Kinross Gold Corporation · TSX:K
Kinross Gold — RBC Global Mining & Materials Conference 2016
76 slides from Kinross Gold's conference presentation, Jun 14, 2016
Slide 1: Kinross Gold Corporation
June 2016 KINROSS GOLD CORPORATION 1 www.kinross.com
Slide 2: Cautionary Statement on Forward-Looking Information
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION All statements, other than statements of historical fact, contained or incorporated by reference in or made in giving this presentation and responses to questions, including but not limited to any information as to the future performance of Kinross
Slide 3: Kinross Value Proposition
KINROSS VALUE PROPOSITION EXCELLENT OPERATIONAL TRACK RECORD • Continuing to meet or outperform our operational targets STRONG BALANCE SHEET • $2.3B in liquidity with net debt to EBITDA ratio of 1.2x ATTRACTIVE FUTURE GROWTH OPPORTUNITIES • Proceeding with TASIAST PHASE ONE; expected to reach full p
Slide 4: Delivering Operational Excellence
DELIVERING OPERATIONAL EXCELLENCE 4 www.kinross.com
Slide 5: Strong Track Record
OPERATIONAL EXCELLENCE STRONG TRACK RECORD 2012 2013 2014 2015 MET or EXCEEDED annual production guidance MET or came in UNDER annual cost of sales guidance MET or came in UNDER annual capital expenditures guidance CONSISTENTLY MEETING OR OUTPERFORMING TARGETS www.kinross.com
Slide 6: 2015 Highlights: Delivering Strong Performance
2015 HIGHLIGHTS DELIVERING STRONG PERFORMANCE Continued track record of meeting or beating our operational targets • Operations delivered solid results in 2015: HIGH-END of 2015 revised guidance for production LOW-END of 2015 revised guidance for cost of sales and all-in sustaining cost BELOW
Slide 7: 2016 Production & Cost Outlook
OPERATIONAL EXCELLENCE 2016 PRODUCTION & COST OUTLOOK(4) Forecasting record production and lower all-in sustaining cost in 2016 Gold Equivalent Production(1) Production Cost of Sales(2) All-in Sustaining Cost(3) (millions) ($ per ounce) ($ per ounce) 2.7 – 2.9 $975 $890 to $990 2.6 $675 to $735 $696
Slide 8: 2016 Outlook
OPERATIONAL EXCELLENCE 2016 OUTLOOK(4) 2016 PRODUCTION & COST OF SALES OUTLOOK Gold Production % of Total Production Cost of Sales(2) Region (000 Au eq. oz.) Production ($/oz. Au eq.) Americas 1,670 – 1,770 61% $730 - $790 West Africa 360 - 420 14% $850 - $920 (attributable) Russia 670 – 710 25% $46
Slide 9: First Quarter 2016 Highlights: Delivering Strong Performance
FIRST QUARTER 2016 HIGHLIGHTS DELIVERING STRONG PERFORMANCE Production increased while costs were lower year-over-year Gold Equivalent Production(1) Production Cost of Sales(2) All-in Sustaining Cost(3) (millions) ($ per ounce) ($ per ounce) 687,463 $964 $963 629,360 $709 $694 Q1 2015 Q1 2016 Q1 201
Slide 10: Operating Highlights
FIRST QUARTER 2016 HIGHLIGHTS OPERATING HIGHLIGHTS PARACATU FORT KNOX • Lowest cost of sales per ounce since • Better seasonal heap leach performance Q3 2011, benefits of favourable FX due to relatively mild winter weather KUPOL-DVOINOYE ROUND MOUNTAIN • Continued strong performance • Higher grades,
Slide 11: First Quarter 2016 Financial Results
FIRST QUARTER 2016 FINANCIAL RESULTS Q1 2015 Q1 2016 Attributable gold equivalent ounces (oz.)(1) Produced 629,360 687,463 Sold 634,565 659,397 Average realized gold price ($/oz.) $1,218 $1,179 Production cost of sales ($/oz.)(2) Gold equivalent $709 $694 By-product $696 $682 All-in sustaining cost
Slide 12: Diversified Portfolio of Operating Mines
OPERATIONAL EXCELLENCE DIVERSIFIED PORTFOLIO OF OPERATING MINES Over RUSSIA 60% of estimated 2016 gold equivalent production from mines located in the Americas AMERICAS Dvoinoye Kupol Fort Knox Kettle River-Buckhorn Bald Mountain Round Mountain 2016E GOLD EQUIVALENT PRODUCTION(1,4) Tasiast 25% Chira
