' first project – now operated by its subsidiary Fairbanks Gold Mining – was the [[Fort Knox Gold Mine]], an [[open-pit mining]] operation in Alaska. The area, including surrounding deposits, was [[prospecting|prospected]] as early as 1913, but no mining took place until 1996. The mine currently produces over 200,000 ounces of gold a year.<ref>{{Cite web
In 1998, a wholly owned subsidiary of Kinross merged with Amax Gold, forming Kinam Gold, the company's largest subsidiary.<ref name=cmj /><ref name="KG-Fort Knox">{{cite web|title=Fort Knox, Alaska, USA|url=http://kinross.com/operations/operation-fort-knox-alaska-usa.aspx|publisher=Kinross Gold|access-date=27 August 2011|archive-date=20 January 2018|archive-url=https://web.archive.org/web/20180120182149/http://kinross.com/operations/operation-fort-knox-alaska-usa.aspx|url-status=dead}}</ref> effectively transferring ownership of the mine back to Kinross, along with [[Maricunga Gold Mine]] in Chile, as part of the merger.<ref name=cmj>{{cite journal|last=Scales|first=Marilyn|title=How to Get Gold Out of Fort Knox|journal=Canadian Mining Journal|date=June 2003|url=http://www.canadianminingjournal.com/news/how-to-get-gold-out-of-fort-knox/1000152441/|access-date=31 August 2011}}</ref>
===1999 – 2006===
Kinross acquired [[Hollinger Mines]] in 1999 as part of a land package prior to the bankruptcy of [[Royal Oak Mines]]
In July 2002, Kinross and [[Placer Dome]] combined their assets in [[Timmins]], Ontario and formed the Porcupine Joint Venture (51% Placer Dome, 49% Kinross).<ref>{{cite news|last=Vieira|first=Paul|title=Placer Dome, Kinross to join forces in Ontario gold operation: Kinross gains mill access|newspaper=National Post|date=12 April 2002|page=FP7}}</ref> In January 2003 Kinross TVX Gold and [[Echo Bay Mines]] shareholders approved a $3-billion merger, combining the three companies, while retaining the name Kinross Gold.<ref name="Mining Weekly dividend">{{cite web|last1=CZERNOWALOW|first1=MARTIN|title=Newmont increases dividend|url=http://www.miningweekly.com/article/newmont-increases-dividend-2003-01-31|website=Mining Weekly|access-date=17 September 2016}}</ref><ref>{{cite news|title=COMPANY NEWS Kinross, Echo Bay, TVX Delay Merger|url=http://www.canadianminingjournal.com/news/company-news--kinross-echo-bay-tvx-delay-merger/1000026617/|access-date=2 September 2011|newspaper=Canadian Mining Journal|date=20 November 2002}}</ref> The TVX merger resulted in Kinross' stake in the La Coipa open pit mine, the remainder being purchased from [[Goldcorp]] in 2007.
