Kinross Gold Corporation (Kinross) principally engages in the mining and processing of gold and, as a by-product, silver ore and the exploration for, and the acquisition of, gold bearing properties in Canada, the United States, Brazil, Chile, Mauritania and Finland.
The principal products of Kinross are gold and silver produced in the form of doré, that is shipped to refineries for final processing.
Strategy
Kinross’ strategy is to increase shareholder value through increases in precious meta...
Kinross Gold Corporation (Kinross) principally engages in the mining and processing of gold and, as a by-product, silver ore and the exploration for, and the acquisition of, gold bearing properties in Canada, the United States, Brazil, Chile, Mauritania and Finland.
The principal products of Kinross are gold and silver produced in the form of doré, that is shipped to refineries for final processing.
Strategy
Kinross’ strategy is to increase shareholder value through increases in precious metal production, long-term cash flow, and earnings per share. Kinross’ strategy also consists of optimizing performance, and therefore, investing in quality exploration and development projects, and acquiring new potentially accretive properties and projects.
On September 10, 2024, Kinross announced its completion of a Preliminary Economic Assessment (‘PEA’) for the Great Bear project, which supports the company’s acquisition thesis of a top-tier high-margin operation in a stable jurisdiction, with strong infrastructure. Based on mineral resources drilled to date, the PEA outlines a high-grade combined open pit and underground mine, with an initial planned mine life of approximately 12 years.
Kinross Material Properties
Paracatu, Brazil
Kinross is the owner of the Paracatu mine, located in the northwestern portion of the Minas Gerais State in Brazil. The Paracatu mine includes an open pit mine, two process plants (‘Plant I’ and ‘Plant II’), two tailings facilities areas, Santo Antônio and Eustáquio, and related surface infrastructure. As part of its operations, there are two hydroelectric power plants that provide power for industrial areas, located in the state of Goiás.
The Paracatu mine is 100% owned and operated by Kinross’ wholly-owned subsidiary, Kinross Brasil Mineração S.A. (‘KBM’).
Property Description, Location and Access
The Paracatu mine is a large-scale open pit mine, located adjacent to the city of Paracatu, situated in the northwestern portion of Minas Gerais State, 230 kilometres southeast of the national capital Brasília, and 480 kilometres northwest of the state capital Belo Horizonte.
In Brazil, mining licenses (known as decrees) are issued by the Agência Nacional de Mineração (‘ANM’). Once certain obligations have been satisfied, the ANM issues a mining decree that is automatically renewable annually, and has no set expiry date. KBM currently holds its title by way of five mining licenses (Grupamento Mineiro), totalling 1,916 hectares. The mine and most of the surface infrastructure lie within the mining licenses, and the new tailings facility is situated over a mining easement. The remaining infrastructure is built on surface lands controlled by KBM. KBM holds title to 89 exploration permits, totalling approximately 123,940 hectares, and has applications before the ANM for an additional nine (9) applications (exploration and mining applications), totalling approximately 5,687 hectares. These exploration permits and applications for exploration permits comprise a significant land package around Paracatu.
Geological Setting, Mineralization and Deposit Types
The Paracatu property is located within the Brasília Belt, a north-south trending Neoproterozoic belt that extends along the western side of the São Francisco-Congo Craton. Sedimentary units are mostly preserved in the northern part of the belt, whereas in the southern part, where Paracatu is located, there is intense deformation and metamorphism. The contacts between metasedimentary units are primarily tectonic. A series of NS strike thrust faults are developed extensively along the belt. The timing of deformation is estimated at 800 to 600 million years ago, which coincides with the Brasiliano orogenic cycle.
The host phyllites of the Paracatu Formation exhibit well-developed quartz boudins and associated sulfide mineralization. Sericite minerals are common, as a result of extensive metamorphic alteration of the host rocks. Bedding planes were transposed by the foliation developed during the thrusting deformation. Sigmoidal foliation and boudinage structures are often observed in outcrops.
The mineralization at Paracatu exhibits distinct mineralogical zoning, with the arsenopyrite content increasing in the zones of intense deformation. Gold grade increases with increasing arsenopyrite content. Pyrrhotite occurs in the western part of the deposit, and gold grades are also elevated where higher pyrrhotite content is observed. The deposit formation model proposed for Paracatu suggests that gold and arsenopyrite were introduced by hydrothermal fluids concurrently with a deformative event. Gold occurs either as free gold or electrum. The boudins are disseminated in the deposit.