Slide 13: Americas
• Six mines located in the US, Brazil and Chile AMERICAS • Over 60% of annual production is from the Americas in 2016 13 www.kinross.com
Slide 14: Americas
OPERATIONAL EXCELLENCE AMERICAS • Strong performances at FORT KNOX, ROUND • PARACATU production lower quarter-over- MOUNTAIN, MARICUNGA and KETTLE- quarter due to a partial curtailment of milling RIVER BUCKHORN activities due to reduced rainfall • BALD MOUNTAIN production lower than Region receive
Slide 15: Bald Mountain, Nevada
OPERATIONAL EXCELLENCE BALD MOUNTAIN, NEVADA Quality producing mine with significant exploration potential EXCELLENT FIT WITHIN KINROSS’ PORTFOLIO • Open-pit run-of-mine heap leach operation Opportunity to leverage Kinross’ expertise as a world-class open-pit and heap leach operator • Large estima
Slide 16: Bald Mountain Exploration
OPERATIONAL EXCELLENCE BALD MOUNTAIN EXPLORATION Bald Mountain to be a priority focus of Kinross’ 2016 exploration program NORTH ZONE (100% Kinross) 2016 Priority Exploration Targets ~15km • Drilling to focus on converting estimated mineral resources to mineral reserves and extending delineation of
Slide 17: Round Mountain CI Benefits
OPERATIONAL EXCELLENCE ROUND MOUNTAIN CI BENEFITS Achieving results from continuous improvement, with additional future opportunities OPPORTUNITY TO UNLOCK VALUE FROM THE HEAP LEACH PADS • Significant amount of ore stacked on the pads since heap leaching commenced in 1993 ~950Mt of ore stacked on
Slide 18: Process Solution Management (PSM)
OPERATIONAL EXCELLENCE PROCESS SOLUTION MANAGEMENT (PSM) Unlocking value through heap leach optimization projects IMPROVING LEACH PERFORMANCE • Re-grading areas of the heap • Enhancing application rate of solution to older ore • Optimizing efficient leaching of the entire pad IMPROVING RECOVERY • Im
Slide 19: Paracatu, Brazil
OPERATIONAL EXCELLENCE PARACATU, BRAZIL Large gold mine with a long mine life that extends to 2030 SIGNIFICANT GOLD PRODUCTION • Paracatu produced 478koz. at a cost of sales of $772/oz. in 2015 • Costs continuing to benefit from weakening local currency ACHIEVING RESULTS THROUGH CONTINUOUS IMPROVEME
Slide 20: Maricunga Update
DISCIPLINED CAPITAL ALLOCATION MARICUNGA UPDATE Evaluating Maricunga in context of overall strategic priorities • Assessing Maricunga’s future cost structure and capital requirements • Contemplating a potential suspension of mining activities by the end of October Under the closure plan, heap leac
Slide 21: La Coipa Project
ORGANIC GROWTH OPPORTUNITIES LA COIPA PROJECT • Pre-feasibility study on La Coipa completed during Q3 2015 • Project offers a number of expected attractive attributes: Leverages existing infrastructure Relatively low execution risk Modest capital investment Exploration upside Located in an
Slide 22: La Coipa, Chile
EXPLORATION HIGHLIGHTS LA COIPA, CHILE Encouraging results along a prospective 3 km trend The Pompeya deposit is also referred to as La Coipa Phase 7. For additional information, please see Kinross’ news release dated February 10, 2016 and Appendices A and B, which are available on our website at 22
Slide 23: Russia
• Continued strong performance from the high-grade, low-cost Kupol and RUSSIA Dvoinoye underground mines 23 www.kinross.com
Slide 24: Russia
OPERATIONAL EXCELLENCE RUSSIA KUPOL-DVOINOYE • Q1 production cost of sales decreased to $445/oz. Lowest level since Q3 2011 Benefiting from increased production, higher grades and favourable foreign exchange MOROSHKA PROJECT • Construction of ore haulage road underway • Mining expected to begin
Slide 25: Kupol-Moroshka
EXPLORATION HIGHLIGHTS KUPOL-MOROSHKA Advancing development of the Moroshka satellite deposit located near Kupol mill HIGH-GRADE DEPOSIT • Located approximately 4km east of Kupol and within the Kupol license • Initial discovery in 2012 • Completed pre-feasibility study in 2015, adding ~180koz. to mi
