Kinross Gold

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Canadian multinational gold and silver mining company with operations in the Americas and West Africa.

Last updated November 1, 2026

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Overview

Kinross Gold Corporation is a Canadian precious-metals mining company headquartered in Toronto, Ontario. Founded in 1993 through the combination of Plexus Resources Corporation, CMP Resources and a numbered Ontario company, Kinross initially assembled interests in mining properties in Nevada and British Columbia. It subsequently expanded through a series of mergers, asset purchases and joint ventures, becoming one of the larger international gold producers. The company's business is centered on the exploration, development and operation of open-pit and underground gold mines, with silver produced as a by-product at some operations. Its principal assets have included Fort Knox in Alaska, Round Mountain and Bald Mountain in Nevada, Paracatu in Brazil, Tasiast in Mauritania and Chirano in Ghana. Kinross has also operated or held interests in mines and development projects in Chile, Russia, Ecuador, Canada and the western United States. Its portfolio has changed considerably over time as the company has sold non-core or politically difficult assets and concentrated capital on longer-life operations in the Americas and West Africa. A major turning point came in 2003, when Kinross combined with TVX Gold and Echo Bay Mines in a transaction valued at approximately US$3 billion. The deal added a substantial collection of producing mines and development properties. In 2010, Kinross acquired a controlling interest in Red Back Mining, bringing the Chirano and Tasiast mines into the group and materially increasing its African presence. The Tasiast operation later became one of the company's most important growth projects, although it was affected by legal, labor, regulatory and development issues. Kinross expanded Tasiast in stages and reached an agreement with the Mauritanian government in 2020 concerning royalties and the mine's operating framework. Kinross has also used acquisitions to extend the life of established North American operations. A 2018 investment at Fort Knox added the Gilmore project and other infrastructure, extending the expected mine life and increasing projected production. In 2016, Kinross acquired Barrick Gold's remaining interest in Round Mountain, making the Nevada operation wholly owned. In 2021, the company agreed to acquire Great Bear Resources, adding a large Ontario gold exploration project; the transaction closed in February 2022. The company has periodically reduced its geographic exposure. Following Russia's invasion of Ukraine and the resulting geopolitical and sanctions environment, Kinross sold its Russian assets, including the Kupol and Dvoinoye mines, to Highland Gold Mining in 2022. It also exited or reduced interests in assets such as Crixas, Fruta del Norte, Cerro Casale and Maricunga. Kinross announced in 2022 a proposed sale of its 90% interest in the Chirano mine in Ghana to Asante Gold. Kinross's commercial output consists mainly of gold doré and concentrates sold into global precious-metals markets rather than consumer-facing branded products. The company emphasizes operational discipline, cost management, exploration, mine-life extension and responsible mining. Its stated sustainability priorities include occupational safety, community relations, environmental stewardship and greenhouse-gas reduction, including long-term net-zero goals. It is listed on the Toronto Stock Exchange (ticker K) and the New York Stock Exchange (ticker KGC).

