Content deleted Content added
does not belong in this article |
Burritomundo (talk | contribs) Moved Ops section to match template of similar pages, removed two redundant images |
||
Line 21:
'''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 seven 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, Ghana, Mauritania, Russia and the United States. It trades under the KGC ticker in the [[New York Stock Exchange]], and under K in the [[Toronto Stock Exchange]].
== History ==▼
===Founding and early years===▼
[[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|publisher=Market Realist|access-date=23 September 2016}}</ref>▼
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|last=News|first=North of 60 Mining|title=Fort Knox Mine gold output hits new low|url=https://www.miningnewsnorth.com/story/2020/02/14/news/fort-knox-mine-gold-output-hits-new-low/6176.html|access-date=2021-08-16|website=North of 60 Mining News}}</ref>▼
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}}</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]]. The Hollinger property was sold to [[Goldcorp]] in 2006, and was closed for land rehabilitation in 2019.<ref>[https://documents.tips/documents/goldcorp-hollinger-mine-closure-plan.html AMEC Earth & Environmental] "Goldcorp Hollinger Mine Closure Plan", AMEC Americas Limited, December 2010. Retrieved November 3, 2017.</ref><ref>[https://www.timminstoday.com/local-news/hollinger-open-pit-mining-operation-to-close-in-2019-272791 Giorno, Frank] "Hollinger open pit mining operation to close in 2019", ''Timmins Today'', April 2, 2016.</ref>▼
In February 1999, Kinross acquired LA Teko Resources Ltd. through its wholly owned subsidiary, LT Acquisition Inc. division.<ref>{{cite book|title=Canadian Mines Handbook|url=https://books.google.com/books?id=zM9RAQAAIAAJ|year=2001|publisher=Southam Mining Group}}</ref>▼
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> Also in 2002, Kinross TVX Gold, and [[Echo Bay Mines]] proposed a $3-billion merger, which would combine the three companies, while retaining the name Kinross Gold. The merger was delayed from its original closing due to Kinross' inability to raise the necessary funds,<ref>{{cite news|title=COMPANY NEWS Kinross, Echo Bay, TVX Delay Merger|url=http://www.canadianminingjournal.com/news/company-news--kinross-echo-bay-tvx-delay-merger/1000026617/|access-date=2 September 2011|newspaper=Canadian Mining Journal|date=20 November 2002}}</ref> but was approved by shareholders in January 2003.<ref name="Mining Weekly dividend">{{cite web|last1=CZERNOWALOW|first1=MARTIN|title=Newmont increases dividend|url=http://www.miningweekly.com/article/newmont-increases-dividend-2003-01-31|website=Mining Weekly|publisher=Mining Weekly|access-date=17 September 2016}}</ref> The TVX merger resulted in Kinross' stake in the La Coipa open pit mine, the remainder being purchased from [[Goldcorp]] in 2007.[[File:Round Mountain gold mine, leach dumps.jpg|thumb|[[Dump leaching|Leach dumps]] at the Round Mountain Mine]]▼
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><ref name="Kinross Gold kettle">{{cite web|title=Kettle River-Buckhorn, USA|url=http://fb.kinross.com/operations/operation-kettle-river-buckhorn-usa.aspx|website=Kinross Gold|publisher=Kinross Gold|access-date=17 September 2016}}</ref> That year saw the sale of Kinross' Blanket mine in Zimbabwe to Caledonia Mining Corporation. Kinross had never operated the mine given it was written down in 2002.<ref>{{cite book|title=SA Mining: South African Mining, Coal, Gold, and Base Minerals|url=https://books.google.com/books?id=xsDzAAAAMAAJ|date=May 2006|publisher=TML Business}}</ref><ref name="Africa Intelligence">{{cite web|title=Kinross Braces for $11.8 Million Loss|url=https://www.africaintelligence.com/AMA/exploration--production/2002/01/20/kinross-braces-for-dollars118-million-loss,3220840-ART|website=Africa Intelligence|publisher=Africa Intelligence|access-date=14 October 2016|date=2002-01-20}}</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; and sold 25% of its interest in the Cerro Casale project in Chile to Barrick. The following year, Kinross entered into a share purchase agreement with the State Unitary Enterprise of the Chukotka Autonomous Okrug, whereby it held 100% of the Kupol mine and exploration licenses. Kinross sold its interest in the Crixás mine to [[AngloGold Ashanti]] in 2012.<ref name="Canadian Mining Journal unload">{{cite web|title=Kinross unloads stake in Crixas for US$220 million|url=http://www.canadianminingjournal.com/news/kinross-unloads-stake-in-crixas-for-us-220-million/|website=Canadian Mining Journal|publisher=Canadian Mining Journal|access-date=24 September 2016|date=2012-05-30}}</ref><ref name="Lexpert">{{cite web|title=Kinross Gold Acquires Red Back Mining for $7.3B|url=http://www.lexpert.ca/article/kinross-gold-acquires-red-back-mining-for-73b/?p=%7C273&sitecode=DIR|website=Lexpert|publisher=Lexpert|access-date=23 September 2016}}</ref>▼