Slide 26: September North-East
EXPLORATION HIGHLIGHTS SEPTEMBER NORTH-EAST SEPTEMBER NORTH-EAST • Defined near-surface, high-grade M&I mineral resource estimate of 68koz. Au grading 32 g/t(5) • Material being fast-tracked to production, expected in 2017 DVOINOYE ZONE 1 • Located on the current mining lease • Drilling confirmed co
Slide 27: Foreign Investment
RUSSIA FOREIGN INVESTMENT The world’s leading companies continued to invest in Russia in 2016 27 www.kinross.com
Slide 28: Foreign Investment Advisory Council
RUSSIA FOREIGN INVESTMENT ADVISORY COUNCIL FIAC is chaired by the Russian Prime Minister and includes CEOs from over 50 international companies 28 www.kinross.com
Slide 29: West Africa
• Two operating mines located in a region with excellent growth and WEST exploration prospects AFRICA • Strong focus on optimizing efficiency and performance 29 www.kinross.com
Slide 30: West Africa
OPERATIONAL EXCELLENCE WEST AFRICA • Strong cost performance at TASIAST Continuous improvement efforts resulting in significantly increased throughput Averaged over 8,000 t/d in Q1 2016, compared to 7,500 t/d in Q4 2015 • CHIRANO production decreased as site transitions from mining in the Awkaab
Slide 31: Tasiast Performance Improvements
FIRST QUARTER 2016 HIGHLIGHTS TASIAST PERFORMANCE IMPROVEMENTS Continuous improvement initiatives resulting in significantly improved throughput CONTINUOUS IMPROVEMENT BENEFITS Ore processed (milled) • Comprehensive review of crushing and (‘000 tonnes) grinding circuit to identify opportunities for
Slide 32: Tasiast District
EXPLORATION HIGHLIGHTS TASIAST DISTRICT Prospective 80km trend with encouraging results on near-mine and step-out targets Operating Mine Satellite deposit Imkebdene license New deposit 2015 FENNEC WEST BRANCH C67 Tmeimichat license C68 TAMAYA El Gaicha license Tasiast Sud license N’Daouas license Fo
Slide 33: Chirano, Ghana
EXPLORATION HIGHLIGHTS CHIRANO, GHANA Exploration focused on 8 km mine trend to target open-pit and underground extensions SURAW • Significant gold mineralization was extended 200 m south of the existing M&I mineral resource estimates and also 300 m down dip • 2015 results demonstrate upside potenti
Slide 34: Strong Financial Discipline
STRONG FINANCIAL DISCIPLINE 34 www.kinross.com
Slide 35: Solid Financial Position
STRONG BALANCE SHEET SOLID FINANCIAL POSITION Maintaining balance sheet strength & financial flexibility remain priority objectives LIQUIDITY POSITION MAINTAINING FINANCIAL FLEXIBILITY • Equity financing completed in March 2016 Net proceeds of $276M $0.8 • Generated $75M of free cash flow from ope
Slide 36: Reduced Overhead
2016 OUTLOOK REDUCED OVERHEAD • 2016 overhead expense expected to be Overhead Expense US$165 million(4) (US$ millions) $208 • 20% REDUCTION year-over-year reflects savings from corporate headcount reduction $165 • Benefits from lower Canadian dollar reflected in guidance 2015 2016E (4) Overhead expe
Slide 37: Fuel & Currency Hedges
FINANCIAL DISCIPLINE FUEL & CURRENCY HEDGES Managing exposure to fluctuations in foreign currency and input commodity prices • Strategic decision to hedge 50% of the Tasiast Phase One project’s fuel oil requirements at $46/bbl for next 36 months Will look for additional opportunities to hedge an a
Slide 38: Currency & Oil Benefits
2016 OUTLOOK CURRENCY & OIL BENEFITS Well-positioned to benefit from further currency and oil weakness • Benefits of favourable FX and oil prices 2016 Budget Assumptions & Sensitivities(4) partially offsetting lower gold prices Budget Spot(i) 110 Gold US$1,100 US$1,211 100 Oil US$55/bbl. US$49/bbl.