Exploration, Development and Production
In 2025, KBM expects to continue a diamond drilling program on the Paracatu deposit in the SW and NE portions of the mine, to enhance existing information.
The company has continued the optimization and analysis work, focused on determining the optimal mine plan. Mine life is expected to run to 2032.
Tasiast, Mauritania
The Tasiast mine and the primary exploitation permit are owned by Tasiast Mauritanie Limited S.A. (‘TMLSA’), a wholly-owned subsidiary of Kinross. Société d’Extraction du Nord de l’Inchiri S.A. (‘SENISA’), an affiliate of TMLSA, currently holds two exploitation permits, whose underlying lands are contiguous to the Tasiast mining exploitation lands (collectively, the ‘Tasiast Lands’). The two exploitation permits held by SENISA were received in December 2014, as a result of the conversion of two exploration permits, and expire in December 2044.
In July 2022, as part of the December 2014 conversion process of the two exploration permits, SENISA transferred to the Government of Mauritania a 10% carried interest in the shareholding of the company. Other than the 10% carried interest in SENISA held by the Government of Mauritania, all permit-holding affiliates of Kinross, including TMLSA, are wholly-owned indirect subsidiaries of Kinross. Kinross acquired TMLSA, including the Tasiast operation and exploitation and exploration permits and lands, through its acquisition of Red Back Mining Inc. (‘Red Back’) in September 2010.
In September 2019, Kinross completed a Feasibility Study to incrementally increase throughput capacity at Tasiast from approximately 15,000 t/d to 24,000 t/d. The 24k project was commissioned in June 2023 and finalized its ramp-up to 24,000 t/d in Q4 of 2023.
Property Description, Location and Access
The Tasiast Lands are located in northwestern Mauritania, approximately 300 kilometres north of the capital Nouakchott, and 250 kilometres southeast of the major city of Nouadhibou. The Tasiast Lands fall within the Inchiri and Dakhlet Nouadhibou Districts.
The Tasiast Lands are accessed from Nouakchott by using the paved Nouakchott to Nouadhibou highway for 370 kilometres, and then via 66 kilometres of graded mine access road, which is maintained by TMLSA. An airstrip at the mine site is used for light aircraft, primarily travelling to and from Nouakchott. The principal ports of entry for goods and consumables are either Nouakchott or Nouadhibou. Materials are transported by road to the mine site. Routine access within the country is provided by an 11,000-kilometre long road network, comprising approximately 3,000 kilometres of paved highways, and approximately 8,000 kilometres of unpaved highways, as well as numerous desert tracks. A paved 470-kilometre long, two-lane highway runs between the cities of Nouakchott and Nouadhibou.
The Tasiast mine is owned and operated by TMLSA, a wholly-owned subsidiary of Kinross, within the 312 km exploitation permit (permis d’exploitation, or PE) of Ghelb El Ghaîcha (No. 229C2 or ‘PE.No. 229’). The Tasiast mine and the exploitation permit are owned by TMLSA. The mining operations and infrastructure (as contemplated in the 43-101 Technical Report dated December 31, 2024) lie entirely within the lands subject to PE No. 229. PE No. 229 is contiguous to the two exploitation permits held by SENISA (known as Tmeimichat and Imkebdene), which together total 1,597 square kilometres. These permits are all in good standing.
Surface rights are granted along with the three permits, and applicable fees are paid annually, as determined by decree under the Mining Code. Surface rights for the permits are in good standing, and there are no competing mining rights in the area.
Geological Setting, Mineralization and Deposit Types
The Tasiast district is situated in the south-western corner of the Reguibat Shield, which is a north-east trending crustal block of the West African Craton. The Reguibat Shield contains the oldest rocks in Mauritania, and consists of two major subdivisions separated by a crustal-scale shear zone representing a major accretionary boundary. The southwestern part (which hosts the Tasiast deposits) consists of Mesoarchean to Paleoproterozoic rocks that include high-grade granite-gneiss and greenstone belt assemblages. The north-eastern part of the shield consists of younger Paleoproterozoic to Neoproterozoic successions, which host many orogenic gold occurrences in the West African Craton. This region is characterized by a series of volcano-sedimentary belts and associated batholithic-scale granitic intrusive suites of different ages, cut by major shear zones.
The district-scale geology is characterized by basement rocks, largely composed of orthogneiss, overlain by deformed north-striking metavolcanic and metasedimentary successions intruded by stocks and plutons of mafic to intermediate composition (granite-greenstone belts). All of the rock units are cut by unfoliated and post-mineral mafic (gabbroic) dikes.
