Operating mines Kinross Gold

1 operating mines

1.1 fort knox
1.2 round mountain
1.3 bald mountain
1.4 paracatu
1.5 tasiast

1.5.1 impairment charges related tasiast
1.5.2 tasiast expansion
1.5.3 fraud allegations, class action lawsuits , settlements


1.6 chirano
1.7 dvoinoye , kupol

operating mines

kinross gold operates mines in north , south america, russia, , africa.

fort knox

its fort knox gold mine property counts mill, tailings storage, heap leach facility, gil project, , true north open pit mine, closed , under monitoring. in 2015 mine produced 401,500 gold equivalent ounces of gold.

round mountain gold mine


round mountain

the round mountain gold mine located in nye county, nevada , has operated since 2003. round mountain joint venture between round mountain gold corporation (a kinross subsidiary) , barrick gold. kinross merger echo bay mines gave them 50% share of round mountain, barrick retaining remainder. in 2016 kinross purchased barrick s 50% interest. round mountain located in area mining has taken place since 1906, having produced 350,000 ounces of gold on sixty-year period. production volume approximately 197,000 gold equivalent ounces 2015. of 2011 mine undergoing expansion increase size of pit , related infrastructure.

in september 2017, kinross announced phase w expansion project round mountain. phase w expected extend mining @ site 5 years , increase life-of-mine production 1.5 million au oz. , predicted generate incremental cash flow of $265 million, sustained annual production of 341,000 au oz. through 2024. top performing mine benefits 1 of top mining locales in world.

near round mountain mine, kinross operates smaller open-pit mine, gold hill mine.

mills @ paracatu mine in brazil, 2014.


bald mountain

in january 2016, kinross acquired 100% of bald mountain mine in white pine county, nevada, , remaining 50% of round mountain gold mine affiliate of barrick gold corporation $610 million in cash. bald mountain operated subsidiary kg mining (bald mountain) inc. 2015 production amounted 160,000 gold equivalent ounces. bureau of land management has authorized corporation increase exploration activities.

the grade of bald mountain s 2.1 million ounces of proven , probable reserves 0.63 g/tonne.

bald mountain incurred operating loss of $37 million during 2016.

paracatu

in brazil, kinross owns open-pit paracatu gold mine, located in northwest minas gerais. includes 2 process plants, 2 tailings facilities, accompanying infrastructure. on january 31, 2003, kinross acquired 49% ownership interest part of acquisition of tvx gold. on december 31, 2004, kinross acquired remaining 51% rio tinto $255 million, , operated mine kinross brasil mineração s.a. mine region s largest employer. in 2015, paracatu produced 477,662 gold equivalent ounces.

tasiast

the tasiast mine located in mauritania, africa. red mining inc. began production @ tasiast in 2008. in september 2010, kinross acquired tasiast acquiring of shares of red back.

the property includes open-pit gold mine combined carbon-in-leach , dump leach operation, adsorption-desorption recovery plant produces doré.

in 2015, mine produced 212,000 gold equivalent ounces.

in 2016, due government allegations of invalid work permits expatriate employees, mine suspended operations, resuming them in august same year.

tasiast incurred operating loss of $119 million during 2016.

impairment charges related tasiast

during 5 years after acquisition, kinross recorded impairment charges related tasiast follows:

2011 - $us 2.490 billion
2012 - $us 3.416 billion
2013 - $us 1.488 billion
2014 - $us 0.505 billion
2015 - $us 0.259 billion

tasiast expansion

in 2010 annual report, kinross outlined proposed expansion project increase output 8,000 tonnes per day 60,000 tonnes per day, not implemented.

in 2014, feasibility study expanded tasiast operation 38,000 tonne per day (tpd) mill completed.

on march 30, 2016, kinross announced proceeding tasiast expansion. phase 1 expected increase processing 8,000 tonnes per day 12,000 tonnes per day, , 30,000 once second phase complete.

in september 2017, kinross announced launch of phase 2 expansion. annual production expected increase more 800,000 gold ounces per year first 5 years. feasibility study indicates 24% irr , $2.2 billion in cash flow on life of mine​. tasiast phase 1 of project reported have progressed well, on time , in budget, , phase 2 expected scale tasiast world-class mine low operating costs.

fraud allegations, class action lawsuits , settlements

in 2012, securities class action lawsuits launched in u.s. , canada alleging kinross gold overstated value of tasiast mine in financial statements , made other false statements. ontario action related allegations (1) kinross ought have reported write down of goodwill (there unreported goodwill impairment) in may 2011; (2) kinross failed disclose drilling program tasiast mine had revealed high amounts of low-grade ore; , (3) kinross misrepresented expansion project tasiast mine remained on schedule.

in 2015, parties reached settlement agreements included payments kinross totalling approximately $us 40 million.

chirano

the red purchase gave kinross 90% stake in chirano gold mine, while remainder held government of ghana. mine produced quarter million ounces of gold in 2011. mine made of 3 open pits , 2 underground operations.

tasiast pit in mauritania, 2014.

chicano incurred operating loss of $58 million in 2016.

dvoinoye , kupol

the dvoinoye , kupol gold mines located in russia approximately 100 kilometres (60 mi) apart.

dvoinoye/kupol kinross profitable operating segment. during 2016, operating earnings $345 million.

trucks on ice road kupol mine in russia, 2013.

the dvoinoye underground gold mine acquired in 2010 through northern gold llc , ragionruda llc, , opened in 2013. ore mine processed @ kupol. gold production @ both mined equated total of approximately 734,000 gold equivalent ounces 2016. grade of reserves @ dvoinoye, 11.2 g/tonne, higher kinross other mines. in contrast, grade @ paracatu 0.4 g/tonne , grade @ tasiast 1.9 g/tonne. september northeast project near dvoinoye expected begin mining in 2017.

the kupol gold mine combination open-pit , underground gold mine, milling processing operation in chukotka autonomous okrug, in area mined in 1930s prisoners of gulag. bema gold corporation financed $425-million project through various international banks, agencies, , equipment companies, plus chukotka government. kinross acquired property (at time 75% of mine) through acquisition of bema gold, , subsidiary (chukotka mining & geological company) purchased remaining 25% government (via state unitary enterprise of chukotka autonomous okrug) in 2011.

at kupol, gold , silver occur native gold, gold-silver alloy electrum, acanthite silver-rich sulfosalts. dvoinoye, on other hand low sulfidation epithermal gold-silver vein deposit, , notably counts appreciable free gold in parts of deposit. ore minerals , sulfides in vein include freibergite, pyrite, chalcopyrite, galena, , sphalerite.

kinross expects commence mining @ moroshka in 2018 , have ore processed in kupol mill. moroshka located approximately 4 kilometers east of kupol , within kupol license area.

the mines expected close in 2021.