Slide 39: Attractive Growth Opportunities
ATTRACTIVE GROWTH OPPORTUNITIES 39 www.kinross.com
Slide 40: Results of the Tasiast Two-Phased Expansion Studies
TASIAST EXPANSION PROJECT RESULTS OF THE TASIAST TWO-PHASED EXPANSION STUDIES • Two-phased approach offers an attractive path to Tasiast’s significant growth potential at a significantly lower forecast capital cost than previously estimated • Proceeding with Phase One of the expansion 40 www.kinross
Slide 41: Tasiast, Mauritania
ATTRACTIVE GROWTH OPPORTUNITIES TASIAST, MAURITANIA • Existing mine with an 8,000 t/d mill originally designed to process ore from a series of small open pits 41 www.kinross.com
Slide 42: Large Orebody with Low Execution Risk
TASIAST EXPANSION PROJECT LARGE OREBODY WITH LOW EXECUTION RISK Challenge is to right-size the processing capacity to capture the full value and potential of Tasiast’s large mineral resource estimate RELATIVELY LOW-RISK BROWNFIELDS EXPANSION PROJECT • Have owned and operated the mine for over 5 year
Slide 43: Phased Approach to a Tasiast Mill Expansion
DISCIPLINED PROJECT DEVELOPMENT PHASED APPROACH TO A TASIAST MILL EXPANSION • Phase One expansion offers a number of expected attractive attributes: Leverages existing infrastructure Relatively low execution risk Manageable capital expenditure Robust economics on a stand-alone basis Offers
Slide 44: Two-Phased Expansion Concept (Phase One)
TASIAST EXPANSION PROJECT TWO-PHASED EXPANSION CONCEPT PHASE ONE: EXPANSION TO 12,000 t/d • Leverages existing mill infrastructure to increase throughput to 12,000 t/d from 8,000 t/d • Includes installation of an oversized 40’ SAG mill and gyratory crusher • Enhances processing of the harder, higher
Slide 45: Phase One Feasibility Study Results
TASIAST EXPANSION PROJECT PHASE ONE FEASIBILITY STUDY RESULTS Phase One expected to reduce cost per ounce by ~50% and to increase annual production by ~90% Metric / Estimate Estimates Average annual production (2018-2027) 409,000 ounces Production cost of sales (2018-2027) $535 per ounce All-in sust
Slide 46: Advancing Tasiast Phase One
TASIAST EXPANSION PROJECT ADVANCING TASIAST PHASE ONE Phase One expected to ramp up to full production in Q1 2018 PHASE ONE PROJECT PROGRESSING WELL • Experienced project team in place • Engineering and procurement 55% complete Expected to reach 80% by end of July 2016 • Major earthworks scheduled
Slide 47: Two-Phased Expansion Concept (Phase Two)
TASIAST EXPANSION PROJECT TWO-PHASED EXPANSION CONCEPT PHASE TWO: EXPANSION TO 30,000 t/d • Contemplates installation of an additional 18,000 t/d of throughput capacity for a total combined capacity of 30,000 t/d • Project consists of: • Replacing the two current ball mills with a larger, new ball m
Slide 48: Phase Two Pre-Feasibility Study Results
TASIAST EXPANSION PROJECT PHASE TWO PRE-FEASIBILITY STUDY RESULTS Combined Phase One and Two expansion expected to transform Tasiast into Kinross’ largest mine with estimated costs amongst the lowest in our portfolio Metric / Estimate Phase One and Two combined Average annual production (2020-2026)
Slide 49: Two-Phased Approach: Capital Discipline
TASIAST EXPANSION PROJECT TWO-PHASED APPROACH: CAPITAL DISCIPLINE Objective was to achieve similar production and cost output as the 38k t/d case with significantly lower initial and sustaining capital Phase One & Two Combined Metric / Estimate Previous 38k t/d Scenario 30k t/d Average annual produc
Slide 50: Reduced Capex Estimate
TASIAST EXPANSION PROJECT REDUCED CAPEX ESTIMATE Phase One and Phase Two combined initial capital estimated to be $920 million(i) FACTORS DRIVING THE LOWER ESTIMATED INITIAL CAPITAL COST • Most of the equipment is smaller (e.g. crusher) Smaller Smaller scalescale • Fewer units required (e.g. few lea
Slide 51: Reduced Sustaining Capital
TASIAST EXPANSION PROJECT REDUCED SUSTAINING CAPITAL Expecting significant sustaining capital savings FACTORS DRIVING THE LOWER ESTIMATED SUSTAINING CAPITAL • Highly confident seawater pipeline no longer required Results of hydrological and hydrogeological studies increased confidence that an expa
