Kinross Gold Corporation is a Canadian-based gold and silver mining company founded in 1993 and headquartered in Toronto, Canada. Kinross currently operates eight active gold mines and was the fifth largest gold producer in the world in 2015. In 2016, Kinross produced 2.78 million ounces of gold. 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.

In 2016, Kinross produced a record 2,789,150 gold equivalent ounces and generated $3.472 billion in revenue at all-in sustaining costs of $984 per ounce of gold produced.

In Q1 2017 Kinross reported production of 671,956 gold equivalent ounces at all-in sustaining costs of $953 per ounce. The Company reported net earnings for the quarter of $134.6 million and adjusted net earnings of $23.4 million.

Kinross Gold’s net incomes (losses) were:

Kinross' proven and probable gold reserves were 30.9 million ounces as at December 31, 2016. This amount includes 5.8 million ounces related to the Cerro Casale property which was sold in 2017. In 2010, the proven and probable reserves were 62.4 million ounces.

Kinross Gold's total assets decreased significantly in recent years, from $US 16.39 billion in 2010 to $US 7.73 billion in 2015.

On August 2, Kinross Gold released its 2nd Quarter results for 2017, posting revenue of "$868.6 million, up 9.1% quarter-over-quarter," and showing a cash position of approximately $1.1 billion.

Kinross suspended payment of dividends in 2013.

In 2015 in the wake of declining gold prices, Kinross closed their regional office in Denver, Colorado, and eliminated 110 corporate position in Denver, Chile, Spain, and Toronto.

In 2016, Kinross' credit rating was lowered to "Junk" status by Standard & Poor's. The decision was largely based on the share of their production that came from mines in Russia, which it saw as a significant risk.

A record amount of 2.79 million ounces marked a 7.5% rise in gold production during 2016. Acquisitions of Bald Mountain and a 50% stake in Round Mountain were cited as sources of increased production.

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).

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. Kinross was listed on June 1, 1993 on the Toronto Stock Exchange and NASDAQ, and on the New York Stock Exchange the following year.

Kinross' first project, now operated by its subsidiary Fairbanks Gold Mining, was the Fort Knox Gold Mine operating as an open pit in Alaska. The area, including its surroundings deposits, was prospected as early as 1913, but no mining took place until 1996. In 1998 the owner of Fort Knox (Amax Gold) merged with Kinross.

In 1998, Kinross merged with Amax Gold (formerly known as Kinam Gold), which gave Kinross the Fort Knox in Alaska and the Maricunga Gold Mine in Chile. In 2000, Kinross amalgamated with LT Acquisition Inc.

Kinross acquired Hollinger Mines in 1999 as part of a land package prior to the bankruptcy of Royal Oak Mines. Management of ground subsidence resulting from the collapse of drifts and stopes that were not backfilled was the company's main activity, including extensive subsidence at the Hollinger Golf Course, southwest of the mine site. The Hollinger property was sold to Goldcorp in 2006, and is slated for closure and land rehabilitation in 2019.

In July 2002, Kinross and Placer Dome combined their assets in Timmins, Ontario and formed the Porcupine Joint Venture (51% Placer Dome, 49% Kinross). 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, but was approved by shareholders in January 2003. The TVX merger resulted in Kinross' stake in the La Coipa open pit mine, the remainder being purchased from Goldcorp in 2007.

Kinross took control of the Lupin mine in Nunavut Territory, Canada, in 2003. In 2006, Kinross sold the Lupin Mine and the Blanket Mine located in Zimbabwe, completing the sale in 2007. By 2013, the Lupin mine was inactive.

The acquisition of Rio Paracatu Mineração followed in 2004. In 2005, Kinross sold the Aquarius Project (acquired as part of the Echo Bay merger) to St. Andrews Goldfields (who operated the nearby Stock Gold Mine).

In 2006, Kinross bought Crown Resources Corporation, which gave them ownership of the mineral resource Buckhorn Mountain (later Buckhorn Gold Mine) and the associated mineral processing facilities. 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.

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.

In 2010, Kinross purchased 91% of Red Back Mining for $7.1-billion. The purchase brought with it the two gold mines in Africa (Chirano and Tasiast). Also this year, Kinross acquired the Dvoinoye deposit and the property in Vodorazdelnaya, about 90 kilometres (56 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 therefore held 100% of the Kupol mine and exploration licenses. Kinross sold its interest in the Crixás mine to AngloGold Ashanti in 2012.

