For more information, please see Kinross’ 2017 third-quarter Financial Statements and MD&A
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 1 Kinross reports 2017 third-quarter results www.kinross.com
For more information,
please see Kinross’ 2017 third-quarter
Financial Statements and MD&A
at www.kinross.com
NEWS RELEASE
Kinross reports 2017 third-quarter results
Company tracking towards high end of 2017 production and low end of cost guidance
Organic development projects continue to progress well
Toronto, Ontario – November 8, 2017 – Kinross Gold Corporation (TSX: K, NYSE: KGC) today announced its
results for the third-quarter ended September 30, 2017.
(This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set
out in our Cautionary Statement on Forward-Looking Information located on page 18 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.)
2017 third-quarter highlights:
Production1: 653,993 gold equivalent ounces (Au eq. oz.), compared with 684,129 Au eq. oz. in Q3 2016.
Revenue: $828.0 million, compared with $910.2 million in Q3 2016.
Production cost of sales2: $662 per Au eq. oz., compared with $719 in Q3 2016.
All-in sustaining cost2: $937 per Au eq. oz. sold, compared with $1,001 in Q3 2016. All-in sustaining cost per
gold ounce (Au oz.) sold on a by-product basis was $927 in Q3 2017, compared with $987 in Q3 2016.
Operating cash flow: $197.7 million, compared with $266.2 million in Q3 2016.
Adjusted operating cash flow2: $320.8 million, compared with $320.3 million for Q3 2016.
Reported net earnings3: Net earnings increased to $60.1 million, or $ 0.05 per share, compared with net
earnings of $2.5 million, or $0.00 per share, in Q3 2016.
Adjusted net earnings2,3: $84.1 million, or $0.07 per share, compared with adjusted net earnings of $128.7
million, or $0.10 per share, in Q3 2016.
Organic development projects:
o In mid-September 2017, the Company announced that it was proceeding with the Tasiast Phase Two and
Round Mountain Phase W projects. Phase Two is expected to transform Tasiast into a large, world-class
mine with low costs while Phase W is expected to extend mining by five years at Round Mountain.
o The Tasiast Phase One expansion continues to advance on time and on budget and is expected to reach
full commercial production towards the end of Q2 2018. Plant construction is now 77% complete.
o Construction for the Tasiast Phase Two expansion is on schedule to start early next year, with engineering
now 25% complete.
o At the Round Mountain Phase W project, stripping and initial construction is on schedule to begin early
next year, pending the permitting process. The Decision Record from the U.S. Bureau of Land Management
was received in October 2017 and state permits are proceeding as planned.
o At the Bald Mountain Vantage Complex , overall engineering work is now 70% complete and initial
construction work is expected to commence in Q1 2018.
o At the Moroshka project located near Kupol, development of the twin declines is progressing on schedule.
Outlook: Kinross is tracking towards the high end of its 2017 guidance for production (2.5 - 2.7 million Au eq.
oz.), and the low end for both production cost of sales ($660 - $720 per Au eq. oz.) and all-in sustaining cost
($925 - $1,025 per Au eq. oz.) . The Company expects to be within its c apital expenditures guidance of $900
million (+/- 5%).
Balance sheet: As of S eptember 30, 2017, Kinross had cash and cash equivalents of $ 992.1 million, and
available credit of $1,512.2 million, for total liquidity of approximately $2.5 billion. The Company has no
scheduled debt repayments until 2021.
1Unless otherwise stated, production figures in this news release are based on Kinross’ 90% share of Chirano production.
2These figures are non-GAAP financial measures and are defined and reconciled on pages 13 to 17 of this news release.
3Net earnings/loss figures in this release represent “net earnings (loss) attributable to common shareholders”.
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 2 Kinross reports 2017 third-quarter results www.kinross.com
CEO Commentary
J. Paul Rollinson, President and CEO, made the following comments in relation to 2017 third-quarter results:
“Kinross delivered strong third quarter results, bolstered by outperformance at our two Nevada mines and at Tasiast.
We are on target to meet our annual guidance range for the sixth consecutive year, and are tracking towards the
high end of our production and the low end of both our cost of sales and all-in sustaining cost guidance. We also
generated solid cash flow and maintained one of the best balance sheets among our peers.
“Development at our suite of organic projects continue s to proceed well . Tasiast Phase One is on track for full
commercial production towards the end of Q2 2018 and engineering at Phase Two is now 25% complete. We also
expect to start construction at Tasiast Phase Two, Round Mountain Phase W and the Vantage Complex at Bald
Mountain early next year, as initial development work at all three projects is already in progress.
