Past year: ▼ 0%(23.10 – 36.99 USD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Apr 2022drilling result▲ Good
First development update on the Great Bear project since closing, with assays from 60 holes in the LP Fault zone including 10.25m at 15.10 g/t in hole BR-481. Kinross framed the results as confirming mineralisation ahead of an initial inferred resource at year end and a pre-feasibility study in 2023, not as a discovery in themselves.
5 Apr 2022asset acquisition disposition▼ BadMajor
Agreed to sell 100% of its Russian assets to Highland Gold for US$680 million, of which only US$100 million was payable at closing and US$580 million spread over annual payments to 2027, secured by share pledges, guarantees and an escrow.
30 Mar 2022asset acquisition disposition▼ BadMajor
Four weeks after suspending its Russian operations over the invasion of Ukraine, Kinross said it was in exclusive talks to sell all of its Russian assets and would treat them as held for sale. The parent would take no benefit from the operations meanwhile and fund the transition from cash already in the country.
9 Mar 2022production update▲ GoodMajor
La Coipa in Chile poured its first gold bar, on schedule and under budget, with the plant to reach full rate by mid-year. At the 2021 year end Kinross had lifted La Coipa's life-of-mine production 45% to about 1 million gold-equivalent ounces and extended it from 2024 to 2026 by adding the nearby Puren pit.
8 Mar 2022debt financing● NeutralMajor
Arranged a new US$1.0 billion three-year term loan maturing March 2025 with no scheduled amortisation, used to repay the revolver drawn to fund the Great Bear purchase. Acquisition debt termed out rather than added to.
3 Mar 2022production update▼ BadMajor
Suspended all work at the Udinsk development project and began suspending the Kupol mine after the invasion of Ukraine, with more than 2,000 employees in the country, and donated US$1 million to the Canadian Red Cross appeal. Russia had been a producing region for Kinross for 25 years.
24 Feb 2022business combination● NeutralMajor
Closed the Great Bear acquisition. Shareholders electing cash were pro-rated to about C$25.80 plus 0.4257 Kinross shares each, against caps of roughly US$1.1 billion cash and 80.8 million Kinross shares. Kinross set a target of 200,000 metres of drilling at Dixie in 2022.
9 Dec 2021business combination● NeutralMajor
Agreed to buy Great Bear Resources and its Dixie project in Red Lake, Ontario for about US$1.4 billion (C$29.00 a share) in cash and stock, plus contingent value rights worth roughly US$46 million payable only if commercial production is declared with at least 8.5 million ounces of measured and indicated resources. Kinross was paying a top-tier price for a deposit with no declared resource of its own at the time.
15 July 2021material agreement▲ GoodMajor
Signed the definitive Mauritania agreement first agreed in principle a year earlier: fuel duty exemptions continue, the government repays about US$40 million of overdue VAT, Kinross pays US$10 million to settle disputes, and a gold-price-linked escalating royalty replaces the old structure, with two government observers on the Tasiast subsidiary board. The prospective Tasiast Sud ground is excluded and still unresolved.
21 June 2021production update▼ BadMajor
A fire at the Tasiast SAG mill trommel on 15 June, during scheduled maintenance welding, suspended milling and forced a cut to 2021 production guidance, though mining, stripping and 24k construction work resumed. Kinross said ball mills, leaching and crushing were undamaged, held 2022-2023 guidance, and had property and business-interruption cover in place.
29 Apr 2021debt financing▲ Good
Called the whole US$500 million of 5.125% notes due September 2021 for early redemption at par on 1 June, leaving US$1,250 million of senior notes outstanding and nothing due until March 2024.
28 Oct 2020production update▲ Good
Extended the outlook to an average of about 2.5 million gold-equivalent ounces a year over 2020-2029, following September guidance of 2.4, 2.7 and 2.9 million ounces for 2021 through 2023 with costs trending down. Growth presented as coming from the existing portfolio rather than from acquisition.
30 Sept 2020business combination▲ GoodMajor
Agreed to buy 70% of the Peak Gold project in Alaska from Royal Gold and Contango ORE for US$93.7 million cash, with Contango keeping 30% and no vote on operations. Ore would be trucked 400km to the existing Fort Knox mill, giving about 1 million ounces over 4.5 years at roughly 6 g/t and an estimated US$750 all-in sustaining cost for US$110 million of project capital.
18 Sept 2020dividend declaration▲ GoodMajor
Declared a quarterly dividend of US$0.03 a share and committed to keeping it, alongside three-year guidance of production rising 20% to 2.9 million gold-equivalent ounces by 2023 with costs and capital spending trending down. Reserves stood at 24.3 million ounces at the end of 2019.
26 Aug 2020regulatory community update● Neutral
Filed the press release announcing the 2019 Sustainability Report. It reports US$3.2 billion spent in host countries in 2019 through taxes, wages, procurement and community support, along with safety, environmental and governance metrics. It carries no financial or asset news.
15 July 2020resource reserve update▲ GoodMajor
The Lobo-Marte pre-feasibility in Chile added 6.4 million ounces of reserves, about a 25% increase on the company total, on 147 million tonnes at 1.35 g/t with 71% recovery, 4.5 million ounces produced over 15 years at US$545 cost of sales and US$745 all-in sustaining cost. Reserve growth from a shelved project brought back rather than from the drill bit.