In 2006, Kinross bought Crown Resources Corporation, which gave it ownership of the mineral resource Buckhorn Mountain (later Buckhorn Gold Mine) and the associated mineral processing facilities.<ref>{{cite book|title=Okanogan and Wenatchee National Forests (N.F.), Buckhorn Access Project: Environmental Impact Statement|url=https://books.google.com/books?id=nJ82AQAAMAAJ&pg=SL19-PA4|year=2007|pages=19–}}</ref><ref name="lupin sold">{{cite news|last=Leng Yeong|first=Cheng|title=Kinross Has Record $65.6 Million Profit on Gold Rally (Update4)|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aVfXPahtN8A4&refer=canada|archive-url=https://web.archive.org/web/20121106124539/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aVfXPahtN8A4&refer=canada|url-status=dead|archive-date=6 November 2012|access-date=2 September 2011|newspaper=Bloomberg|date=4 August 2006}}</ref>
===2007 – present===
In 2007, Kinross traded assets with [[Goldcorp]]; Kinross received $200 million and the remaining portion of the La Coipa Gold Mine it had acquired with the TVX merger, in exchange for giving up its 49% of the Porcupine Joint Venture and 31.9% of the [[Musselwhite mine]].<ref name="sells porcupine">{{cite news|title=Analysts see Goldcorp, Kinross asset swap gains|url=http://uk.reuters.com/article/goldcorp-kinross-idUKN2620866720070926|access-date=2 September 2011|newspaper=Bloomberg|date=26 Sep 2007}}</ref>
In 2010, Kinross purchased 91% of [[Red Back Mining]] for $7.1 billion.<ref name="Mail2012">{{cite book|author=The Globe and Mail|title=The Lunch|url=https://books.google.com/books?id=G-ik8NmYmcwC&pg=PA104|date=29 June 2012|publisher=Booktango|isbn=978-1-4689-0835-0|pages=104–}}</ref> The purchase brought with it the two gold mines in Africa (Chirano and Tasiast).<ref name=NYT>{{cite news|url=https://www.nytimes.com/2010/08/03/business/global/03gold.html |title=In Canada, a Merger for Miners of Gold|publisher=The New York Times (AP)|date= August 2, 2010|access-date= August 2, 2010}}</ref> Also that year, Kinross acquired the [[Dvoinoye Gold Mine|Dvoinoye deposit]] and the property in Vodorazdelnaya, about {{convert|90|km|mi}} north of Kinross’ Kupol operation. In 2011, Kinross entered into a share purchase agreement with the State Unitary Enterprise of the Chukotka Autonomous Okrug, whereby it held 100% of the Kupol mine and exploration licenses. Kinross sold its interest in the Crixás mine to [[AngloGold Ashanti]] in 2012.<ref name="Canadian Mining Journal unload">{{cite web|title=Kinross unloads stake in Crixas for US$220 million|url=http://www.canadianminingjournal.com/news/kinross-unloads-stake-in-crixas-for-us-220-million/|website
In December 2017, Kinross acquired mineral rights to Gilmore, or Parcel G, a 709-acre tract adjacent to its [[Fort Knox Gold Mine]], about 25 miles northeast of [[Fairbanks, Alaska]]. Estimates of the land valued it as containing 2.1 million ounces of gold.<ref>[http://www.newsminer.com/news/alaska_news/kinross-acquires-gilmore-tract-west-of-fort-knox/article_fb503ec0-df91-11e7-a00d-5be3e07abfea.html Wood, Robin] Kinross acquires Gilmore tract west of Fort Knox", Dec 12, 2017. Retrieved January 18, 2017.]</ref>
In December 2021, Kinross offered to acquire Great Bear Resources for $29 per share, or about $1.8 billion, giving it ownership of a
==Non-operating, discontinued and divested mines==
* '''Julietta Mine -''' Julietta is a gold and silver mine located in the [[Omsukchansky District]] of [[Magadan Oblast]], near Russia's far eastern border.<ref>[https://mining-atlas.com/operation/Julietta-Gold-Silver-Mine.php ''Mining Atlas''] {{Webarchive|url=https://web.archive.org/web/20180120124707/https://mining-atlas.com/operation/Julietta-Gold-Silver-Mine.php |date=2018-01-20 }} "Julietta Data". Retrieved January 19, 2018.</ref>