“We are continuing to deliver and have strong operational momentum as we head into year end.”
Financial results
Summary of financial and operating results
(in millions, except ounces, per share amounts, and per ounce amounts) 2017 2016 2017 2016
Operating Highlights
Total gold equivalent ounces(a)
Produced(c) 660,564 690,311 2,038,797 2,057,844
Sold(c) 645,235 680,327 1,987,113 2,035,475
Attributable gold equivalent ounces(a)
Produced(c) 653,993 684,129 2,020,823 2,042,859
Sold(c) 638,659 674,070 1,968,189 2,020,219
Financial Highlights
Metal sales 828.0$ 910.2$ 2,492.7$ 2,569.2$
Production cost of sales 427.5$ 490.0$ 1,342.9$ 1,454.4$
Depreciation, depletion and amortization 207.6$ 213.8$ 629.1$ 617.2$
Impairment charges -$ 139.6$ -$ 139.6$
Operating earnings (loss) 80.1$ (30.1)$ 233.6$ 81.9$
Net earnings attributable to common shareholders 60.1$ 2.5$ 227.8$ 12.5$
Basic earnings per share attributable to common shareholders 0.05$ 0.00$ 0.18$ 0.01$
Diluted earnings per share attributable to common shareholders 0.05$ 0.00$ 0.18$ 0.01$
Adjusted net earnings attributable to common shareholders(b) 84.1$ 128.7$ 162.4$ 143.9$
Adjusted net earnings per share(b) 0.07$ 0.10$ 0.13$ 0.12$
Net cash flow provided from operating activities 197.7$ 266.2$ 585.2$ 796.6$
Adjusted operating cash flow (b) 320.8$ 320.3$ 802.5$ 715.1$
Average realized gold price per ounce 1,283$ 1,336$ 1,254$ 1,261$
Consolidated production cost of sales per equivalent ounce(c) sold(b) 663$ 720$ 676$ 715$
Attributable(a) production cost of sales per equivalent ounce(c) sold(b) 662$ 719$ 674$ 713$
Attributable(a) production cost of sales per ounce sold on a by-product basis (b) 645$ 695$ 658$ 694$
Attributable(a) all-in sustaining cost per ounce sold on a by-product basis(b) 927$ 987$ 924$ 962$
Attributable(a) all-in sustaining cost per equivalent ounce(c) sold(b) 937$ 1,001$ 933$ 973$
Attributable(a) all-in cost per ounce sold on a by-product basis(b) 1,155$ 1,074$ 1,117$ 1,030$
Attributable(a) all-in cost per equivalent ounce(c) sold(b)
1,158$ 1,085$ 1,121$ 1,039$
(a)
(b)
(c) " Gold equivalent ounces" include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the commodities for each period. The ratio
for the third quarter of 201 7 was 75.91 :1 , compared with 68.05:1 for the third quarter of 201 6 and for the first nine months of 201 7 was 72.94:1 , compared with 73.61 :1 for the first nine months of
201 6.
The definition and reconciliation of these non-GAAP financial measures is included on page 1 3 to 1 7 of this news release.
Nine months ended
September 30,
Three months ended
September 30,
" Total" includes 1 00% of Chirano production. " Attributable" includes Kinross' share of Chirano (90% ) production.
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 3 Kinross reports 2017 third-quarter results www.kinross.com
Unless otherwise noted, the following operating and financial results are based on third-quarter 2017 gold equivalent
production. Production and cost measures are on an attributable basis:
Production: Kinross produced 653,993 attributable Au eq. oz. in Q3 2017, compared with production of 684,129
attributable Au eq. oz. in Q3 2016.
Production cost of sales: Production cost of sales per Au eq. oz.2 decreased to $662 for Q3 2017, compared with
$719 for Q3 2016, mainly as a result of lower cost of sales per ounce at Round Mountain, Bald Mountain and Fort
Knox.
Production cost of sales per Au oz. on a by-product basis2 decreased to $645 in Q3 2017, compared with $695 in
Q3 2016, based on Q3 2017 attributable gold sales of 621,720 ounces and attributable silver sales of 1,285,860
ounces.
All-in sustaining cost: All-in sustaining cost per Au eq. oz. sold2 decreased to $937 in Q3 2017, compared with
$1,001 in Q3 2016. All-in sustaining cost per Au oz. sold on a by -product basis 2 decreased to $927 in Q3 2017,
compared with $987 in Q3 2016.