In 2013 the company's silver production was 9 million ounces, making the company the 18th largest silver producer in the world at the time. Kinross' proven and probable gold reserves were 33.2 million ounces as at December 31, 2015. This total includes reserves from inactive mines, Cerro Casale (5.8 million ounces) and Maricunga (1.0 million ounces). In 2015, Kinross produced 2.59 million ounces of gold. Kinross was listed as fifth largest gold producer worldwide in 2015.

As of December 31, 2015, Kinross reported its White Gold project was a pre-development property.

Kinross Gold operates mines in North and South America, Russia, and Africa.

Its Fort Knox gold mine property counts with a mill, tailings storage, heap leach facility, the Gil project, and the True North open pit mine, which is closed and under monitoring. In 2015 the mine produced about 401,500 gold equivalent ounces of gold.

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. As of 2011 the mine was undergoing expansion to increase the size of the pit and related infrastructure.

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.

Near the Round Mountain mine, Kinross operates a smaller open-pit mine, the Gold Hill mine.

In January 2016, Kinross acquired 100% of the Bald Mountain mine in White Pine County, Nevada, and the remaining 50% of the Round Mountain gold mine from an affiliate of Barrick Gold Corporation for $610 million in cash. Bald Mountain is operated by subsidiary KG Mining (Bald Mountain) Inc. Its 2015 production amounted to about 160,000 gold equivalent ounces. The US Bureau of Land Management has authorized the Corporation to increase its exploration activities.

The grade of Bald Mountain's 2.1 million ounces of proven and probable reserves is 0.63 g/tonne.

Bald Mountain incurred an operating loss of $37 million during 2016.

In Brazil, Kinross owns the open-pit 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 for $255 million, and operated the mine as Kinross Brasil Mineração S.A. This mine is the region's largest employer. In 2015, Paracatu produced 477,662 gold equivalent ounces.

The Tasiast mine is located in Mauritania, Africa. Red Back Mining Inc. began production at Tasiast in 2008. In September 2010, Kinross acquired Tasiast by acquiring all of the shares of Red Back.

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.

In 2015, the mine produced 212,000 gold equivalent ounces.

In 2016, due to "government allegations of invalid work permits" for expatriate employees, the mine suspended operations, resuming them in August that same year.

Tasiast incurred an operating loss of $119 million during 2016.

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

In its 2010 Annual Report, Kinross outlined a proposed expansion project to increase output from 8,000 tonnes per day to 60,000 tonnes per day, which was not implemented.

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

On March 30, 2016, Kinross announced it was proceeding with the Tasiast expansion. Phase One was expected to increase processing from 8,000 tonnes per day to 12,000 tonnes per day, and then 30,000 once a second phase is complete.

In September 2017, Kinross announced the launch of Phase Two expansion. Annual production is expected to increase to more than 800,000 gold ounces per year for the first five years. Feasibility study indicates 24% IRR and $2.2 billion in cash flow over the life of mine​. Tasiast Phase One of the project is reported to have progressed well, on time and in budget, and Phase Two is expected to scale Tasiast into a world-class mine with low operating costs.

In 2012, securities class action lawsuits were launched in the U.S. and Canada alleging Kinross Gold overstated the value of its Tasiast mine in its financial statements and made other false statements. The Ontario action related to allegations that (1) Kinross ought to have reported a write down of its goodwill (there was an unreported goodwill impairment) in May 2011; (2) Kinross failed to disclose that its drilling program for the Tasiast mine had revealed high amounts of low-grade ore; and (3) Kinross misrepresented that the expansion project for the Tasiast mine remained on schedule.

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

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. The mine is made up of three open pits and two underground operations.

Chicano incurred an operating loss of $58 million in 2016.

The Dvoinoye and Kupol gold mines are located in Russia approximately 100 kilometres (60 mi) apart.

Dvoinoye/Kupol is Kinross' most profitable operating segment. During 2016, its operating earnings were $345 million.

The Dvoinoye 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. 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.

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 1930s by prisoners of the Gulag. 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 (Chukotka Mining & Geological Company) purchased the remaining 25% from the government (via the State Unitary Enterprise of the Chukotka Autonomous Okrug) in 2011.

At Kupol, gold and silver occur as native gold, gold-silver alloy electrum, acanthite as well as silver-rich sulfosalts. Dvoinoye, on the other hand is a low sulfidation epithermal gold-silver 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.

Kinross expects to commence mining at Moroshka in 2018 and will have its ore processed in the Kupol mill. Moroshka is located approximately four kilometers east of Kupol and is within the Kupol license area.

The mines are expected to close in 2021.