* '''Kettle River-Buckhorn -''' the [[State of Washington|Washington]]-state based mine and mill were acquired by Kinross in 2006, and was closed in 2017.<ref>{{cite web |title=Major Mines & Projects {{!}} Kettle River-Buckhorn Mine |url=https://miningdataonline.com/property/132/Kettle-River-Buckhorn-Mine.aspx |website=miningdataonline.com |access-date=25 June 2021}}</ref><ref>{{cite news|author1=Brock Hires|title=Buckhorn mine scheduled to close by April|url=http://www.omakchronicle.com/news/2017/mar/01/buckhorn-mine-scheduled-close-april/|access-date=30 March 2017|agency=Omak Chronicle|date=February 28, 2017|language=en}}</ref>
* '''Mineral Hill -''' located on the east side of Crevice Mountain, [[Montana]], Mineral Hill operated from 1990 to 1996. In 2017, Kinross donated water rights representing 3 billion gallons of water to [[Trout Unlimited]] to protect fish habitat in tributaries of the [[Yellowstone River]].<ref>[http://www.nasdaq.com/press-release/kinross-gold-trout-unlimited-and-rocky-mountain-elk-foundation-partner-to-protect-wildlife-habitat-20170817-00529 ''Marketwired''] via ''Nasdaq'': "Kinross Gold, Trout Unlimited and Rocky Mountain Elk Foundation partner to protect wildlife habitat near Yellowstone National Park" August 17, 2017. Accessed September 12, 2017.</ref>
* '''[[Cerro Casale mine|Cerro Casale]] -''' Chile-based mine acquired by Kinross in 2007.<ref name="Usa2009">{{cite book|author=Usa Ibp Usa|title=Chile Mineral & Mining Sector Investment and Business Guide Volume 1 Strategic Information and Regulations|url=https://books.google.com/books?id=rglc6dRyspUC&pg=PA63|date=November 2009|publisher=Int'l Business Publications|isbn=978-1-4330-0664-7|pages=63–}}</ref><ref name="GoldSeek">{{cite web|last1=Russell|first1=Simon|title=Exeter Resource Corporation: Big Gold Discovery in Northern Chile|url=http://news.goldseek.com/GoldSeek/1334948400.php|website=GoldSeek|access-date=25 September 2016}}</ref> As of 2015, the mine was inactive,<ref name="Minería Chilena">{{cite web|title=Estudio para reactivar Cerro Casale finaliza sin éxito y Barrick lo saca de su portafolio|url=http://www.mch.cl/2015/03/31/estudio-para-reactivar-cerro-casale-finaliza-sin-exito-y-barrick-lo-saca-de-su-portafolio/#|website=Minería Chilena|date=31 March 2015 |access-date=25 September 2016}}</ref> and Kinross divested in 2017.<ref>{{cite web|title=Kinross Gold Completes Sale of Cerro Casale Interest|url=https://www.juniorminingnetwork.com/junior-miner-news/press-releases/879-tsx/k/33251-kinross-gold-completes-sale-of-cerro-casale-interest.html|website=Market Wired|date=9 June 2017 |access-date=9 June 2017|language=en}}</ref>
* '''[[Crixás, Brazil|Crixás]] -''' Kinross sold its 50% interest in the [[Brazil]]-based mine to [[AngloGold Ashanti]] for $220 million.<ref name="Kinross Gold crixas">{{cite web|last1=Mitchell|first1=Steve|title=Kinross agrees to sale of Crixás interest for $220 million|url=http://www.kinross.com/news-and-investors/news-releases/press-release-details/2012/Kinross-agrees-to-sale-of-Crixs-interest-for-220-million/default.aspx|website=Kinross Gold|access-date=17 September 2016}}</ref>
* '''[[Fruta del Norte mine|Fruta del Norte]] -''' Kinross purchased 100% of outstanding shares in the Ecuadorian deposit in 2008,<ref name="Mining ecuador">{{cite web|last1=Jamasmie|first1=Cecilia|title=Lundin Gold getting closer to developing Fruta del Norte in Ecuador|url=http://www.mining.com/lundin-gold-getting-closer-to-developing-fruta-del-norte-in-ecuador/|website=Mining|date=17 June 2016 |access-date=23 September 2016}}</ref> but ceased development in 2013,<ref name="Bloomberg ecuador">{{cite news|last1=Gill|first1=Nathan|title=Kinross Reaches Preliminary Agreement for Ecuador Mine|url=https://www.bloomberg.com/news/articles/2011-12-06/kinross-reaches-preliminary-agreement-for-ecuador-mine-1-|newspaper=Bloomberg.com|date=6 December 2011 |publisher=Bloomberg|access-date=23 September 2016}}</ref> and sold the rights in 2014.<ref name="Wall Street Journal ecuador">{{cite news|last1=Alvaro|first1=Mercedes|title=Kinross to Sell Interest in Ecuador's Fruta del Norte Gold Mine to Fortress|url=https://www.wsj.com/articles/kinross-to-sell-interest-in-ecuadors-fruta-del-norte-gold-mine-to-fortress-1413945895|website=Wall Street Journal|date=22 October 2014 |access-date=23 September 2016}}</ref>