Average realized gold price: The average realized gold price in Q3 2017 was $1,283 per ounce, compared with
$1,336 per ounce in Q3 2016.
Revenue: Revenue from metal sales decreased to $828.0 million in Q3 2017, compared with $910.2 million during
the same period in 201 6, mainly due to lower gold equivalent ounces sold and the lower average realized gold
price.
Margins: Kinross’ attributable margin per Au eq. oz. sold4 was $621 for Q3 2017, compared with a Q3 2016 margin
of $617 per Au eq. oz.
Operating cash flow: Adjusted operating cash flow2 was $320.8 million for Q3 2017, compared with $320.3 million
for Q3 2016.
Net operating cash flow was $197.7 million for Q3 2017, compared with $266.2 million for Q3 2016.
Earnings: Adjusted net earnings2,3 were $84.1 million, or $0.07 per share, for Q3 2017, compared with adjusted
net earnings of $128.7 million, or $0.10 per share, for Q3 2016, mainly as a result of a decrease in revenue and
income tax recovery recognized in the quarter, compared with the same period in 2016.
Reported net earnings3 increased to $60.1 million, or $0.05 per share, for Q3 2017, compared with net earnings of
$2.5 million, or $0.00 per share, for Q3 2016 mainly as a result of a non-cash impairment charge recognized in the
same period last year and lower production cost of sales.
Capital expenditures: Capital expenditures increased to $204.7 million for Q3 2017, compared with $153.8 million
for the same period last year, primarily due to Tasiast Phase One expansion project costs and increased spending
at Fort Knox, partly offset by lower spending at Kupol.
Operating results
Mine-by-mine summaries for 2017 third-quarter operating results may be found on pages eight and 12 of this news
release. Highlights include the following:
Americas
At Fort Knox , production increased compared with Q2 2017 mainly due to more ore processed and ounces
recovered from the heap leach, but decreased slightly compared with Q3 2016 primarily due to lower tonnes placed
4Attributable margin per equivalent ounce sold is a non-GAAP measure defined as “average realized gold price per ounce” less “attributable production cost of sales per gold equivalent
ounce sold.”
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 4 Kinross reports 2017 third-quarter results www.kinross.com
on the heap leach pad. Cost of sales per ounce was largely in line with Q2 2017 and was lower compared with Q3
2016 mainly as a result of a decrease in operating waste mined and lower contractor costs as the site began to
transition more of its maintenance function to self-perform.
Kinross’ Nevada operations outperformed during the quarter as both Round Mountain and Bald Mountain increased
production and lowered cost of sales per ounce quarter-over-quarter and year-over-year.
Round Mountain increased production by 30% over Q3 2016 mainly due to the highest mill grades since 2003, the
year Kinross first started operating the mine . Production increased quarter -over-quarter mainly due to higher mill
grades and recoveries. The high mill grade was also the main driver for the decrease in cost of sales per ounce ,
which was at its lowest level in five years. Lower labour and contractor costs also contributed to the 25% reduction
in cost of sales per ounce compared with Q3 2016.
Bald Mountain achieved record production during the quarter and continues to be on track to double annual
production for 2017 compared with full -year 2016. Production increased compared with Q2 2017 and Q3 2016
mainly due to higher grades and a significant increase of tonnes placed on the heap leach pads. Cost of sales per
ounce decreased compared with Q 2 2017 and Q3 2016 mainly due to higher grades and more gold equivalent
ounces sold. Additionally, maintenance costs decreased compared with Q3 2016 .
Kettle River -Buckhorn produced approximately 17,000 gold equivalent ounces from its stockpiles during the
quarter, as the last batch of ore was hauled from Buckhorn in July. Reclamation is now well underway at the site
and exploration is continuing in the region.
At Paracatu, production was lower quarter-over-quarter and year -over-year due to the temporary curtailment of
mining and Plant 2 operations as a result of lower than average rainfall in the region. The curtailment of mining and
Plant 2 be gan in early July and continued through October, with Plant 1 running intermittently during that month
mainly due to the slow start of this year’s rainy season. The decrease was partly mitigated by production from the
tailings reprocessing at Plant 1, which was higher than expected. Cost of sales per ounce was higher due to the
reduction in production and gold equivalent ounces sold.
Mining and processing activities re-started in early November at Paracatu, as the area received sufficient rainfall in
late October. Paracatu is expected to resume normal production in Q4 as sufficient water becomes available . The
Company continues to advance its water mitigation efforts to prepare for potential lower rainfall levels going forward.
