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Key Developments: Kinross Gold Corp (KGC)

KGC on New York Consolidated

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29 Apr 2016
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Latest Key Developments (Source: Significant Developments)

Kinross Gold Corp - Chile regulator shuts down Kinross mine water installation - Reuters News
Sunday, 20 Mar 2016 12:58pm EDT 

Kinross Gold Corp:The Chilean government has shut down the water system attached to the Maricunga mine operated by Canadian company Kinross Gold, citing environmental damages, the SMA regulator said in a statement - RTRS.Maricunga produces 230,000 ounces to 250,000 ounces (6,520 to 7,090 kg) of gold per year.The regulator said on Friday that the company may no longer take water from wells in the Pantanillo area, near the mine, due to environmental harm caused by the operation.The SMA said the mine cannot operate without access to the wells.Local newspaper El Mercurio on Sunday quoted the company as saying that environmental damage in the area had been caused by drought rather than extraction operations.  Full Article

Kinross Gold Corp - Mauritanian firm target of Kinross probe, documents say- The Globe and Mail - Reuters News
Monday, 14 Mar 2016 08:50am EDT 

Kinross Gold Corp:More than two years after U.S. authorities began investigating Kinross Gold Corp. for alleged corruption in Africa, the case remains unresolved, but details of the company’s financial activities are starting to leak out - The Globe and Mail.Internal company documents viewed by The Globe and Mail suggest that one of the targets of the U.S. investigation is a Mauritanian firm that won the bidding for a $50.1-million (U.S.) transport and logistics contract from the Toronto-based gold miner.Kinross awarded the contract to a French company in partnership with the Mauritanian company – which was owned by a former top Mauritanian government official – even though its bid wasn’t the lowest.In its review of the bidders, Kinross concluded that the lowest bidder had a “political” disadvantage, the documents show.It decided instead to award the contract to the French and Mauritanian partnership.This would satisfy the “stated preference” of Mauritania’s government, according to another internal document.A spokesman for Kinross wouldn’t comment on the documents, but he told The Globe that the company doesn’t always choose the lowest bidder, and that many commercial and business factors are considered in its decisions, not simply the price.  Full Article

Kinross Gold Corp announces $250 mln bought deal financing
Wednesday, 24 Feb 2016 04:25pm EST 

Kinross Gold Corp:Announces $250 million bought deal financing.Bought deal public equity offering of 83.4 million common shares of Kinross at a price of US$3.00 per common share.To use about $175 million of net proceeds to repay credit facilities that were utilized to purchase assets from Barrick Gold Corporation.Remainder of the proceeds will be used to repay debt maturing in 2016.  Full Article

Kinross Gold Corp acquires strategic Nevada Assets
Thursday, 12 Nov 2015 07:30am EST 

Kinross Gold Corp:Acquires strategic Nevada assets.Says deal valued at $610 million.Says will fund the transaction with cash on hand and available liquidity.Says deal accretive on a number of key per share metrics including production, cash flow, and mineral reserves and resources.Deal will add about 430,000 gold equivalent ounces in annual average forecast production over the first three years.  Full Article

Kinross Gold Corp raises low end of prior FY 2015 production guidance range
Tuesday, 10 Nov 2015 04:01pm EST 

Kinross Gold Corp:Expects FY 2015 to be within its production guidance range of 2.5-2.6 million Au eq. oz., which was narrowed upward from the previous guidance range of 2.4-2.6 million Au eq. oz.  Full Article

Kinross Gold Corp sees FY 2015 production guidance at high end of prior range
Wednesday, 29 Jul 2015 05:00pm EDT 

Kinross Gold Corp:Says that it is tracking at the high end of FY 2015 guidance for production (2.4 - 2.6 million Au eq. oz.).  Full Article

Kinross Gold Corp gives FY 2015 production guidance - Conference Call
Wednesday, 11 Feb 2015 01:00pm EST 

Kinross Gold Corp:Expects FY 2015 production to be about 2.4 to 2.6 mln gold equivalent ounces.  Full Article

Kinross updates FY 2014 production guidance
Wednesday, 5 Nov 2014 05:00pm EST 

Kinross Gold Corp:Expects FY 2014 to be at the high end of a narrowed production guidance range of 2.6-2.7 mln Au eq. oz., from previous guidance range of 2.5-2.7 mln Au eq. oz.  Full Article

Fortress Minerals Corp enters into agreement to acquire Fruta del Norte Project from Kinross Gold
Tuesday, 21 Oct 2014 05:45pm EDT 

Fortress Minerals Corp:Enteres into definitive share purchase agreement to purchase a 100 pct interest in the Fruta del Norte Gold Project located in Ecuador from Kinross Gold Corp for total consideration of $240 mln.Subject to shareholder approval, upon closing of the Acquisition, Fortress will change its name to Lundin Gold Inc.Lundin Gold will be the principal gold vehicle of the companies controlled by the Lundin family, with FDN being the flagship asset upon which it will build its gold business.  Full Article

Kinross Gold Corp reports temporary suspension of mill at Round Mountain Mine
Wednesday, 8 Oct 2014 05:00pm EDT 

Kinross Gold Corp:Announced that mill operations at its Round Mountain mine in Nye Country, Nevada are temporarily suspended following a fire in the mill building on Oct. 1. There were no injuries.Says the company is currently assessing the mill's estimated downtime and will provide an update when it announces its results for the quarter on Nov. 5.Production continues uninterrupted from the mine's heap leach facilities, which account for about 75 pct of Round Mountain's production.  Full Article

UPDATE 2-Kinross okays first-phase expansion of North Africa mine

March 30 Kinross Gold Corp said on Wednesday it plans to go ahead with a $300 million, first-phase expansion of its Tasiast gold mine in North Africa that will nearly double the mine's production and slash its production costs.

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