15 June 2020regulatory community update▲ GoodMajor
Kinross reached a non-final agreement in principle with Mauritania's government that, once definitive documents are signed, would give it a 30-year exploitation licence for Tasiast Sud, the ground left unresolved in the 2021 context item. The government would get a 15% free carried interest in Tasiast Sud with an option on a further 10%, and Kinross would pay US$10m and US$15m to settle disputes. Tasiast royalties would rise from a flat 3% to 4.0-6.5% depending on gold price from 1 July 2020, and the government would repay about US$40m of VAT refunds through 2025. The terms are subject to definitive documentation.
10 June 2020asset acquisition disposition● Neutral
Sold its entire 10.9 million shares in Pinecrest Resources at C$0.36 for about C$3.9 million, exiting a roughly 17% stake.
10 Mar 2020resource reserve update▲ GoodMajor
Filed a new Paracatu technical report lifting expected life-of-mine production about 24% against the 2014 report, to an average 540,000 ounces a year from 2020 to 2031, and adding 828,000 ounces of reserves plus 1.1 million ounces of measured and indicated resources. The gain came from a grade-control and optimisation programme run through 2018-2019 rather than from new discovery.
17 Jan 2020business combination● NeutralMajor
Closed the Chulbatkan purchase from N-Mining for US$283 million and immediately started a roughly US$10 million drilling programme, targeting reserves and a feasibility study within three years and construction over two more.
16 Dec 2019debt financing▲ GoodMajor
Signed a loan of up to US$300 million for the Tasiast mine with the IFC, Export Development Canada, ING and Societe Generale, borrowed at the Mauritanian subsidiary rather than the parent.
5 Dec 2019asset acquisition disposition● Neutral
Agreed to sell its remaining 20.66 million Lundin Gold shares for about C$150 million to a syndicate including Newcrest and the Lundin Family Trust, ending the equity position taken as part-payment for Fruta del Norte in 2014.
2 Dec 2019asset acquisition disposition● Neutral
Agreed to sell its entire 25-royalty portfolio to Maverix Metals for US$74 million, taken as US$25 million cash and 11.2 million Maverix shares for a 9.4% stake. The portfolio included royalties over Cerro Casale, which Kinross had itself sold to Goldcorp in 2017.
31 Oct 2019resource reserve update● Neutral
Filed the updated Tasiast technical report covering both the current operation and the newly approved 24k throughput project, on reserve and resource estimates as at December 2018.
16 Sept 2019resource reserve update▲ GoodMajor
Committed to the Tasiast 24k project, raising throughput to 24,000 tonnes a day for US$150 million of incremental capital, guided at 563,000 ounces a year over 2022-2028 at US$485 cost of sales and US$560 all-in sustaining cost with a 60% incremental return. A third, smaller step at Tasiast after the abandoned 38,000 tonne plan and the 12,000 tonne Phase One.
1 Aug 2019drilling result● NeutralMajor
Agreed to buy the Chulbatkan heap-leach development project in Russia from N-Mining for US$283 million fixed, split roughly US$113 million cash and US$170 million in Kinross shares, plus a 1.5% net smelter royalty and payments contingent on future reserve additions. Stated indicated resource was about 3.9 million ounces at the time of the deal.
4 Apr 2019regulatory community update● Neutral
Filed the 2018 Annual Report to shareholders (audited financial statements, notes and MD&A) as a copy of what was lodged on SEDAR. The visible letter reports 2.45 million gold equivalent ounces produced, US$3.2 billion revenue, US$874 million adjusted operating cash flow, about US$1.9 billion liquidity and no debt maturities until 2021. It also says Tasiast Phase One was commissioned, with Phase Two described as still a viable option rather than committed, and gives 2019 guidance of about 2.5 million ounces. The document is truncated, so no more detail is available.
12 June 2018resource reserve update▲ GoodMajor
Committed to the initial Gilmore expansion at Fort Knox for about US$100 million of initial capital plus US$60 million of capitalised stripping, extending mining to 2027 and leaching to 2030 and adding 1.51 million ounces at US$650 cost of sales and US$950 all-in sustaining cost. The supporting Fort Knox technical report was filed with it.
26 Mar 2018regulatory community update● NeutralMajor
The SEC investigation into Kinross's West Africa operations ended with an agreed cease and desist order, a US$950,000 civil penalty and semi-annual reports to the SEC for one year. This resolves the thread open since 2013 (SEC subpoenas 2014-2015, DOJ requests); the DOJ had already closed its inquiry on 7 November 2017. The company says there was no material adverse effect, and the order makes no finding of bribery but cites deficiencies in internal accounting controls.
15 Feb 2018business combination▲ GoodMajor
Agreed to buy two hydroelectric plants in Brazil from a Gerdau subsidiary for US$257 million to lock in about 70% of the Paracatu mine's power at a fixed cost, expected to cut production cost of sales by about US$80 an ounce over the mine life. Kinross planned to fund roughly US$200 million of it with debt.
