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Kinross Gold

This page is meant to be a company profile of Kinross Gold, which has mining operations and is traded under the stock ticker KGC.  One of my researchers put this together, and told the company story through the eyes of one of their own people, which is why it’s written in first person.  We found their story so compelling that we decided to write it that way.  

As a gold investor, I always enjoy learning about gold companies that operate in the industry in any capacity.

Kinross Gold Company Profile

Kinross Gold has grown significantly in the 26 years since it was founded. During this time, we’ve expanded to have gold mining operations in a variety of countries, including Ghana, Brazil, Chile, Russia, and the United States. Alongside this, we’ve introduced a new Kinross Mauritania operation, which recently completed its first phase.

Headquartered in Toronto, Canada, the company employs over 9,000 people across the world, with this figure growing consistently. Throughout this time, the company has been engaged in a variety of activities that not only add value to the Kinross Gold corp stock but to our customers and employees too.

During our history, we’ve focused on delivering this value in several ways, including responsible mining, disciplined growth, operational excellence, and ensuring that our balance sheet remains strong.

Alongside this, we’ve actively pursued the highest standards of corporate governance possible. Coupled with this has been a high standard of ethical conduct and practices that have been designed to align with regulatory requirements around the world.

Kinross is proactive in our approach to meeting applicable laws and international standards, with the company continually monitoring these. By doing so, we look to reflect our dedication to consistently exceeding best practices regularly.

Throughout this time, all of the Kinross Gold subsidiaries have continued to grow, which has allowed the company as a whole to expand. These subsidiary companies are based across the globe, lending further support to the firm’s expansion, as well as our mining and logistics operations.

Our Values

At Kinross, we believe that having certain values is essential to our success. These can inform the company culture as a whole while also guiding how we operate. Alongside this, they help to guide us in how we manage the responsibilities that come with being a mining company with a global presence.

This has led to the company having a variety of core values that we focus on. There are four primary values that we look to adhere to at all times, including:

  • Putting People First: People are at the heart of what we do, which is why we put a significant amount of emphasis on the health and safety of all our employees and partners, as well as the community. Alongside this, we’re passionate about treating people with the respect and dignity that they deserve.
  • Outstanding Corporate Citizenship: Since being founded, Kinross has been committed to meeting and exceeding the highest levels of corporate governance standards possible. As such, we’re engaged in various sustainability and environmental initiatives, among others.
  • High Performance Culture: As a results- and goal-driven firm, we put a considerable amount of emphasis on delivering and executing all business objectives in a timely and comprehensive manner. This is driven by accountability, innovation, and adaptability.
  • Rigorous Financial Discipline: Kinross places a significant amount of emphasis on being prudent with finances, which has driven us to pursue efficiency in all areas. This has meant less wastage while costs are kept to a minimum.

These values have meant that we’ve designed and implemented a variety of high-quality strategies that exceed expectations in several ways. These have been since across increasing operational efficiency, reducing damage to the environment, and maximizing return on investment.

As such, Kinross’ values have continued to have an increasing effect on our corporate culture over time, as well as several other key areas.

Our People Commitments

Alongside our core values, Kinross Gold has developed a variety of people commitments. These help us to stay true to our values while helping to put people first. Throughout this time, we’ve continued to refine and improve these commitments while continuing to better align them with our goals and mission.

These eight people commitments are:

  • Work Safely: The safety of our employees is paramount, with Kinross going to great lengths to make sure that our mining operations are as safe as possible. Alongside this, we hold ourselves accountable for our safety, as well as those around us.
  • Act Responsibly: Protecting the environment and supporting the communities that we work in is vital to us. As such, we aim to maintain the highest standard of ethics and integrity possible while making sure that our operations do minimal harm to the surrounding environment. Alongside this, we look to promote job growth where we operate.
  • Deliver Excellence: High standards aren’t just for our ethics. Instead, we look to deliver excellence across all of our operations and in each of the areas that we operate in. To do so, we hold ourselves accountable to deliver the highest standard of care possible across all areas. This has led us to consistently improve in all aspects of operations.
  • Promote Innovation: Improvement is a continual process, with Kinross looking to innovate in many areas. This includes mining operations, business strategies, workplace safety, and much more. To do so, we take advantage of creativity and ingenuity when looking to improve and exceed expectations.
  • Encourage Development: Improvement and development isn’t just for the company itself, but also our employees. Kinross aims to offer workers the ability to develop and refine their skills to reach their full potential. Alongside this, we recognize the contributions that employees make and reward them for it.
  • Champion Diversity: Respecting people from all backgrounds and walks of life is an essential component of Kinross. We believe that diversity can be vital to unlocking true value for the business, with diverse and differing perspectives being a core component of this.
  • Provide Support: Supporting our workers is a critical part of life at Kinross, and we give each of our employees the flexibility and support they need to provide their best work.
  • Be Proud: We believe that having pride in what you do is essential. As such, we go to great lengths to ensure that we do work that’s worth being proud of.

Each of these commitments is placed from and center for all of our employees. This has meant that we’ve continued to make increasing efforts in all of these areas. Alongside this, we’ve looked to make sure that we put people first, which we believe is one of the fundamental keys to long-term success.

These have also applied to the communities that we operate in across the world. Without the people that we work with and alongside, success may not be possible. By putting our employees and the community first, success will follow.