Slide 52: Phase Two: Next Steps
TASIAST EXPANSION PROJECT PHASE TWO: NEXT STEPS Phase Two pre-feasibility study envisions full production beginning in 2020 • The timeline contemplated in the pre- feasibility study assumes: Initiating a feasibility study in late 2016 Being in a position to make a decision in late 2017 If a po
Slide 53: Tasiast Expansion Project Site Layout
Airstrip Camp New SAG mill New stockpile Phase One and Two expansions New crusher West Branch Pit Truck shop Piment pits Dump leach Power Plant ADR plant Current tailings facility Phase One tailings facility TASIAST EXPANSION PROJECT SITE LAYOUT 53 www.kinross.com
Slide 54: Sensitivities Table
TASIAST EXPANSION PROJECT SENSITIVITIES TABLE PHASE ONE GOLD PRICE SENSITIVITY ESTIMATES $1,100 $1,200 $1,300 $1,400 $1,500 IRR 13% 20% 26% 33% 40% NPV $345M $635M $910M $1.2B $1.5B PHASE ONE AND PHASE TWO COMBINED GOLD PRICE SENSITIVITY ESTIMATES $1,100 $1,200 $1,300 $1,400 $1,500 IRR 12% 17% 22% 2
Slide 55: Illustrative Mine Plan Schedule (30k t/d)
TASIAST EXPANSION PROJECT ILLUSTRATIVE MINE PLAN SCHEDULE (30k t/d) 2017 2019 2020 2016 2018 2021 2019 2019 2022 2016 2017 2020 2017 2020 2018 2023 2019 2021 2024 2022 2023 2025 2026 For additional information, please refer to the Tasiast Technical Report dated March 30, 2016, available on our websi
Slide 56: Compelling Valuation
COMPELLING VALUATION 56 www.kinross.com
Slide 57: Compelling Relative Value: Growing Production, Reducing Costs
COMPELLING RELATIVE VALUE GROWING PRODUCTION, REDUCING COSTS Expecting record production in 2016, with a lower all-in sustaining cost GOLD PRODUCTION(i) ALL-IN SUSTAINING COST(ii) 2015 vs. 2016E 2015 vs. 2016E 6% 7% 2% 0% % change % change 1% -7% -1% -4% -15% -4% -15% -6% Kinross Yamana Newmont Agni
Slide 58: Net Debt to EBITDA (LTM)
COMPELLING RELATIVE VALUE NET DEBT TO EBITDA (LTM) Net debt to EBITDA ratio of 1.2x well-within debt covenant of 3.5x 2.5 2.1 1.7 1.3 1.2 1.0 Yamana Barrick Goldcorp Newmont Kinross Agnico Source: Bloomberg, company reports. 58 www.kinross.com
Slide 59: Enterprise Value versus Production
COMPELLING RELATIVE VALUE ENTERPRISE VALUE VERSUS PRODUCTION Market capitalization Enterprise value Multiple of $31.9 2016E Gold Delta with Kinross Production Kinross Enterprise (Moz.)(ii) (US$B) Value $25.1 Enterprise value (US$ billions)(i) Barrick 5.3 24.2 4.1 Newmont 5.1 17.4 3.3 $17.8 Goldcorp
Slide 60: 2016E Metrics
COMPELLING RELATIVE VALUE 2016E METRICS Attractive value opportunity relative to peers, considering Kinross’ annual production, cost structure, track record and growth opportunities EV / 2016E EBITDA P / 2016E OPERATING CF 15.9 15.3 11.2 11.4 9.4 8.8 8.5 8.0 8.0 7.6 6.3 6.2 Agnico Goldcorp Barrick Y
Slide 61: Track Record Over the Past Four Years
LOWERED 4 years MET guidance Consecutive targets $1.9 2012 annual capex by $1.3 2013 $1.3B $0.6 2014 $0.6 2015 Produced over 10Moz. DECREASED MAINTAINED gold equivalent all-in a strong $700M balance sustaining Debt repaid sheet 10% cost $2.2 BILLION Liquidity position TRACK RECORD OVER THE PAST FOUR
Slide 62: Building Momentum for the Future
2020E Start-up of potential 2018E TASIAST PHASE TWO TASIAST PHASE 2017E ONE expected to ramp up to full 2016E Stronger year production expected at Expecting to BALD MOUNTAIN deliver RECORD production BUILDING MOMENTUM FOR THE FUTURE 62 www.kinross.com
Slide 63: Appendix
APPENDIX 63 www.kinross.com
Slide 64: 2016 Capital Expenditures Outlook
FINANCIAL DISCIPLINE 2016 CAPITAL EXPENDITURES OUTLOOK(4) 2016 capital expenditures are expected to be $755 million, including estimated capitalized interest of $25 million Region Sustaining Non-Sustaining Regional Total Americas $220 $10 $230 West Africa $120 $280 $400 Russia $85 $10 $95 Corporate
Slide 65: Fort Knox, USA (100%)
