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Unformatted text preview: ult in changes in laws affecting ownership of assets, foreign investment,
mining exploration and development, taxation, currency exchange rates, gold sales, environmental
protection, labour relations, price controls, repatriation of income, and return of capital, which may affect
both the ability of Kinross to undertake exploration and development activities in respect of future
properties in the manner currently contemplated, as well as its ability to continue to explore, develop, and
operate those properties to which it has rights relating to exploration, development, and operation. Future
governments in these countries may adopt substantially different policies, which might extend to, as an
example, expropriation of assets.
The tax regimes in these countries may be subject to differing interpretations and are subject to change from
time to time. Kinross' interpretation of taxation law as applied to its transactions and activities may not
coincide with that of the tax authorities in a given country. As a result, transactions may be challenged by
tax authorities and Kinross' operations may be assessed, which could result in significant additional taxes,
penalties and interest.
The Company is subject to the considerations and risks of operating in the Russian Federation. Certain
currency conversion risks exist in the Russian economy. Russian legislation currently permits the conversion KINROSS GOLD 2012 ANNUAL REPORT MDA51 of rouble revenues into foreign currency. Any delay or other difficulty in converting roubles into a foreign
currency to make a payment or delay in or restriction on the transfer of foreign currency could limit our
ability to meet our payment and debt obligations, which could result in the loss of suppliers, acceleration of
debt obligations, etc. Licenses and Permits
The operations of Kinross require licenses and permits from various governmental authorities. However,
such licenses and permits are subject to challenge and change in various circumstances. There can be no
guarantee that Kinr...
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This document was uploaded on 03/30/2014.
- Spring '14