In 2013, the company's silver production was 9 million ounces, making them the 18th largest silver producer in the world at the time.<ref>{{cite web|title=Silver Institute largest silver producer rankings|url=https://www.silverinstitute.org/site/supply-demand/silver-production/|archive-url=https://wayback.archive-it.org/all/20111220084412/http://www.silverinstitute.org/site/supply-demand/silver-production/|url-status=dead|archive-date=20 December 2011|access-date=16 July 2014|df=dmy-all}}</ref>In 2015, Kinross produced 2.59 million ounces of gold, and were listed as the fifth largest gold producer worldwide.<ref name="top ten">{{cite news|last1=Basov|first1=Vladimir|title=UPDATED: The world's top 10 gold producers|url=http://www.mining.com/top-10-gold-companies-in-2014-67501/|access-date=11 March 2016|publisher=Mining.com|date=26 February 2015}}</ref> Kinross' proven and probable gold reserves were 33.2 million ounces as at December 31, 2015.<ref name="Kinross Gold 2015 Annual Report">{{cite web|title=Kinross Gold 2015 Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|access-date=7 September 2016|page=66|language=en}}</ref> ▼
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 mine in Red Lake, Ontario, Canada.<ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |date=December 8, 2021 |title=Kinross to buy Great Bear for $1.42 billion |url=https://www.mining.com/kinross-to-buy-great-bear-for-1-42-billion/ |work=Mining.com |location= |access-date=}}</ref> The deal is expected to close in Q1 2022.<ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |date=December 9, 2021 |title=Kinross signs deal to buy Great Bear Resources and its Dixie gold project in Ontario |url=https://www.thestar.com/business/2021/12/09/kinross-signs-deal-to-buy-great-bear-resources-and-its-dixie-gold-project-in-ontario.html |work=The Canadian Press |location= |access-date=}}</ref> Kinross shares dropped 9% after it announced the buyout bid.<ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |date=December 9, 2021 |title=TSX slips as energy stocks weigh, Kinross slides on $1.8 billion bid for Great Bear |url=https://financialpost.com/commodities/mining/tsx-slips-as-energy-stocks-weigh-kinross-slides |publisher=Reuters|via=[[Financial Post]] |location= |access-date=}}</ref>▼
==Operations==
Line 55 ⟶ 27:
{| class="sortable wikitable"
|-
! style="background-color:#daa520;" |Asset
! style="background-color:#daa520;" |Country
! style="background-color:#daa520;" |Kinross stake
! style="background-color:#daa520;" |Type of mine
! style="background-color:#daa520;" |Gold production, 2017<ref name="Op">[http://www.kinross.com/operations/default.aspx Operations] - Kinross official website. Retrieved 12 July 2018</ref>
! style="background-color:#daa520;" |2017 reserves<ref name="Op" />
|-
|[[Fort Knox Gold Mine]]
Line 120 ⟶ 92:
===Fort Knox===
This property counts includes a mill, [[tailings]] storage, [[Heap leaching|heap leach]] facility, the Gil project, and the True North open pit mine, which is closed and under monitoring.<ref name="Reuters company profile">{{cite web|title=Kinross Gold Corp (KGC)|url=https://www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=KGC|url-status=dead|archive-url=https://web.archive.org/web/20100223052050/http://www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=KGC
[[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 since 2003. Round Mountain was a joint venture between Round Mountain Gold Corporation (a Kinross subsidiary) and [[Barrick Gold]]. Kinross' merger with [[Echo Bay Mines]] gave them a 50% share of Round Mountain, with Barrick retaining the remainder. In 2016 Kinross purchased Barrick's 50% interest. Round Mountain is located in an area where mining has taken place since 1906, having produced 350,000 ounces of gold over a sixty-year period. Its production volume was approximately 197,000 gold equivalent ounces for 2015.<ref name="LandsResources1999">{{cite book|author1=Committee on Hardrock Mining on Federal Lands|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