AMERICAS FORT KNOX, USA (100%) Among the world’s few cold climate heap leach facilities • Impressive track record of operational excellence • Achieved 2nd highest production level in 2015, its 19th year in operation • Estimated mine life: mill – 2018; mining – 2020* OPERATING RESULTS(2) 2014 2015 Pr
Slide 66: Bald Mountain, USA (100%)
AMERICAS BALD MOUNTAIN, USA (100%) Forecasting strong near-term cash flow with significant upside potential • Acquired in January 2016 from Barrick • ~600 km2 under-explored land package among the largest in the United States • Well-capitalized operation: previous owner invested ~$385M over the past
Slide 67: Round Mountain, USA (100%)
AMERICAS ROUND MOUNTAIN, USA (100%) Round Mountain is a best-practice leader in many areas, including preventative maintenance • Production & cost benefits of an ongoing long-term continuous improvement project focused on enhancing heap leach performance and improvements to recovery • Estimated mine
Slide 68: Kettle River-Buckhorn, USA (100%)
AMERICAS KETTLE RIVER-BUCKHORN, USA (100%) Low-cost, high-grade underground mine located in Washington state • Historically, a significant cash flow contributor with costs among the lowest in the portfolio • Estimated mine life: late 2016* OPERATING RESULTS(2) 2014 2015 Production (Au. Eq. oz.) 123,
Slide 69: Paracatu, Brazil (100%)
AMERICAS PARACATU, BRAZIL (100%) Large gold mine with a long mine life that extends to 2030 • Paracatu is among the world’s largest gold operations with annual throughput of ~60Mt • Realizing benefits from weakness in the Brazilian real • Estimated mine life: 2030* OPERATING RESULTS(2) 2014 2015 Pro
Slide 70: Maricunga, Chile (100%)
AMERICAS MARICUNGA, CHILE (100%) High-altitude heap leach operation located in the highly prospective Maricunga District • Focused on improving operating efficiencies and reducing costs • Estimated mine life: mining – mid-2018; heap leach processing – 2020* OPERATING RESULTS(2) 2014 2015 Production
Slide 71: La Coipa Project Pre-Feasibility Study Results
PRE-FEASIBILTY STUDY RESULTS LA COIPA PROJECT Project expected to generate a 20% IRR at an assumed gold price of $1,200 per ounce • PFS based on using existing infrastructure to blend and process higher grade material from the recently delineated Phase 7 deposit with oxide/transition material from t
Slide 72: La Coipa Project
PRE-FEASIBILTY STUDY RESULTS LA COIPA PROJECT • The pre-feasibility study estimates a 5.5 year mine life, following receipt of permits and commencement of stripping Processing expected to commence 1.5 years after pre-stripping has been initiated and continue for 4 years ADDITIONAL OPERATING METRIC
Slide 73: Kupol-Dvoinoye (100%)
RUSSIA KUPOL-DVOINOYE (100%) Our Russian operations are a model for successfully operating in a remote location • High-grade, low-cost underground mines • Estimated mine life: Kupol – 2020; Dvoinoye – 2018* OPERATING RESULTS(2) 2014 2015 Production (Au. Eq. oz.) 751,101 758,563 Production cost of sa
Slide 74: Chirano, Ghana (90%)
WEST AFRICA CHIRANO, GHANA (90%) Cost reductions achieved at Chirano by transitioning to self-perform mining • Chirano is now among our lowest cost operations following transition to self-perform mining in open pits and underground • Estimated mine life: 2021* OPERATING RESULTS(1,2) 2014 2015 Produc
Slide 75: Tasiast, Mauritania (100%)
WEST AFRICA TASIAST, MAURITANIA (100%) Operating mine with a large gold resource located in a prospective district • Proceeding with Phase One of the expansion, with Phase Two an option to further add significant production • Estimated mine life: Phase One – 2033; if we proceed with a Phase Two expa
Slide 76: Endnotes
ENDNOTES 1) Unless otherwise noted, gold equivalent production, gold equivalent ounces sold and production cost of sales figures in this presentation are based on Kinross’ 90% share of Chirano production and sales. 2) Attributable production cost of sales per gold equivalent ounce sold and per gold
Kinross Gold — RBC Global Mining & Materials Conference 2016 on 6ix