Past year: ▼ 0%(23.10 – 36.99 USD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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.
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.
12 Dec 2017resource reserve update▲ GoodMajor
Acquired mineral rights to the 287-hectare Gilmore parcel next to Fort Knox, adding 2.1 million ounces of measured and indicated and 300,000 ounces of inferred resources after 73,000 metres of drilling in 205 holes. About 260,000 ounces were also converted to reserves, offsetting most of the year's depletion and extending Fort Knox by roughly a year.
19 Sept 2017resource reserve update● Neutral
Corrected the Round Mountain figures published the previous day, which had omitted stockpiles and misstated grade as something other than 0.7 g/t. Restated, the Phase W feasibility lifted Round Mountain proven and probable reserves from 1.3 million to 3.1 million ounces, about 2.0 million of that converted from indicated resources rather than newly found.
18 Sept 2017resource reserve update▲ GoodMajor
Committed to both the Tasiast Phase Two expansion to 30,000 tonnes per day and the Round Mountain Phase W layback. Phase Two is guided at about 812,000 ounces a year for five years at US$440 cost of sales and US$655 all-in sustaining cost, a 24% return and US$2.2 billion of life-of-mine cash flow.
29 June 2017debt financing▲ Good
Priced US$500 million of 4.50% senior unsecured notes due 2027 to repay the term loan due August 2020, cutting the coupon by nearly 150 basis points against the 5.95% notes issued in 2014.
9 June 2017asset acquisition disposition▲ GoodMajor
Closed the Cerro Casale and Quebrada Seca sale to Goldcorp on the terms announced in March, receiving US$260 million cash with the US$40 million construction payment and 1.25% royalty still contingent.
19 May 2017joint venture update● Neutral
Sold its wholly owned White Gold exploration property in the Yukon to White Gold Corp in exchange for about 19.9% of that company plus roughly US$7 million, alongside Agnico Eagle which holds a similar stake. Exploration exposure kept as equity rather than as a balance-sheet project.
28 Mar 2017asset acquisition disposition▲ GoodMajor
Agreed to sell its 25% of the undeveloped Cerro Casale project and 100% of neighbouring Quebrada Seca in Chile to Goldcorp for US$260 million cash at closing, a further US$40 million on a construction decision, assumption of a US$20 million obligation to Barrick, and a 1.25% royalty. Kinross also secured rights to surplus project water for its other Chilean mines.
26 Sept 2016asset acquisition disposition● Neutral
Sold 5.5 million Lundin Gold shares to GMP Securities at C$5.60 for C$30.8 million, cutting the stake taken as part-payment for Fruta del Norte from 22.1% to 17.4%.
2 Sept 2016debt financing▲ Good
Repaid US$250 million of senior notes at their 1 September 2016 maturity. With the term loan and revolver each extended a year, to August 2020 and August 2021, Kinross had no debt maturities for four years and about US$2.5 billion of liquidity.
26 Aug 2016production update▲ Good
Operational updates across three mines: a US Bureau of Land Management record of decision cleared expanded exploration and facilities at Bald Mountain in Nevada, alongside updates on Tasiast and Maricunga. The Bald Mountain decision opens the way to grow a reserve base that stood at about 1.1 million ounces.
5 Apr 2016resource reserve update● Neutral
Re-filed the Tasiast technical report first lodged on 30 March 2016 because an editing error affected two tables, one in the summary section and one in the economic analysis. Substance unchanged, correction only.
30 Mar 2016resource reserve update▲ GoodMajor
Committed to Tasiast Phase One, lifting mill throughput from 8,000 to 12,000 tonnes a day for about US$300 million, guided at 409,000 ounces a year over 2018-2027 at US$535 cost of sales and US$760 all-in sustaining cost for a 20% return. Three years after the 38,000 tonne-a-day feasibility study, Kinross built a fraction of it.