In September 2017, Kinross announced the Phase W expansion project for Round Mountain. Phase W is expected to extend mining at the site by five years and to increase its life-of-mine production by 1.5 million Au oz. and is predicted to generate incremental cash flow of $265 million, with a sustained annual production of about 341,000 au oz. through 2024. This top performing mine benefits from one of the top mining locales in the world.<ref>[https://www.reuters.com/article/brief-kinross-gold-says-to-proceed-with/brief-kinross-gold-says-to-proceed-with-tasiast-phase-two-round-mountain-phase-w-expansion-projects-idUSB8N1LI02V ''Reuters''] "Kinross Gold says to proceed with Tasiast Phase Two, Round Mountain Phase W expansion projects," September 18, 2017. Retrieved November 3, 2017.</ref><ref name="Lazenby, Henry">[http://www.miningweekly.com/print-version/kinross-to-proceed-with-tasiast-phase-2-round-mountain-expansion-projects-2017-09-18 Lazenby, Henry] "Kinross to proceed with Tasiast Phase 2, Round Mountain expansion projects", ''Mining Weekly, September 18, 2017. Retrieved November 3, 2017.''</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/
The grade of Bald Mountain's 2.1 million ounces of proven and probable reserves is 0.63 g/tonne.<ref>{{cite web|title=Kinross acquired Bald Mountain in January 2016|url=http://www.kinross.com/default.aspx?SectionId=fbafbf65-c79e-4c38-bdbd-7a717d86a5dc&LanguageId=1|access-date=30 March 2017|website=www.Kinross.com|publisher=Kinross Gold
Bald Mountain incurred an operating loss of $37 million during 2016.<ref>{{cite web|date=December 31, 2016|title=2016 Management's Discussion and Analysis|url=http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2016/q4/Q42016_MDA_Eng.pdf
===Paracatu===
In Brazil, Kinross owns the open-pit [[Paracatu, Minas Gerais|Paracatu]] gold mine, located in northwest [[Minas Gerais]]. It includes two process plants, two tailings facilities, as well as accompanying infrastructure. On January 31, 2003, Kinross acquired a 49% ownership interest as part of the acquisition of TVX Gold. On December 31, 2004, Kinross acquired the remaining 51% from [[Rio Tinto Group|Rio Tinto]] for $255 million,<ref>{{cite book
===Tasiast===
Red Back Mining Inc. began production in 2008 at the Tasiast mine in [[Mauritania]]. In September 2010, Kinross acquired Tasiast by buying all the shares of Red Back.<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
The property includes an open-pit gold mine with a combined carbon-in-leach and dump leach operation, as well as an [[adsorption]]-[[desorption]] recovery plant that produces [[Doré bar|doré]].<ref name="The Northern Miner liability">{{cite web|last1=KEEVIL|first1=MATTHEW|title=Kinross aims to move Tasiast from liability to 'world-class'|url=http://www.northernminer.com/news/kinross-aims-to-move-tasiast-from-liability-to-world-class/1003771606/|website=The Northern Miner|publisher=The Northern Miner|access-date=25 September 2016}}</ref>▼
▲The property includes an open-pit gold mine with a combined carbon-in-leach and dump leach operation, as well as an [[adsorption]]-[[desorption]] recovery plant that produces [[Doré bar|doré]].<ref name="The Northern Miner liability">{{cite web|last1=KEEVIL|first1=MATTHEW|title=Kinross aims to move Tasiast from liability to 'world-class'|url=http://www.northernminer.com/news/kinross-aims-to-move-tasiast-from-liability-to-world-class/1003771606/|access-date=25 September 2016|website=The Northern Miner|publisher=The Northern Miner
In 2015, the mine produced 212,000 gold equivalent ounces.[[File:Paracatu mill.jpg|thumb|Mills at Paracatu mine in Brazil, 2014.]]In 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/
Tasiast incurred an [[operating loss]] of $119 million in 2016.<ref>{{cite web|date=December 31, 2016|title=2016 Management's Discussion and Analysis
====Impairment charges related to Tasiast====
Line 159 ⟶ 122:
* 2011 - $US 2.490 billion<ref name="fb.kinross.com">see page MDA 27; http://fb.kinross.com/media/245138/kinross%20gold%20annual%20report%202012.pdf</ref>
* 2012 - $US 3.416 billion<ref name="fb.kinross.com" />[[File:Tasiast truck.jpg|thumb|Tasiast pit in Mauritania, 2014.]]
