To conclude kinross has all the necessary ingredients

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Unformatted text preview: World Index. To conclude, Kinross has all the necessary ingredients in place to build value: a skilled and experienced workforce; a strong safety culture; a solid mineral reserve and resource base; robust cash flow from four diverse operating regions; a strong balance sheet and liquidity position; a focused plan for reducing costs, improving margins, and increasing free cash flow; a balanced pipeline of growth projects and a disciplined plan for developing them; a focused exploration program with a track record of adding quality ounces; and a solid record of community relations and corporate responsibility. Our overarching goal in 2013 will be to deliver on our commitments and operating results. By executing on our plan, we believe that the results will follow for our shareholders. I thank our employees for their continued hard work and dedication, and our shareholders for their continued support. J. Paul Rollinson Chief Executive Officer Kinross Gold Corporation vi KINROSS GOLD 2012 ANNUAL REPORT 2012 ACHIEVEMENTS • Produced record 2.62 million attributable gold equivalent ounces • Achieved record revenue of $4.3 billion, and adjusted operating cash flow of $1.5 billion • Delivered outstanding operational performance at Russian and North American regions • Completed installation of fourth ball mill at Paracatu • Launched systematic, long-term strategy to enhance value at mines and projects, based on strict focus on margins and free cash flow • Reduced capital spending by $275 million compared with 2012 forecast • Completed $1.0 billion term loan on favourable terms and amended revolving credit facility to increase available credit to $1.5 billion • Finished 2012 with approximately $3.5 billion in liquidity • Strengthened management team, appointing new CEO and new CFO, and promoting COO to President to support operations-focused strategy • Re-sequenced and optimized development projects to reduce capital demands and execution risk, and improve investor returns • Advanced Dvoinoye project, which remains on schedule to deliver high-grade ore to Kupol in 2013 • Undertook pre-feasibility study for Tasiast expansion, based on smaller, less capital-intensive mill option, scheduled for completion in the first quarter of 2013 • Disposed of interest in Crixás to increase focus on core assets • Achieved encouraging exploration results at targets outside existing Tasiast resource, and at Kupol • Significantly reduced frequency rat...
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This document was uploaded on 03/30/2014.

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