History

Kinross Gold was created in 1993 through the amalgamation of Plexus Resources Corporation, CMP Resources and numbered company 1021105 Ontario Corp. The new company held mining interests and royalties in Nevada and British Columbia. It listed on the Toronto Stock Exchange and NASDAQ in 1993 and joined the New York Stock Exchange in 1994. Its first major operating development was Fort Knox in Alaska. The open-pit mine began production in 1996 and became a foundation of Kinross's North American portfolio. In 1998, a Kinross subsidiary merged with Amax Gold, creating Kinam Gold and returning control of Fort Knox and the Maricunga mine in Chile to the broader Kinross group. Kinross acquired Hollinger Mines and LA Teko Resources in 1999, adding mineral interests in Canada and the United States. In 2002, Kinross and Placer Dome combined assets in Timmins, Ontario in the Porcupine Joint Venture. The following year, shareholders approved a major combination of Kinross, TVX Gold and Echo Bay Mines. The transaction expanded Kinross's production base and added interests in mines and projects in North and South America. Kinross later bought the remaining portion of La Coipa from Goldcorp in 2007 while exchanging its interests in the Porcupine joint venture and part of Musselwhite. The 2006 purchase of Crown Resources added the Buckhorn resource and associated processing facilities in Washington State. Kinross continued to rationalize the portfolio, eventually closing Kettle River-Buckhorn in 2017. It acquired Cerro Casale in Chile in 2007 and the Fruta del Norte deposit in Ecuador in 2008, although both projects were later divested or abandoned. Kinross also consolidated its interest in Lobo-Marte in Chile in 2009. The largest expansion in the company's history occurred in 2010, when Kinross acquired approximately 91% of Red Back Mining for about US$7.1 billion. The transaction brought the Chirano mine in Ghana and Tasiast in Mauritania into Kinross. That same year the company acquired the Dvoinoye deposit and nearby Vodorazdelnaya property in Russia. In 2011, an agreement with the State Unitary Enterprise of the Chukotka Autonomous Okrug gave Kinross full ownership of the Kupol mine and related exploration licenses. During the 2010s, Kinross dealt with declining gold prices, mine closures, regulatory challenges and portfolio restructuring. It sold its interest in Crixas to AngloGold Ashanti in 2012, ceased development of Fruta del Norte in 2013 and later divested that project, and stopped operations at Maricunga in 2016 after Chilean authorities shut off the mine's water supply amid environmental concerns. Kinross also closed its Denver office in 2015 and eliminated corporate positions across several locations. The company suspended dividend payments in 2013 and resumed them in 2020, when it also announced a share-repurchase program. Tasiast became a central growth asset. Kinross expanded the mine during the 2010s, but it faced securities litigation, work-permit disputes, a 2020 labor stoppage and negotiations over royalties. In 2020, Kinross announced the La Coipa Restart project in Chile, targeting the Phase 7 deposit. Fort Knox was extended through investment in the Gilmore project, and Kinross acquired the remaining interest in Round Mountain from Barrick Gold in 2016. In 2017, it acquired mineral rights to the Gilmore tract adjacent to Fort Knox. Kinross's most recent strategic direction has emphasized a smaller, more focused portfolio. It agreed to acquire Great Bear Resources in December 2021, completing the purchase in February 2022. In the same year, it sold its Russian assets to Highland Gold Mining and announced the proposed sale of its Ghanaian Chirano interest to Asante Gold. Its continuing portfolio is concentrated in the United States, Brazil and Mauritania, with exploration and development exposure elsewhere. Alongside production, Kinross maintains programs addressing environmental performance, community investment, cyanide management, climate emissions and local economic development.

2022
Great Bear acquisition closes
[1]Kinross Golden.wikipedia.org
Kinross completed its acquisition of Great Bear Resources and its Ontario exploration project.
2022
Russian assets are sold
[1]Kinross Golden.wikipedia.org
Kinross completed the sale of its Russian assets, including Kupol and Dvoinoye, to Highland Gold Mining.
2020
Dividend payments resume
[1]Kinross Golden.wikipedia.org
Kinross resumed dividend payments and announced a share-buyback program.
2018
Fort Knox expansion announced
[1]Kinross Golden.wikipedia.org
Investment in the Gilmore project and Fort Knox infrastructure extended the mine's expected operating life.
2016
Round Mountain becomes wholly owned
[1]Kinross Golden.wikipedia.org
Kinross purchased Barrick Gold's remaining interest in Round Mountain in Nevada.
2010
Red Back Mining acquisition
[1]Kinross Golden.wikipedia.org
Kinross acquired control of Red Back Mining, bringing the Tasiast and Chirano mines into its portfolio.
2007
La Coipa interest is consolidated
[1]Kinross Golden.wikipedia.org
Kinross received the remaining portion of La Coipa from Goldcorp in an asset transaction that also transferred other Kinross interests.
2003
TVX Gold and Echo Bay combination
[1]Kinross Golden.wikipedia.org
Shareholders approved a major merger combining Kinross, TVX Gold and Echo Bay Mines under the Kinross Gold name.
1998
Amax Gold merger creates Kinam Gold
[1]Kinross Golden.wikipedia.org
A wholly owned Kinross subsidiary merged with Amax Gold, strengthening Kinross's ownership of Fort Knox and adding Maricunga.
1996
Fort Knox begins production
[1]Kinross Golden.wikipedia.org
The Fort Knox open-pit gold mine in Alaska entered production and became a core Kinross operation.
1993
Kinross Gold is founded and listed
[1]Kinross Golden.wikipedia.org
Kinross was formed through the combination of Plexus Resources, CMP Resources and a numbered Ontario company, and began trading in Toronto and on NASDAQ.