* 2013 - $US 1.488 billion<ref name="2014annualreport.kinross.com">see page MDA 23 of the 2014 Annual Report http://2014annualreport.kinross.com/pdf/annual-report-2014.pdf</ref>
* 2014 - $US 0.505 billion<ref name="2014annualreport.kinross.com" />
* 2015 - $US 0.259 billion<ref>See page MDA 23 of 2015 Annual Report http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf</ref>
====Tasiast Expansion====
On March 30, 2016, Kinross announced it was expanding the Tasiast operation.<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=The Northern Miner|publisher=The Northern Miner
In September 2017, Kinross launched a Phase 2 expansion. Annual production was expected to increase to more than 800,000 gold ounces per year for the first five years. A feasibility study indicated 24% IRR and $2.2 billion in [[cashflow]] over the life of mine.<ref name="Lazenby, Henry" />
Line 175 ⟶ 138:
#Kinross had misrepresented that the expansion project at the Tasiast mine remained on schedule.<ref>Paragraphs 4 and 158 of the court decision - Bayens v Kinross - Ontario Superior Court - http://www.canlii.org/en/on/onsc/doc/2013/2013onsc6864/2013onsc6864.html?autocompleteStr=bayens&autocompletePos=3</ref>
In 2015, the parties reached settlement agreements which included payments by Kinross totaling approximately $US 40 million.<ref name="s2.q4cdn.com" />
===Chirano===
The Red Back purchase gave Kinross a 90% stake in the Chirano Gold Mine, while the remainder is held by the [[Government of Ghana]]. The mine produced nearly a quarter million ounces of gold in 2011.<ref name="NYT" /> The mine is made up of three open pits and two underground operations.<ref name="EMJ">{{cite journal|date=14 September 2010|title=Kinross Agrees to Acquire Red Back
Chicano incurred an operating loss of $58 million in 2016.<ref>{{cite web|title=2016 Management's Discussion and Analysis|url=http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2016/q4/Q42016_MDA_Eng.pdf|publisher=Kinross Gold Corporation|access-date=15 February 2017|pages=19|language=en|date=December 31, 2016}}</ref>▼
▲Chicano incurred an operating loss of $58 million in 2016.<ref>{{cite web|date=December 31, 2016|title=2016 Management's Discussion and Analysis|url=http://s2.q4cdn.com/496390694/files/doc_financials/quarterly_reports/2016/q4/Q42016_MDA_Eng.pdf
===Dvoinoye and Kupol===
The Dvoinoye and Kupol gold mines are located in Russia approximately {{convert|100|km|mi|sigfig=1}} apart.
Dvoinoye/Kupol is Kinross' most profitable operating segment. During 2016, its operating earnings were $345 million.<ref>See page 23 of Q4 2016 Kinross Management Discussion and Analysis</ref>
The Dvoinoye [[underground mine|underground]] gold mine was acquired in 2010 through Northern Gold LLC and Ragionruda LLC, and opened in 2013. Ore from the mine is processed at Kupol. Gold production at both mined equated a total of approximately 734,000 gold equivalent ounces for 2016.<ref name="FP - Opens">{{cite news|last1=Koven|first1=Peter|date=9 October 2013|title=Kinross opens Dvoinoye mine in Russia|publisher=Financial Post|url=http://business.financialpost.com/2013/10/09/kinross-opens-dvoinoye-mine-in-russia/|access-date=1 June 2014
The Kupol Gold Mine is a combination open-pit and underground gold mine, as well as a milling processing operation in [[Chukotka Autonomous Okrug]], in an area originally mined in the [[Soviet Union#1930s|1930s]] by prisoners of the [[Gulag]].<ref name="Reuters gulag">{{cite web|last1=Paxton|first1=Robin|title=Russia revives gold mining in the Gulags|url=https://www.reuters.com/article/businesspro-us-russia-gold-idUSTRE57B01E20090812