* '''La Coipa -''' Kinross incurred an impairment charge of $124 million in 2014 after development on the Chile-based mine ceased.<ref name="Reuters coipa">{{cite news|last1=Tilak|first1=John|last2=O'Brien|first2=Rosalba|title=Exclusive: Kinross to retreat from Chile, puts unit on the block|url=https://www.reuters.com/article/us-kinross-divestiture-chile-idUSKCN10T1WC?type=companyNews|website=Reuters|date=18 August 2016 |agency=Reuters|access-date=24 September 2016}}</ref> In February 2020, Kinross announced it was proceeding with the La Coipa Restart project to mine the Phase 7 deposit, expected to operate from 2022 to 2024.<ref>{{Cite web |last=Webb |first=Mariaan |date=2020-02-13 |title=Kinross pulls trigger on La Coipa restart project |url=https://www.miningweekly.com/article/kinross-pulls-trigger-on-la-coipa-restart-project-2020-02-13 |access-date=2022-05-26 |website=Mining Weekly}}</ref>
* '''[[Lobo-Marte mine|Lobo-Marte]] -''' After acquiring 40% interest in the Chile mine in 2008,<ref>{{cite web|title=2008 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2008/2008-annual-report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|access-date=9 September 2016|page=34|language=en}}</ref> Kinross acquired the remaining interest in 2009, for a total cost of $182 million.<ref>{{cite web|title=2009 Kinross Gold Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2010/2010-annual-report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corpo ration|access-date=9 September 2016|page=58|language=en}}</ref> The results of a pre-feasibility study at Lobo-Marte was announced in July 2020. Subject to development decision, project construction will begin in 2025, with production expected in 2027.<ref>{{Cite web |last=Mitrovic |first=Tijana |date=2020-07-15 |title=Kinross Gold reports pre-feasibility results for its Lobo-Marte gold project |url=https://magazine.cim.org/en/news/2020/kinross-gold-reports-prefeasibility-results-for-lobo-marte-gold-project-en/ |access-date=2022-05-26 |website=CIM Magazine}}</ref>
* '''[[Maricunga Gold Mine|Maricunga]] -''' Operations ceased in August 2016, after the Chilean government shut off the mine's water supply over environmental concerns.<ref name="Reuters chile">{{cite news|last1=George|first1=Vishaka|title=Kinross suspends operations at Chile mine, lays off 300 workers|url=https://www.reuters.com/article/kinross-mine-chile-idUSL3N1B64TT|website=Reuters|date=25 August 2016 |access-date=23 September 2016}}</ref> As a result, 300 employees were laid off,<ref name="Mining maricunga">{{cite web|last1=Jasmamie|first1=Cecilia|title=Kinross Gold halts Maricunga mine in Chile, lays off 300 workers|url=http://www.mining.com/kinross-gold-halts-maricunga-mine-in-chile-lays-off-300-workers/|website=Mining|date=26 August 2016 |access-date=23 September 2016}}</ref> and Kinross incurred an impairment charge of $68 million.<ref>{{cite web|title=2016 Kinross Gold Financial Statements|url=https://www.kinross.com/news-and-investors/news-releases/press-release-details/2017/Kinross-reports-2016-fourth-quarter-and-full-year-results/|website=Kinross Gold|pages=34|language=en}}</ref>