Products and positioning

A globally diversified gold producer focused on operating scale, disciplined capital allocation, mine-life extension, exploration and responsible development of precious-metals assets.

Precious-metals production
Gold
Gold is Kinross's principal commercial product. The company extracts ore through open-pit and underground mining, processes it at associated mills or leach facilities, and sells refined or semi-refined output into global precious-metals markets. Production has historically come from operations in North and South America, West Africa and, until 2022, Russia.
By-product precious metal
Silver
Silver is recovered as a by-product at selected Kinross operations. It is not the company's primary commodity, but contributes to production and revenue from ore bodies containing economically recoverable silver alongside gold.
Gold mine · 1996
Fort Knox
Fort Knox is a large open-pit gold operation near Fairbanks, Alaska. The property includes a mill, tailings storage, heap-leach infrastructure, the Gilmore project and the closed True North pit. Investment in Gilmore and related infrastructure extended the expected mine life and increased projected production.
Gold mine
Tasiast
Tasiast is Kinross's gold operation in Mauritania. Acquired through the Red Back Mining transaction, it underwent successive expansion programs and became a principal growth asset. Its history includes disputes over work permits, securities litigation, labor action and negotiations with the Mauritanian government over royalties and operating arrangements.
Gold mine · 2003
Round Mountain
Round Mountain is an open-pit gold mine in Nye County, Nevada. Kinross had operated the mine since 2003 and acquired the remaining outstanding interest from Barrick Gold in 2016, making the operation wholly owned.
Gold mine
Bald Mountain
Bald Mountain is a gold mine in White Pine County, Nevada, operated through Kinross subsidiary KG Mining (Bald Mountain) Inc. It forms part of the company's United States operating portfolio.
Gold mine
Paracatu
Paracatu is a large open-pit gold mine in northwestern Minas Gerais, Brazil. The operation is one of Kinross's principal South American assets and contributes to the company's concentration in the Americas.
Gold mine
Chirano
Chirano is a gold mine in Ghana in which Kinross historically held a 90% interest, with the Ghanaian government holding the balance. Kinross announced an agreement to sell its interest to Asante Gold in 2022.
Gold and silver mine
La Coipa
La Coipa is a Chilean gold and silver operation associated with Kinross's earlier South American portfolio. After development ceased and an impairment was recorded, Kinross announced a restart project focused on the Phase 7 deposit, with planned operation during the early 2020s.

Controversies

2021
Fire reported at Kinross's Tasiast mine
In June 2021, a fire occurred at Kinross Gold's Tasiast mine in Mauritania. According to Kinross, no one was injured in the incident. The company reported that mill operations at the site were suspended following the fire. The event was reported in industry news coverage at the time, which noted the fire and the suspension of milling activity. The available information covers the occurrence of the fire, the absence of injuries as stated by the company, and the halt to mill operations; no further details on damage, cause, or duration of the suspension were provided in the source summary.
Source
2016
Tasiast work-permit dispute
Operations at Tasiast were suspended after Mauritanian authorities raised allegations concerning expatriate employees' work permits. The mine resumed operations later that year.
Source
2016
Maricunga environmental water dispute
Chile's government shut off the water supply serving Maricunga amid environmental concerns, leading to the cessation of operations, employee layoffs and an impairment charge.
Source
2012
Tasiast securities litigation
Securities class actions in the United States and Canada alleged that Kinross overstated the value of Tasiast, misrepresented expansion schedules and made other false or misleading statements. The matter concluded in 2015 through no-fault settlements.
Source

2017Yellowstone watershed conservation donation
United States
Kinross donated water rights associated with the former Mineral Hill operation to Trout Unlimited to help protect fish habitat in tributaries of the Yellowstone River.
Outcome. Conservation donation
Source
2011Mauritania medical emergency centre support
Mauritania
Kinross committed funding to construct and equip a medical emergency centre in Mauritania.
Outcome. Community health investment
Source
2010Mauritania mining education initiative
Mauritania
Kinross committed funding toward development of a mining school in Mauritania as part of its local capacity-building and community investment activity.
Outcome. Community and education investment
Source
2010University of Guelph environmental governance support
Canada
Kinross contributed funding to the University of Guelph's BetterPlanet Project, including support for a chair in environmental governance.
Outcome. Academic and environmental research support
Source