▲The Dvoinoye [[underground mine|underground]] gold mine was acquired in 2010 through Northern Gold LLC and Ragionruda LLC, and opened in 2013. Ore from the mine is processed at Kupol. Gold production at both mined equated a total of approximately 734,000 gold equivalent ounces for 2016.<ref name="FP - Opens">{{cite news|last1=Koven|first1=Peter|title=Kinross opens Dvoinoye mine in Russia|url=http://business.financialpost.com/2013/10/09/kinross-opens-dvoinoye-mine-in-russia/|access-date=1 June 2014|publisher=Financial Post|date=9 October 2013}}</ref> The grade of reserves at Dvoinoye, 11.2 g/tonne, is significantly higher than Kinross' other mines. In contrast, the grade at Paracatu is only 0.4 g/tonne and the grade at Tasiast is 1.9 g/tonne. The September Northeast project near Dvoinoye is expected to begin mining in early 2017.<ref name="Market Realist gil" /><ref name="The Globe and Mail losses">{{cite web|last1=York|first1=Geoffrey|title=Kinross Gold struggling to reverse losses at Mauritania's Tasiast mine|url=https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/kinross-gold-struggling-to-reverse-losses-at-mauritanias-tasiast-mine/article26448419/|website=The Globe and Mail|publisher=The Globe and Mail|access-date=23 September 2016}}</ref>
At Kupol, gold and silver occur as native gold, gold-silver [[alloy]] [[electrum]], [[acanthite]] as well as silver-rich [[sulfosalts]].<ref>Deschênes, G., et al. "Advances in the cyanidation of silver." Minerals & Metallurgical Processing Journal 28.1 (2011): 37-43.</ref> Dvoinoye, on the other hand is a low sulfidation [[epithermal]] gold-silver [[Vein (geology)|vein deposit]], and notably counts with appreciable free gold in parts of the deposit. Ore minerals and sulfides in the vein include [[freibergite]], [[pyrite]], [[chalcopyrite]], [[galena]], and [[sphalerite]].<ref name="Porter">{{cite web|title=Kupol, Dvoinoye|url=http://www.portergeo.com.au/database/mineinfo.asp?mineid=mn1329|access-date=23 September 2016|website=Porter GeoConsultancy|publisher=Porter GeoConsultancy Pty Ltd.
▲The Kupol Gold Mine is a combination open-pit and underground gold mine, as well as a milling processing operation in [[Chukotka Autonomous Okrug]], in an area originally mined in the [[Soviet Union#1930s|1930s]] by prisoners of the [[Gulag]].<ref name="Reuters gulag">{{cite web|last1=Paxton|first1=Robin|title=Russia revives gold mining in the Gulags|url=https://www.reuters.com/article/businesspro-us-russia-gold-idUSTRE57B01E20090812|website=Reuters|publisher=Reuters|access-date=17 September 2016}}</ref> Kinross acquired the property (at the time 75% of the mine) through the acquisition of Bema Gold, and a subsidiary (Chukotka Mining & Geological Company) purchased the remaining 25% from the government (via the State Unitary Enterprise of the Chukotka Autonomous Okrug) in 2011.<ref name="Financial Post rules">{{cite web|last1=Koven|first1=Peter|title=Russia needs to change rules to encourage mining investment: Kinross CEO|url=http://business.financialpost.com/news/mining/russia-needs-to-change-rules-to-encourage-mining-investment-kinross-ceo|website=Financial Post|publisher=Financial Post|access-date=25 September 2016}}</ref><ref name=KG-Kupol>{{cite web|title=Kupol, Russia|url=http://kinross.com/operations/operation-kupol-russia.aspx|publisher=Kinross Gold|access-date=27 August 2011}}</ref><ref name="mining technology">{{cite web|title=Kupol Gold and Silver Mine, Russia|url=http://www.mining-technology.com/projects/kupalgoldandsilver/|publisher=Mining-Technology.com|access-date=2 September 2011}}</ref>
Kinross expects to commence mining at [[Moroshka]] in 2018 and will process its ore in the Kupol mill.<ref>{{cite web|title=2015 Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|access-date=7 September 2016|website=Kinross Gold|publisher=Kinross Gold
