kinross gold annual report 2012 - KINROSS GOLD CORPORATION...

KINROSS GOLD CORPORATION
2012
ANNUAL REPORT
KINROSS GOLD 2012 ANNUAL REPORT

KINROSS GOLD is a Canadian-based gold mining company with mines and
projects in Brazil, Canada, Chile, Ecuador, Ghana, Mauritania, the Russian Federation
and the United States, employing approximately 9,000 people worldwide.
Kinross maintains listings on the Toronto Stock Exchange (symbol: K)
and the New York Stock Exchange (symbol: KGC).
Our Core Purpose
• To lead the world in generating
value through responsible mining
Our Values
• Putting people first
• Outstanding corporate citizenship
• High performance culture
• Rigorous financial discipline
ii LETTER TO SHAREHOLDERS
vii 2012 ACHIEVEMENTS
viii FINANCIAL REVIEW
83 CORPORATE GOVERNANCE
84 KINROSS MANAGEMENT
TEAM AND DIRECTORS
IBC CORPORATE INFORMATION
All figures in this report are in U.S. dollars and from continuing operations, unless otherwise stated.
1 “Attributable” includes Kinross’ share of Kupol (75% up to April 27, 2011, 100% thereafter) and Chirano (90%) production.
2 “Adjusted net earnings from continuing operations attributable to common shareholders”, “Adjusted net earnings from continuing
operations per share”, “Adjusted operating cash flow from continuing operations”, “Attributable production cost of sales from continuing
operations per equivalent ounce sold” and “All-in sustaining cost” figures used throughout this report are non-GAAP financial measures.
For the definition and reconciliation of these non-GAAP measures, refer to Section 11, Supplemental Information of Management’s
Discussion and Analysis, in this report. Adjusted operating cash flow per share, also a non-GAAP measure, is defined as “adjusted operating
cash flow” divided by the “weighted average number of common shares outstanding (basic)”. The weighted average number of common
shares outstanding (basic) during the year ended December 31, 2012 was 1,139.1 million (2011: 1,136.0 million; 2010: 824.5 million).
3 The comparative figures have been recast to exclude Crixás’ results due to its disposal on June 28, 2012.
4 Reported net loss includes an after-tax non-cash impairment charge of $3,206.1 million in 2012 (2011: $2,937.6 million; 2010: $Nil;
2009: $Nil; 2008: $994.1 million).
5 Figures reported for 2008 and 2009 have not been restated to conform with International Financial Reporting Standards and are
presented in accordance with Canadian generally accepted accounting principles.
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i
KINROSS GOLD 2012 ANNUAL REPORT
We are focused strongly on maximizing margins
and free cash flow from our balanced global portfolio
of mines, and on a disciplined and prudent approach
to capital allocation and project development.
Our operations delivered solid performance in 2012.
We exceeded guidance on gold production, met
guidance on operating costs, and were below
guidance on capital expenditures.