Brand decisions

2022
Sale of Russian assetsM&A
Background
Kinross reassessed its Russian exposure amid geopolitical and operating risks following Russia's invasion of Ukraine.
Action taken
Kinross agreed to sell all Russian assets, including Kupol and Dvoinoye, to Highland Gold Mining.
Aftermath
The sale was completed and Kinross's portfolio became more concentrated in the Americas and West Africa.
Source
2022
Proposed sale of ChiranoM&A
Background
Kinross continued to streamline its portfolio and focus capital on selected core assets.
Action taken
Kinross announced the proposed sale of its 90% interest in Chirano to Asante Gold.
Aftermath
The announcement marked a planned exit from the Ghanaian operation.
Proposed sale consideration. US$225 million (2022)
Source
2021
Agreement to acquire Great Bear ResourcesM&A
Background
Kinross sought a significant Canadian exploration and development opportunity to complement its producing portfolio.
Action taken
Kinross offered to acquire Great Bear Resources for C$29 per share; the transaction closed in February 2022.
Aftermath
Kinross obtained the Great Bear gold project in Ontario.
Transaction value. Approximately C$1.8 billion (2021 offer; completed February 2022)
Source
2020
La Coipa restart projectStrategy
Background
Kinross sought to redeploy infrastructure and extend value from a previously inactive Chilean operation.
Action taken
Kinross announced plans to restart La Coipa through development of the Phase 7 deposit.
Aftermath
The project was expected to operate during the 2022–2024 period.
Source
2018
Fort Knox and Gilmore expansionGeneration change
Background
Fort Knox was approaching the end of its previously expected ore supply.
Action taken
Kinross approved an expansion involving the Gilmore project and Fort Knox facilities.
Aftermath
The expected mine life was extended to 2030 and projected life-of-mine production increased.
Expansion investment. Approximately US$100 million (2018)
Source
2013
Dividend suspensionStrategy
Background
The company faced weaker gold prices and portfolio pressures.
Action taken
Kinross suspended dividend payments.
Aftermath
Dividend payments resumed in 2020, alongside a share-buyback announcement.
Source
2010
Acquisition of Red Back MiningM&A
Background
Kinross pursued international production growth and access to major African gold assets.
Action taken
Kinross acquired approximately 91% of Red Back Mining, obtaining the Tasiast and Chirano mines.
Aftermath
The acquisition made West Africa a major part of Kinross's production base.
Transaction value. Approximately US$7.1 billion (2010)
Source
2003
Combination with TVX Gold and Echo Bay MinesM&A
Background
Kinross sought greater scale and a broader portfolio of producing mines and development properties.
Action taken
Shareholders approved a major merger combining Kinross, TVX Gold and Echo Bay Mines under the Kinross Gold name.
Aftermath
The transaction materially expanded Kinross's operating and development portfolio.
Source

Recent events

2022
Kinross announces agreement to sell Russian assets[1]Kinross Golden.wikipedia.org
M&A
Kinross agreed to sell its Russian operations and exploration assets, including Kupol and Dvoinoye, to Highland Gold Mining. The transaction was completed later in 2022.
2022
Kinross announces proposed sale of Chirano interest[1]Kinross Golden.wikipedia.org
M&A
Kinross announced plans to sell its 90% interest in Ghana's Chirano gold mine to Asante Gold for US$225 million.
2021
Kinross agrees to acquire Great Bear Resources[1]Kinross Golden.wikipedia.org
M&A
Kinross offered to acquire Great Bear Resources for C$29 per share, a transaction valued at approximately C$1.8 billion, adding the Great Bear exploration project in Ontario. The acquisition closed in February 2022.
2020
Kinross agrees framework with Mauritania on Tasiast[1]Kinross Golden.wikipedia.org
Regulation
Following a short labor strike and broader operating discussions, Kinross reached an agreement in principle with the Mauritanian government that included revised royalty arrangements.
2018
Kinross announces Fort Knox expansion[1]Kinross Golden.wikipedia.org
Other
Kinross announced an approximately US$100 million expansion involving the Gilmore project and related Fort Knox infrastructure, extending the expected life of the Alaska operation to 2030 and adding projected life-of-mine production.

Sources10 sources

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