▲At Kupol, gold and silver occur as native gold, gold-silver [[alloy]] [[electrum]], [[acanthite]] as well as silver-rich [[sulfosalts]].<ref>Deschênes, G., et al. "Advances in the cyanidation of silver." Minerals & Metallurgical Processing Journal 28.1 (2011): 37-43.</ref> Dvoinoye, on the other hand is a low sulfidation [[epithermal]] gold-silver [[Vein (geology)|vein deposit]], and notably counts with appreciable free gold in parts of the deposit. Ore minerals and sulfides in the vein include [[freibergite]], [[pyrite]], [[chalcopyrite]], [[galena]], and [[sphalerite]].<ref name="Porter">{{cite web|title=Kupol, Dvoinoye|url=http://www.portergeo.com.au/database/mineinfo.asp?mineid=mn1329|website=Porter GeoConsultancy|publisher=Porter GeoConsultancy Pty Ltd.|access-date=23 September 2016}}</ref>
▲== 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|publisher=Market Realist|access-date=23 September 2016}}</ref>
▲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|last=News|first=North of 60 Mining|title=Fort Knox Mine gold output hits new low|url=https://www.miningnewsnorth.com/story/2020/02/14/news/fort-knox-mine-gold-output-hits-new-low/6176.html|access-date=2021-08-16|website=North of 60 Mining News}}</ref>
▲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}}</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]]. The Hollinger property was sold to [[Goldcorp]] in 2006, and was closed for land rehabilitation in 2019.<ref>[https://documents.tips/documents/goldcorp-hollinger-mine-closure-plan.html AMEC Earth & Environmental] "Goldcorp Hollinger Mine Closure Plan", AMEC Americas Limited, December 2010. Retrieved November 3, 2017.</ref><ref>[https://www.timminstoday.com/local-news/hollinger-open-pit-mining-operation-to-close-in-2019-272791 Giorno, Frank] "Hollinger open pit mining operation to close in 2019", ''Timmins Today'', April 2, 2016.</ref>
▲In February 1999, Kinross acquired LA Teko Resources Ltd. through its wholly owned subsidiary, LT Acquisition Inc. division.<ref>{{cite book|title=Canadian Mines Handbook|url=https://books.google.com/books?id=zM9RAQAAIAAJ|year=2001|publisher=Southam Mining Group}}</ref>
▲Kinross expects to commence mining at [[Moroshka]] in 2018 and will process its ore in the Kupol mill.<ref>{{cite web|title=2015 Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=Kinross Gold|publisher=Kinross Gold|access-date=7 September 2016|page=MDA 13}}</ref> Moroshka is located approximately four kilometers east of Kupol and is within the Kupol license area.<ref name="Yahoo Finance 2">{{cite web|title=Kinross Reports 2016 Second-Quarter Results|url=https://finance.yahoo.com/news/kinross-reports-2016-second-quarter-210000666.html|website=Yahoo Finance|publisher=Market Wired|access-date=24 September 2016}}</ref><ref name="The Globe and Mail ceo">{{cite web|last1=Reguly|first1=Eric|title=For Kinross CEO, it's 'situation normal' in Russia|url=https://www.theglobeandmail.com/report-on-business/careers/careers-leadership/for-kinross-its-situation-normal-in-russia/article21708838/|website=The Globe and Mail|publisher=The Globe and Mail|access-date=25 September 2016}}</ref>
==Non-operating and divested 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> Also in 2002, Kinross TVX Gold, and [[Echo Bay Mines]] proposed a $3-billion merger, which would combine the three companies, while retaining the name Kinross Gold. The merger was delayed from its original closing due to Kinross' inability to raise the necessary funds,<ref>{{cite news|title=COMPANY NEWS Kinross, Echo Bay, TVX Delay Merger|url=http://www.canadianminingjournal.com/news/company-news--kinross-echo-bay-tvx-delay-merger/1000026617/|access-date=2 September 2011|newspaper=Canadian Mining Journal|date=20 November 2002}}</ref> but was approved by shareholders in January 2003.<ref name="Mining Weekly dividend">{{cite web|last1=CZERNOWALOW|first1=MARTIN|title=Newmont increases dividend|url=http://www.miningweekly.com/article/newmont-increases-dividend-2003-01-31|website=Mining Weekly|publisher=Mining Weekly|access-date=17 September 2016}}</ref> The TVX merger resulted in Kinross' stake in the La Coipa open pit mine, the remainder being purchased from [[Goldcorp]] in 2007.