The Tasiast mine consists of two deposits hosted within distinctly different rock types, both situated within the hanging wall of the west-vergent Tasiast thrust. The Piment deposits are hosted within metasedimentary rocks, including metaturbidites and banded iron formation. The West Branch geology succession comprises mafic to felsic volcanic sequences, iron-rich formations, and clastic units that have undergone mid greenschist to lower amphibolite facies metamorphism and multiple deformation events. At West Branch, the majority of the economic mineralization is hosted by a diorite to quartz diorite intrusion (‘GDI’), which has intruded into felsite clastic sediments. The GDI consistently averages 50 metres to 100 metres in thickness over a strike length that exceeds two kilometres, and remains open in depth.
The Tasiast gold deposits fall into the broad category of orogenic gold deposits. The regional geological setting and deposit features at Tasiast are similar to other well-known Archaean lode gold deposits hosted along greenstone belts in granitoid greenstone terranes.
Exploration activities have been undertaken by TMLSA and its precursor companies, consultants, and contractors.
To the immediate north of the Tasiast operation (5-12 kilometres) and within the Guelb El Ghaîcha license, a cluster of deposits referred to as ‘North Mine Satellites’ have been outlined, these are Fennec, C67, and C68. These gold deposits currently host approximately 0.5 Moz. Au and are part of the near-mine resource growth strategy. Further north of the Tasiast operation (12-25 kilometres) and within the Imkebdene and Tmeimichat licenses held by SENISA, are another cluster of gold deposits referred to simply as ‘Morris’, these are Tef, Askaf, Central, NE, N1, and N2.
Beyond 25 kilometres from the Tasiast operation, within the northern extents of the Imkebdene and Tmeimichat licenses, are several gold exploration prospects that are pending follow-up exploration and drilling, including C23, Kneiffissat, and Grindstone.
Other Kinross Properties
Fort Knox, Alaska, United States
The Fort Knox mine is owned and operated by Kinross’ wholly-owned subsidiary Fairbanks Gold Mining Inc. (‘FGMI’). The Fort Knox property is located in Fairbanks North Star Borough, Alaska, and includes the main Fort Knox open pit mine, mill, tailings storage facility, heap leach facilities, and the Gil-Sourdough satellite mine. Detailed financial production and operational information for the Fort Knox mine is available in Kinross’ MD&A for the year ended December 31, 2024.
Fort Knox is located 42 kilometres by road northeast of the city of Fairbanks, Alaska. The Fort Knox property encompasses 24,676 hectares. FGMI controls a large and diverse group of properties that comprise its mineral holdings in the Fairbanks Mining District. These properties include State of Alaska mining claims, patented claims, and private land. Some of the claims are owned outright, while others are controlled through leases. The Fort Knox mine and facilities are situated on approximately 2,853 hectares of land, owned by the State of Alaska. The project area is predominantly covered by the Amended and Restated Millsite Lease, which covers approximately 3,126 hectares. The Fort Knox ore body is predominantly located within the Fort Knox Upland Mining Lease, entered into with the Alaska Mental Health Trust Land Authority. The portion of the ore body that extends to the west was converted to a State Upland Mining Lease in 2019.
The expansion project for waste rock was approved by the applicable agencies in 2019.
Power is provided to the mine by Golden Valley Electric Association’s power grid, serving the area over a distribution line paid for by Kinross.
Access to the Fort Knox mine from Fairbanks is by 34 kilometres of paved highway and eight kilometres of unpaved road. The area has a subarctic climate, with long, cold winters, and short summers.
The final year for ore processed through the Fort Knox mill, which includes ore from the Manh Choh mine, is currently expected to be 2029. Fort Knox pit production is expected to continue through 2029. The heap leach facilities are expected to continue production through 2030.
Manh Choh, Alaska, United States
Kinross acquired its 70% interest in the Manh Choh mine on September 30, 2020, from Royal Gold, Inc. and Contango. Kinross has broad authority to construct and operate the Manh Choh mine, with Contango retaining a 30% non-operating minority interest in the mine. Kinross’ 70% interest in the mine is owned by KG Mining (Alaska), Inc., which is 100% owned by Kinross. The Manh Choh mine is located near Tok, Alaska, and is approximately 400 kilometres (250 miles) southeast of the company’s Fort Knox mine. The mine is accessible by road, and is near the Alaska Highway. The mine is situated within the 273,163 hectares (675,000 acres) mineral lease with the local Upper Tanana Athabascan Village of Tetlin, and is a high-grade skarn deposit that extends to the surface. Additionally, in the second quarter of 2021, Peak Gold, LLC, which owns the Manh Choh mine and in which Kinross maintains a 70% interest, acquired an additional 5,779 hectares (14,280 acres) of state mining claims proximate to the Tetlin Village.