*'''[[Dvoinoye Gold Mine]] & [[Kupol Gold Mine]] -''' The Dvoinoye and Kupol gold mines are located in Russia approximately {{convert|100|km|mi|sigfig=1}} apart; Dvoinoye is an [[underground mine]], while Kupol is a combination of open-pit and underground. Acquired in 2010 and opened in 2013, Dvionoye/Kupol was one of Kinross' most profitable segments. In April 2022, Kinross announced that it was selling 100% of its Russian assets to the Highland Gold Mining, completing the sale of Russian assets two months later.<ref>{{Cite web |title=Canadian miner Kinross Gold selling 100% of Russian assets as it exits country {{!}} Globalnews.ca |url=https://globalnews.ca/news/8737141/kinross-gold-selling-russia-assets/ |access-date=2022-04-05 |website=Global News |language=en-US}}</ref><ref>{{cite web |last1=Friedman |first1=Gabriel |title=Kinross finds buyer for Kupol mine complex in what analyst calls 'messy exit' from Russia |url=https://financialpost.com/commodities/mining/kinross-finds-buyer-for-kupol-mine-complex-in-what-analyst-calls-messy-exit-from-russia |website=Financial Post |access-date=4 May 2022 |language=en |date=6 April 2022}}</ref>
== Financial Performance ==
=== Gold production ===
Annual gold production (
* 2013
* 2014
* 2015
* 2016
* 2017
* 2018
* 2019 - 2,507
* 2020 - 2,366
* 2021 - 2,063<ref name=":0" />
=== Gold reserves ===
Kinross' proven and probable gold reserves were 32.6 million ounces as of December 31, 2021.<ref name=":0" />
===Assets===
Kinross Gold's total assets decreased significantly in recent years, from $US 16.39 billion in 2010 to $US 7.73 billion in 2015.<ref>See page 110 of 2010 Annual Report - http://fb.kinross.com/media/213502/2010%20annual%20report.pdf {{Webarchive|url=https://web.archive.org/web/20160915175712/http://fb.kinross.com/media/213502/2010%20annual%20report.pdf |date=2016-09-15 }}</ref><ref>{{cite web|title=2015 Annual Report|url=http://s2.q4cdn.com/496390694/files/ar/2015/pdf/2015-Kinross-Gold-Annual-Report.pdf|publisher=Kinross Gold Corporation|access-date=4 January 2017|language=en}}</ref>
===Other===
Kinross suspended dividend payments in 2013.<ref>See page MDA14 2013 financial statements - http://s2.q4cdn.com/496390694/files/doc_financials/annual/2013/kinross-2013-annual-report.pdf</ref> It started paying again in 2020, and that year, also announced a share buyback program.<ref>{{Cite web |last=Webb |first=Mariaan |date=29 July 2021 |title=Kinross unveils share buyback plan, lowers Tasiast restart costs |url=https://www.miningweekly.com/article/kinross-unveils-share-buyback-plan-lowers-tasiast-restart-costs-2021-07-29 |access-date=21 April 2022 |website=Mining Weekly}}</ref>
In 2015 in the wake of declining gold prices, Kinross closed their office in [[Denver]] and eliminated 110 corporate positions in Denver, Chile, Spain, and Toronto.<ref name="denver closure">{{cite news|last1=Ian|first1=McGugan|title=Kinross to shut down Denver office, cut 110 corporate jobs|url=https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/kinross-cuts-110-corporate-jobs-and-closes-denver-office/article27200632/|access-date=12 March 2016|agency=The Globe and Mail|date=10 November 2015}}</ref>
In 2016, [[Standard & Poor's]] lowered Kinross' credit rating to [[High-yield debt|junk bond]] status, largely based on the share of their production that came from mines in Russia, which the agency saw as a significant risk.<ref name="junk status">{{cite news|url=https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/kinross-golds-credit-rating-cut-to-junk/article28804064/|title= Kinross Gold's credit rating cut to junk |newspaper=The Globe and Mail|last= Bochove |first=Danielle|date=18 February 2016}}</ref>
In 2017, [[Moody's Investors Service]] assigned a Ba1 rating to Kinross, "primarily driven by the company's good scale (2.78 million gold-equivalent ounces (GEO) as of March 2017 LTM), low leverage (1.7x LTM adjusted Debt/EBITDA), and very good [[liquidity]] (SGL-1).<ref>{{cite news|url=https://www.moodys.com/research/Moodys-assigns-Ba1-rating-to-Kinross-Gold-Corporations-new-senior--PR_368784|title= Moody's assigns Ba1 rating to Kinross Gold Corporation's new senior unsecured notes |publisher=Moody's Investor Service|last= Moody's |first=Staff|date=28 June 2017}}</ref>
