Kinross Gold
 |
|
| Public | |
| Traded as | : K : KGC |
| Industry | Metals and Mining |
| Founded | 1993 |
| Founder | Robert Buchan |
| Headquarters | Toronto, Canada |
|
Key people
|
J. Paul Rollinson, President and CEO |
| Products | Gold, Silver |
| Revenue | $3.5 billion (2015) |
| ($104 million) (loss) (2016) | |
| Website | www.kinross.com |
Kinross Gold Corporation is a Canadian-based gold and silver mining company founded in 1993 and headquartered in Toronto, Canada. Kinross currently operates eight active gold mines and was the fifth largest gold producer in the world in 2015. In 2016, Kinross produced 2.78 million ounces of gold. The company's mines are located in Brazil, Ghana, Mauritania, Russia and the United States. It trades under the KGC ticker in the and under K in the .
In 2016, Kinross produced a record 2,789,150 gold equivalent ounces and generated $3.472 billion in revenue at all-in sustaining costs of $984 per ounce of gold produced.
Kinross Gold’s net incomes (losses) during the past six years were:
Kinross' proven and probable gold reserves were 30.9 million ounces as at December 31, 2016. This amount includes 5.8 million ounces related to the Cerro Casale property which was sold in 2017. In 2010, the proven and probable reserves were 62.4 million ounces.
Kinross Gold's total assets have decreased significantly, from $US 16.39 billion in 2010 to $US 7.73 billion in 2015.
Kinross suspended payment of dividends in 2013.
In 2015 in the wake of declining gold prices, Kinross closed their regional office in Denver, Colorado, and eliminated 110 corporate position in Denver, Chile, Spain, and Toronto.
In 2016, Kinross' credit rating was lowered to "Junk" status by Standard & Poor's, the decision was largely based on the share of their production that came from mines in Russia, which it saw as a significant risk.
Kinross Gold Corporation was founded in 1993 following the amalgamation of three companies: Plexus Resources Corporation, CMP Resources and the numbered company 1021105 Ontario Corp. This resulted in the new company owning a stake and royalties on a mining property in Fallon, Nevada and the QR Mine in British Columbia. Kinross was listed on June 1, 1993 on the and NASDAQ, and on the the following year.
Kinross' first project, now operated by its subsidiary Fairbanks Gold Mining, was the Fort Knox Gold Mine operating as an open pit in Alaska. The area, including its surroundings deposits, was prospected as early as 1913, but no mining took place until 1996. In 1998 the owner of Fort Knox (Amax Gold) merged with Kinross.
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