▲In 2006, Kinross bought Crown Resources Corporation, which gave 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><ref name="Kinross Gold kettle">{{cite web|title=Kettle River-Buckhorn, USA|url=http://fb.kinross.com/operations/operation-kettle-river-buckhorn-usa.aspx|website=Kinross Gold|publisher=Kinross Gold|access-date=17 September 2016}}</ref> That year saw the sale of Kinross' Blanket mine in Zimbabwe to Caledonia Mining Corporation. Kinross had never operated the mine given it was written down in 2002.<ref>{{cite book|title=SA Mining: South African Mining, Coal, Gold, and Base Minerals|url=https://books.google.com/books?id=xsDzAAAAMAAJ|date=May 2006|publisher=TML Business}}</ref><ref name="Africa Intelligence">{{cite web|title=Kinross Braces for $11.8 Million Loss|url=https://www.africaintelligence.com/AMA/exploration--production/2002/01/20/kinross-braces-for-dollars118-million-loss,3220840-ART|website=Africa Intelligence|publisher=Africa Intelligence|access-date=14 October 2016|date=2002-01-20}}</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; and sold 25% of its interest in the Cerro Casale project in Chile to Barrick. The following year, Kinross entered into a share purchase agreement with the State Unitary Enterprise of the Chukotka Autonomous Okrug, whereby it held 100% of the Kupol mine and exploration licenses. Kinross sold its interest in the Crixás mine to [[AngloGold Ashanti]] in 2012.<ref name="Canadian Mining Journal unload">{{cite web|title=Kinross unloads stake in Crixas for US$220 million|url=http://www.canadianminingjournal.com/news/kinross-unloads-stake-in-crixas-for-us-220-million/|website=Canadian Mining Journal|publisher=Canadian Mining Journal|access-date=24 September 2016|date=2012-05-30}}</ref><ref name="Lexpert">{{cite web|title=Kinross Gold Acquires Red Back Mining for $7.3B|url=http://www.lexpert.ca/article/kinross-gold-acquires-red-back-mining-for-73b/?p=%7C273&sitecode=DIR|website=Lexpert|publisher=Lexpert|access-date=23 September 2016}}</ref>
▲In 2013, the company's silver production was 9 million ounces, making them the 18th largest silver producer in the world at the time.<ref>{{cite web|title=Silver Institute largest silver producer rankings|url=https://www.silverinstitute.org/site/supply-demand/silver-production/|archive-url=https://wayback.archive-it.org/all/20111220084412/http://www.silverinstitute.org/site/supply-demand/silver-production/|url-status=dead|archive-date=20 December 2011|access-date=16 July 2014|df=dmy-all}}</ref>In 2015, Kinross produced 2.59 million ounces of gold, and were listed as the fifth largest gold producer worldwide.<ref name="top ten">{{cite news|last1=Basov|first1=Vladimir|title=UPDATED: The world's top 10 gold producers|url=http://www.mining.com/top-10-gold-companies-in-2014-67501/|access-date=11 March 2016|publisher=Mining.com|date=26 February 2015}}</ref> Kinross' proven and probable gold reserves were 33.2 million ounces as at December 31, 2015.<ref name="Kinross Gold 2015 Annual Report">{{cite web|title=Kinross Gold 2015 Annual Report|url=http://s2.q4cdn.com/496390694/files/doc_financials/annual/2016/2015-Kinross-Gold-Annual-Report.pdf|website=www.Kinross.com|publisher=Kinross Gold Corporation|access-date=7 September 2016|page=66|language=en}}</ref>
▲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 mine in Red Lake, Ontario, Canada.<ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |date=December 8, 2021 |title=Kinross to buy Great Bear for $1.42 billion |url=https://www.mining.com/kinross-to-buy-great-bear-for-1-42-billion/ |work=Mining.com |location= |access-date=}}</ref> The deal is expected to close in Q1 2022.<ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |date=December 9, 2021 |title=Kinross signs deal to buy Great Bear Resources and its Dixie gold project in Ontario |url=https://www.thestar.com/business/2021/12/09/kinross-signs-deal-to-buy-great-bear-resources-and-its-dixie-gold-project-in-ontario.html |work=The Canadian Press |location= |access-date=}}</ref> Kinross shares dropped 9% after it announced the buyout bid.<ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |date=December 9, 2021 |title=TSX slips as energy stocks weigh, Kinross slides on $1.8 billion bid for Great Bear |url=https://financialpost.com/commodities/mining/tsx-slips-as-energy-stocks-weigh-kinross-slides |publisher=Reuters|via=[[Financial Post]] |location= |access-date=}}</ref>
▲==Non-operating 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''] "Julietta Data". Retrieved January 19, 2018.</ref>
| |||