The Buckhorn mine and Kettle River mill is located in the US State of Washington and was acquired by Kinross in 2006 as part of its acquisition of Crown Resources Corporation. This subsidiary operates the Buckhorn mine, while Echo Bay Minerals operates the Kettle River mill. The mine produces about 97,000 gold equivalent ounces.

The Kettle River-Buckhorn mine is expected to close in the second quarter of 2017.

In August 2017, MarketWired reported, that Kettle River-Buckhorn mine and mill had outperformed during the previous quarter, with an up-tick in production, compared to Q1 2017 and Q2 2016, citing higher grades for a decrease in cost of sales per ounce. In July, the final batch of ore was hauled from Buckhorn, though Kinross anticipates that the mill will to continue to process stockpiles. Minimal production is predicted for the third and fourth quarters of 2017.

Located on the east side of Crevice Mountain, in the US State of Montana, about ten miles north of Yellowstone National Park, Wyoming; Mineral Hill mine operated during 1990-1996. Kinross inherited responsibility for cleaning up the closed mine with the 2003 TVX Gold merger.

On August 17, 2017, Trout Unlimited and Rocky Mountain Elk Foundation announced that "Kinross donated water rights representing approximately 3 billion gallons of water to Trout Unlimited to permanently protect vital fish habitat in tributaries of the Yellowstone River. It also reached a conservation easement agreement with the Rocky Mountain Elk Foundation to permanently protect a 549-acre land corridor used as an important elk migration route and scenic Yellowstone National Park viewshed."

The Cerro Casale mine is located in Chile. Kinross acquired Cerro Casale in 2007 as part of the acquisition of Bema Gold Corporation. In 2010, Kinross sold a 25% interest in Cerro Casale's copper deposit to Barrick Gold for $474 million. Kinross currently owns a 25% interest and Barrick owns the remaining 75%, the project itself being owned by Compañía Minera Casale. The project is inactive as of 2015.

On June 9, 2017, Kinross divested this interest, completing the sale of its 25% interest in Cerro Casale, and of its 100% interest in the adjacent Quebrada Seca exploration project, to Goldcorp Inc. for $260 million USD cash, plus other considerations.

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

In 2008, Kinross acquired a 40% interest in Lobo-Marte, located in Chile, from Anglo American plc for $141 million. In early 2009, Kinross acquired the remaining interest for $41 million, via its daughter company CMM. As at December 31, 2013, Kinross reported the property contained 6.0 million ounces of probable gold reserves. In 2014, the reserves were reclassified from "probable" to "measure & indicated". As of December 31, 2015, Kinross reported that Lobo-Marte was a "significant" development property, although only prefeasibility studies have been performed on the site.

Kinross withdrew its permit application for the Lobo-Marte mine.

In September 2008, Kinross acquired 100% of the outstanding shares of Aurelian Resources Inc. for a total of $809 million, effectively acquiring 100% of the Fruta del Norte and Condor Ecuadorian deposits. Kinross described Fruta del Norte as one of the most "significant gold discoveries in the last 15 years". On June 20, 2013, Kinross announced it would not proceed with further development of the project, and in October 2014 sold its interest for $233 million.

The La Coipa gold mine is located in Chile. In October 2013, however, the mine and plant were suspended and the mine is undergoing further exploration.

In 2013, Kinross announced its halting of development at La Coipa, as well as the sale of its interest in Aurelian Resources Inc. the following year. In 2014, an impairment charge of $124 million was recorded.

Kinross first acquired 50% ownership in the Maricunga Gold Mine property with the merger with Amax Gold (which changed its name to Kinam). The 2007 purchase of Bema Gold brought the other 50%, being now owned by Compañía Minera Maricunga (CMM). Production re-started in October 2005.

In August 2016, Kinross suspended operations at Maricunga, resulting in the layoff of 300 employees. The decision to close the mine was the result of the Chilean government "shut[ing] down the water system linked to the operation over environmental concerns." The company has pending appeals with Chile's Environmental Tribunal. The book value of Maricunga was $373 million as at December 31, 2015, producing approximately 212,000 gold equivalent ounces for the same year.

Kinross incurred an impairment charge of $68 million to reduced the carrying value to (10.9) million.

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.

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 had eight of its nine mines in compliance with the International Cyanide Management Code), Kinross was recognized as one of Canada's Top 50 Most Responsible Corporations by Maclean's magazine and Jantzi Research in 2009.

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". Also with the university, Kinross provided $100 thousand towards its Fight Against Hunger.

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.

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.