On March 2, 2020, Moody's announced it had upgraded Kinross's credit rating to investment grade.<ref>{{Cite web |title=Form 6-K KINROSS GOLD CORP For: Mar 03 |url=https://www.streetinsider.com/dr/news.php?id=16564119 |access-date=2022-05-27 |website=www.streetinsider.com}}</ref> Their senior unsecured notes rating was upgraded to Ba1, with a stable outlook. Kinross currently holds investment grade ratings from Moody's, S&P Global Ratings, and [[Fitch Ratings]].<ref>{{Cite web |title=Mining Weekly - Moody's upgrades Kinross rating to investment grade |url=https://www.miningweekly.com/print-version/moodys-upgrades-kinross-rating-to-investment-grade-2020-03-03 |access-date=2022-05-27 |website=Engineering News |language=en}}</ref>
==Corporate responsibility==
In 2015, Kinross achieved an A− ranking in ''[[Maclean's]]'' magazine's annual assessment of socially responsible companies, the highest ranking of any Canadian mining company.<ref name="Mining Global">{{cite web|title=What does it take to be a responsible miner?|url=http://www.miningglobal.com/operations/1666/What-does-it-take-to-be-a-responsible-miner|website
For Kinross' cooperation with an environmental group in [[Washington (state)|Washington state]], and for five out of eight mines being in compliance with the [[International Cyanide Management Code]] (as of May 2013, the Company had eight of its nine mines in compliance with the International Cyanide Management Code),<ref>{{cite news|url=http://www.kinross.com/media/247031/2012%20kinross%20cr%20data%20supplement.pdf|title=2012 CR Data Supplement|publisher=Kinross Gold Corporation|url-status=dead|archive-url=https://web.archive.org/web/20130808224759/http://www.kinross.com/media/247031/2012%20kinross%20cr%20data%20supplement.pdf|archive-date=2013-08-08}}</ref> Kinross was recognized as one of Canada's Top 50 Most Responsible Corporations by ''Maclean's'' magazine and Jantzi Research in 2009.<ref name="Jantz-Mac 2009">{{cite news|title=Jantzi-Macleans 50 Most Socially Responsible Corporations 2009|url=http://www.macleans.ca/2009/06/18/jantzi-macleans-50-most-socially-responsible-corporations/29/|access-date=27 August 2011|newspaper=Maclean's|date=June 18, 2009}}</ref><ref name="Natural Resources Canada">{{cite web|title=CSR ABROAD – Anti-Corruption and Bribery|url=https://www.nrcan.gc.ca/mining-materials/mining/corporate-social-responsibility/17225|website
Through a $1 million donation by Kinross in 2010, the [[University of Guelph]] created a new chair as part of its BetterPlanet Project. Said Chair is named the Kinross Chair in Environmental Governance, and is held by a "succession of experts".<ref name="University of Guelph">{{cite web|title=Kinross Chair in Environmental Governance|url=http://www.uoguelph.ca/csahs/kinrosskec/kinross-chair-environmental-governance-0|website
In 2010, Kinross committed to contribute $10 million over a three-year period towards developing a mining school in Mauritania. The following year, it committed $2.5 million to build and equip a medical emergency centre in that country.<ref name="The Globe and Mail school">{{cite
In 2013, Kinross was named to the [[Dow Jones Sustainability Indices#DJSI World Index|Dow Jones Sustainability World Index]] for the third consecutive year, as well as the DJSI North American Index, the Ethibel Excellence Investment Register, and the Ethical Global Equity and ECPI Global Carbon Indices. For the fifth consecutive year, the
In 2021, Kinross was ranked no. 22 out of 120 oil, gas, and mining companies involved in resource extraction north of the Arctic Circle in the Arctic Environmental Responsibility Index (AERI).<ref>Overland, I., Bourmistrov, A., Dale, B., Irlbacher‐Fox, S., Juraev, J., Podgaiskii, E., Stammler, F., Tsani, S., Vakulchuk, R. and Wilson, E.C. 2021. The Arctic Environmental Responsibility Index: A method to rank heterogenous [[extractivism|extractive industry]] companies for governance purposes. ''Business Strategy and the Environment''. 30, 1623–1643. https://onlinelibrary.wiley.com/doi/10.1002/bse.2698</ref> === Carbon footprint ===
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