Senior Leadership Team

Throughout our history, Kinross has continued to be led by a high-quality senior leadership team. While there have inevitably been changes over the years, each of our top management professionals and business leaders has brought a significant amount of experience and expertise to the table.

This has allowed us to continue unveiling new and unique strategies while identifying a variety of new opportunities. Armed with this knowledge, the firm has developed actionable insights into various areas, with our senior leadership team being one of the primary drivers of these moves.

Kinross’ leadership team is comprised of:

  • Paul Rollinson: Rollinson was named the company’s Chief Executive Officer in 2012 after serving as its Executive Vice-President of New Investments for four years. For the past several years, he has continued to exceed operational guidance while also improving its balance sheet to be one of the strongest in its peer group. Before joining the company, he spent years working as a geologist before becoming an investment banker. Throughout this time, he gained expertise in the power/utilities, forestry, industrial and mining sectors.
  • Geoffrey P. Gold: Gold joined Kinross in 2006 after a two-decade-long career in the mining industry, during which time he served as Placer Dome’s Vice-President, Assistant Secretary and Associate General Counsel, among others. He initially served as Senior Vice-President and Chief Legal Officer (CLO), though he’s since received a variety of promotions. He currently serves as Kinross’ CLO and Executive Vice-President of Corporate Development and External Relations.
  • Paul B. Tomory: Tomory has been with Kinross for over a decade, during which time he’s held various roles and overseen a significant number of mining operations. Before joining the firm, he worked with Bain & Company, where he mainly focused on heavy industry and mining, and Golder Associates, where he also focused on mining. He currently serves as Kinross’ Executive Vice-President and Chief Technical Officer.
  • Andrea S. Freeborough: Freeborough has worked with us since 2009 and has held a variety of financial positions since then. In her decade-long career before then, she primarily worked with KPMG, where she held several roles. She currently serves as the Senior Vice-President of Kinross and was recently named its Chief Financial Officer.

All of our senior leadership brings several decades of experience to Kinross, which has helped inform the strategies that it pursues. As a result of this, they’ve been able to design and implement a variety of plans and capitalize on a significant number of new opportunities.

Since joining the firm, each has made a significant impression on the company’s culture, while also improving various operations. This impact has been seen in a wide range of ways, including increases in the Kinross Gold corp stock price, among others. As such, they’ve each brought a significant amount of value to the company in all of their roles.

Subsidiaries

Since being founded in 1993, we’ve grown to include a variety of subsidiaries around the globe. These Kinross Gold subsidiaries have allowed us to expand our operations in a variety of areas, each of which was met with a large amount of success.

During this time, we’ve unveiled new operations in the United States, Russia, Ghana, and Brazil, as well as introducing the Kinross Mauritania facility. These have been split across a few distinct areas, with each having quite a significant gold mining output. These are:

  • Kinam Gold;
  • Round Mountain Gold Corporation;
  • KG Mining (Bald Mountain) Inc;
  • Compañía Minera Maricunga;
  • Chukotka Mining & Geological Company, and;
  • Crown Resources Corporation.

Throughout this time, Kinross has been involved with a variety of other investments and mergers, as well as several divestments. While some of these have focused on specific mines, many others have been subsidiary companies. This has included Aurelian Resources Inc, which was purchased in 2008 and sold in 2014.

These subsidiaries have focused on mining operations in a variety of locations, with these being spread across the globe. There are several mines in particular that have driven a significant amount of gold production, including:

  • The Fort Knox Gold Mine, which is an open-pit mine that had a production of 381.1 koz and reserves of 3,374 koz in 2017.
  • The Round Mountain Gold Mine, an open-pit mine that generated 436.9 koz and had 2,884 koz of gold in 2017.
  • The Bald Mountain Mine, which held over 1,698 koz in gold and produced 282.7 koz in 2017.
  • The Paracaut Mine in Brazil, which has over 8,824 koz of reserves in 2017 and had a yearly gold production of 360.0 koz.
  • The Chirano Gold Mine in Brazil, which had 7,861 koz in reserves and 243.2 koz in production.
  • The Tasiast Gold Mine, which is the first Kinross Mauritania mining facility. As it is still new it generated 246.0 koz in 2017 and only had reserves of 567 koz.

The company doesn’t just operate open-pit mines, however, as we’re involved in two underground mines. Both of these are located in Russia, with the pair generating a combined 580.5 koz in gold production in 2017. The Kupol Gold Mine had 1,435 koz in reserves that year while the Dvoinoye had 576 koz.

Each of these mines look to have quite a long life expectancy, with the Tasiast, Mauritania mine set to last until 2033. Kinross owns 100% of each of these mining facilities, except for the Ghana-based Chirano Gold Mine, of which the government of Ghana owns 10%. Each of these have also had a positive impression on the Kinross Gold corp stock, helping it to go from strength to strength.

Throughout all of our operations, Kinross Gold has continued to maintain a high standard of care and professionalism. This has meant staying focused on all of our values while looking to improve wherever possible consistently.

Tim Schmidt

A Florida-based Entrepreneur, Author, and Life Hacker, Tim Schmidt decided to take control of his retirement portfolio several years ago by setting up a self-directed IRA. This blog shares his thoughts and opinions on the top of retirement and investments. You can follow his career and travels on his Official Website as well as on his Instagram page.

Money MGMT.

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