August 2, 2012 / 12:45 AM / 5 years ago

Canada's Kinross Gold appoints new CEO; focus on capital, returns

Aug 1 (Reuters) - Canadian miner Kinross Gold Corp said it has replaced its chief executive Tye W Burt with senior executive J Paul Rollinson, as it looks to boost capital efficiency and improve the operations of its major projects.

Burt, who served as CEO for more than seven years, built up the company’s assets around the world, including the $7.1 billion takeover of Red Back Mining in 2010 with assets in West Africa.

Kinross, Canada’s third-largest gold producer by output, said its board decided a change in CEO was required to guide the company through its program of capital and project optimization. The company plans to focus on major projects at Tasiast in Mauritania, Lobo Marte in Chile and Fruta Del Norte in Ecuador.

Kinross has lost over half its market value over the past year, largely hurt when it booked a massive $2.94 billion non-cash goodwill impairment charge in February related to its acquisition of the Tasiast and Chirano mines.

Rollinson was formerly Executive Vice-President, Corporate Development at Kinross.

Shares of the company closed down 4.4 percent at C$8.01 on Wednesday on the Toronto Stock Exchange.

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