As of December 31, 2024, mining is expected to be completed in the summer of 2027, in line with the Feasibility Study, with stockpiled ore continuing to be processed through the Fort Knox mill until 2029.
Mining at Manh Choh commenced in August 2023, and the mine reached planned capacities in early 2024. In May 2024, transportation of ore to Fort Knox attained sustained quantities. In July 2024, Manh Choh ounce production commenced, and is expected to continue into 2029.
Round Mountain, Nevada, United States
The Round Mountain mine is owned and operated by Kinross’ wholly-owned subsidiaries Round Mountain Gold Corporation and KG Mining (Round Mountain) Inc. On January 11, 2016, Kinross acquired the remaining 50% interest from two affiliates of Barrick Gold Corporation (‘Barrick’). Prior to this acquisition, Kinross owned an undivided 50% interest in the joint venture common operation known as the Smoky Valley Common Operation (‘SVCO’). Kinross acquired its initial interest in Round Mountain in January 2003.
The Round Mountain mine is located approximately 90 kilometres north of Tonopah in Nye County, Nevada. The company controls the mineral and surface rights covering approximately 20,577 hectares through ownership or lease of patented and unpatented mining claims.
The Round Mountain mine operates a conventional open pit that is approximately 11,000 feet long in the north-west, south-east direction, and 8,800 feet wide. The operation uses conventional open-pit mining methods and recovers gold using three independent processing operations. These include crushed ore heap leaching (reusable or dedicated pad), run-of-mine ore heap leaching (dedicated pad), and a mill equipped with gravity/flotation circuits. Higher grade oxidized ores are either crushed, placed on the reusable pad, leached for 60 days, and then relocated to the dedicated pad; or, crushed, placed directly on the dedicated pad, and leached for 120 days. Lower grade oxidized ores are placed on a dedicated pad, which is typically leached for 120 days. Sulfide ores are processed through the mill.
Construction and commissioning of the Phase W project at Round Mountain was completed in 2019, which included the construction of major infrastructure, such as the heap leach pad, vertical carbon-in-column plant (‘VCIC’), truck shop, wash bay, warehouse, and fueling areas. The project was fully transferred to the operations team, and production started in 2019, with the first gold bar from the completed VCIC poured in May 2019. Stripping and dewatering activities are progressing, and stripping is expected to continue until mid-2027. Ore will be processed through the mill until 2030.
Bald Mountain, Nevada, United States
The Bald Mountain mine is owned and operated by Kinross’ wholly-owned subsidiary KG Mining (Bald Mountain) Inc. (‘KGBMI’). Kinross acquired 100% of the Bald Mountain mine and an associated land package from an affiliate of Barrick on January 11, 2016.
The Bald Mountain mining district is located at the southern end of the Ruby Mountains in east-central Nevada, White Pine County, at the southeastern end of the Carlin Gold Trend. The company controls the mineral and surface rights covering approximately 70,366 hectares through ownership or lease of patented and unpatented mining claims.
The Bald Mountain operation is an open pit mining operation, with production from a number of different pits. Bald Mountain includes several other deposits scattered over the property, and three ROM heap leach pads (Bald Mountain, Mooney, and Vantage).
Bald Mountain recovers gold using multiple ROM heap leach pads. Gold is extracted from the ore with a cyanide solution and collected on activated carbon in column plants. Loaded carbon is shipped off-site for further processing and ultimate gold refining. The mining recovery is high because the ore blocks are large compared to the selective mining unit, and nearly all of the material outlined as ore in the grade control process is mined. Whenever possible, ore blocks are oriented square to the dig direction, minimizing ore loss and dilution.
In 2024, the Juniper Project was approved through the Ely Bureau of Land Management and cooperating agencies. The Juniper Project extends the authorized North Operations Area (‘NOA’) Plan boundary in five areas, totaling 3,425 acres. Life of mine surface disturbance in the NOA increased from 10,782 acres to 14,752, resulting in a net surface disturbance increase of about 3,969 acres. The new disturbance also includes expansion or modification of seven authorized open pits, and the development of two additional pits and three rock disposal areas. On February 12, 2025, the company announced plans to proceed with mining at the Redbird pit, following the receipt of the Juniper permit. The company has approved mining of Phase 1 at Redbird, which contains 270 koz., and is expected to produce approximately 175 koz., extending production into 2028. Phase 2, unlocking another 680 koz. contained, could begin in 2026 and extend production from Bald Mountain through 2031.
