Kinross On Track To Meet Annual Production And Cost Guidance

TORONTO - Kinross Gold Corporation President and CEO, J. Paul Rollinson said, “Our portfolio of mines performed well during the quarter, contributing to a strong first half performance. As a result, we remain on track to meet both our annual production and cost guidance. We achieved solid cash flow and maintained our strong balance sheet as we continued to advance our development projects across the Company.

“At Tasiast, construction was completed at the Phase One expansion, with first ore now through the SAG mill. The project has been transferred to Operations and is in the final stages of commissioning. We have decided to pause activities at Phase Two and, to maintain optionality, are analyzing alternative throughput approaches to expand Tasiast as we continue to engage with the Government of Mauritania regarding our activities in the country. The completion of our evaluation of alternative approaches, and a Phase Two re-start decision, are subject to our ongoing engagement with the Government. We remain committed to disciplined capital allocation as we seek additional clarity on the matter.

“Our projects in the U.S. continue to make excellent progress, as the Fort Knox Gilmore, Round Mountain Phase W and Bald Mountain Vantage Complex projects remain on budget. We have also initiated a feasibility study for the La Coipa Restart project, and a scoping study for Lobo Marte, to potentially return to production in Chile. In Russia, we expect production to commence at the Moroshka satellite deposit near Kupol early in the fourth quarter.”