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Unformatted text preview: prior to August 1, 2013, or within the first six months of the abovenoted phase change. In such circumstances, the Company may be required to forfeit the La Zarza (Fruta del
Norte) concession and related project infrastructure to the government.
The Company understands that various legislative proposals to enhance the fiscal and legal mining regime in
Ecuador (including the windfall profits tax) remain under consideration by the government. MDA16 KINROSS GOLD 2012 ANNUAL REPORT Recent transactions
Completion of term loan and increase in revolving credit facility
On August 17, 2012, Kinross completed a three-year, $1,000.0 million term loan that will mature on August
10, 2015, and has no mandatory amortization payments. Kinross also announced that it amended its
unsecured revolving credit facility to increase available credit to $1.5 billion from $1.2 billion, and extended
the term to August 10, 2017 from March 31, 2015.
Sale of Crixás
In line with Kinross’ strategy of portfolio optimization and focusing its resources on the Company’s core
operations, the Company announced on May 29, 2012, that it had, through one of its subsidiaries, entered
into a purchase and sale agreement to sell its 50% interest in the Crixás gold mine to a subsidiary of
AngloGold. The transaction closed on June 28, 2012, and Kinross received gross proceeds of $220.0 million,
and recognized an after-tax gain on disposal of $33.8 million in the second quarter of 2012. Other Developments
Kinross appointed J. Paul Rollinson as Chief Executive Officer and a member of the Board of Directors,
effective August 1, 2012. Mr. Rollinson replaced Tye W. Burt.
Kinross appointed Brant Hinze as President and Chief Operating Officer and Geoffrey P. Gold as Executive
Vice-President, Corporate Development and Chief Legal Officer, effective August 9, 2012.
The Company appointed Tony S. Giardini as Executive Vice-President and Chief Financial Officer, effective
December 1, 2012. Mr. Giardini replaced Paul H. Ba...
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This document was uploaded on 03/30/2014.
- Spring '14