La Coipa, Chile
Kinross acquired its initial 50% interest in the La Coipa mine in January 2003. Following the completion of an asset swap transaction with Goldcorp on December 21, 2007, Kinross acquired the remaining 50% interest previously owned by Goldcorp. The mine and plant suspended activities in October 2013, while evaluation of several nearby mineralized zones was pursued. In February 2020, Kinross approved the La Coipa Restart project and commenced production from the Phase 7 deposit in Q1 2022.
The La Coipa mine, located approximately 1,000 kilometres north of Santiago in Chile’s Region 3 (Atacama), consists of eight deposits (notable deposits being Phase 7, Puren, Coipa Norte, Ladera Farellon, and Can Can), which are owned by Compania Minera Mantos de Oro (‘MDO’), a Chilean subsidiary of Kinross, except for Puren, which is owned through a joint venture between MDO and Codelco-Chile, with participation interests of 65% and 35%, respectively.
The La Coipa mine consists of approximately 41,991 hectares of exploitation concessions (including Puren, which consists of approximately 4,423 hectares). In addition, Kinross holds a 100% interest in the Phase 7 deposit, which includes claims covering approximately 136.5 hectares next to La Coipa mine.
La Coipa’s restart project began commissioning its plant in early February 2022, producing the first gold bar in March 2022. The plant ramp-up reached its full operating capacity at the end of 2023.
Lobo-Marte, Chile
The Lobo-Marte project is owned by MDO, a Chilean company that is 100%-owned by Kinross. MDO holds a 100% interest in the Lobo-Marte project.
Kinross completed a Pre-Feasibility Study at the Lobo-Marte project in 2009 and updated the Pre-Feasibility Study in 2010. In 2011, Kinross submitted the environmental and social impact study for the project to the Chilean authorities. In 2012, Kinross decided to extend the project timeline as part of its capital optimization process. In 2013, the permitting process was suspended pending further assessment of the project. On November 17, 2014, the company withdrew its permit application and stopped the permitting process at Lobo-Marte due to substantial changes in the plan of operations, the footprint of the project, project economics, and stringent requirements associated with the permit application. As a result of the permit withdrawal, approximately 6 million gold ounces at Lobo-Marte were reclassified as measured and indicated mineral resources. Any future development or operations at Lobo-Marte would require the re-initiation of the permitting process.
The Lobo-Marte project currently comprises two open-pit minable gold ore deposits, located approximately seven kilometres apart, in the Atacama Region of Northern Chile, approximately 650 kilometres north of Santiago and 100 kilometres east of Copiapó. The project lies approximately 55 kilometres south of Kinross’ La Coipa operation and 60 kilometres north of the Maricunga mine.
The Lobo-Marte project includes 78 granted exploitation concessions covering 38,067 hectares, and 7 granted exploration concessions covering 2,100 hectares. Additionally, the Lobo-Marte project has 78 exploitation concessions, covering 38,067 hectares, and 5 granted exploration concessions covering 1,800 hectares. Finally, the project has 9 exploitation concessions in the process of receiving a final registered grant, covering 2,499 hectares. Concessions are held in the name of MDO. Kinross has three established easements for the construction of roads, stockpiles, process facilities, camp, support facilities, and associated pipelines. Additional rights and easements will be required to support project development.
Great Bear Project, Ontario, Canada
Kinross acquired its 100% interest in the Great Bear project on February 24, 2022, through its acquisition of Great Bear Resources Ltd. The Great Bear project is located in the Red Lake mining district of Ontario, Canada, and now comprises over 117.5 square kilometres of contiguous claims. The project location has access to a paved highway, provincial power line, and a natural gas pipeline along its northern boundary. The property also hosts a network of well-maintained logging and gravel pit roads that facilitate year-round access to the site.
Environmental Protection
In the United States, Kinross is subject to a number of laws and regulations, including, without limitation: the Clean Air Act; the Clean Water Act; the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right to Know Act; the Endangered Species Act; the Federal Land Policy and Management Act; the National Environmental Policy Act; the Resource Conservation and Recovery Act; and related state laws.
Kinross is a signatory to the Cyanide Code, which is administered by the International Cyanide Management Institute (the ‘ICMI’). All Kinross operations are compliant with the Manufacture, Transport, and Use of Cyanide in the Production of Gold (the ‘Cyanide Code’).
History
Kinross Gold Corporation was founded in 1993.