These efforts include securing ground water rights and installation of wells around the site.
At Maricunga, production was better than expected, as the rinsing of the heap materials placed on the pads prior
to the suspension of mining activities c ontinued to achieve strong results. Cost of sales per ounce was higher
compared with the previous quarter mainly due to higher contractor costs. Production is expected to be at a similar
level for the fourth quarter.
Russia
The region performed well in Q3 2017 with production from Kupol and Dvoinoye largely in line with Q2 2017.
Production decreased compared with Q3 2016 mainly due to anticipated lower grades. Cost of sales per ounce was
lower compared with Q2 2017 primarily as a result of lower fuel and maintenance costs and continued to be among
the lowest in Kinross’ portfolio . Cost of sales per ounce increased year -over-year mainly due to the lower grades ,
higher operating waste mined and unfavourable foreign exchange rates.
West Africa
Tasiast performed well during the quarter, as production increased 10% compared with Q2 2017 primarily due to
strong mill grades, the highest since 2010, and more tonnes processed from the dump leach. Cost of sales per
ounce was lower compared with Q2 2017 mainly due to the higher grades and an increase in gold equivalent ounces
sold. Production was higher and cost of sales per ounce lower compared with Q3 2016 due to higher mill grades
and the impact of the temporary suspension of mining last year.
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 5 Kinross reports 2017 third-quarter results www.kinross.com
At Chirano, production was higher compared with Q2 2017 and Q3 2016 mainly due to , respectively, better mill
performance as a result of a more stable supply of electricity from the country’s power grid, and higher grades. Cost
of sales per ounce was lower quarter -over-quarter mainly as a result of less operating waste mined and lower
mining costs due to the cessation of open pit mining. Cost of sales per ounce was lower year-over-year mainly due
to lower overhead and energy costs.
Organic development projects
In mid-September 2017, the Company announced that it was proceeding with the Tasiast Phase Two and Round
Mountain Phase W expansion projects. Phase Two is expected to transform Tasiast into a large, world -class mine
with low costs and Phase W is expected to extend mining by five years at Round Mountain.
Tasiast Phase One project development is progressing well, and continues to be on time and on budget, with full
commercial production expected towards the end of Q2 2018. Plant construction is now 77% complete. Crusher
installation has started and conveyor installation is progressing well for both the stockpile and SAG feed. The
gearless motor drives for the SAG mill are now in place and work on the stator windings has begun. Significant
progress has been made at the downstream portion of the plant, including the cyclones, three leach tanks, elution
circuit and pumping and piping. Electrical work is ramping up across the project and the tailings storage facility is
now ready for tailings deposition.
Construction for the Tasiast Phase Two project is on schedule to commence in early 2018. Procurement for long
lead items, including the power plant, has begun. Overall engineering is now 25% complete and commercial terms
for the EPCM package have been finalized.
At the Round Mountain Phase W project, stripping and initial construction work is expected to begin in early 2018,
pending the completion of the permitting process. The Decision Record from the U.S. Bureau of Land Management
was received in October 2017 and state permits are proceeding as planned. Detailed engineering continues to
advance and procurement activities for long lea d items and mining equipment have commenced. Initial low grade
Phase W ore is expected to be encountered in mid-2019.
At the Bald Mountain Vantage Complex project, overall engineering is now 70% complete. The permitting process
is proceeding as planned and initial construction work is on schedule to begin in Q1 2018. The proposed heap leach
pad and associated processing facilities and infrastructure is expected to accommodate a total capacity of 68 million
tonnes of ore.
At the Moroshka satellite deposit in Russia, located approximately four kilometres east of Kupol, development of
the twin declines is proceeding on schedule, with construction of surface infrastructure now complete.
At the Tasiast Sud project, located 10 kilometres south of Tasiast, the pre-feasibility study that is contemplating a
potential dump leach operation that would combine materials from multiple deposits in the area, and the trucking of
high grade ore to the Tasiast mill , is progressing well and is expected to be completed in the second half of 2018.
The accelerated infill drilling campaign, which is evaluating the potential for additions to mineral resource estimates
at year end, has generated encouraging results and completed 21,700 metres of drilling in 245 holes as of the end
of September.
Balance sheet
As of September 30, 2017, Kinross had cash and cash equivalents of $992.1 million, compared with $1,061.3 million
as of June 30, 2017. The Company also had available credit of $1,512.2 million as of September 30, 2017 for total
liquidity of approximately $2.5 billion.
During the third quarter, the Company completed a $500.0 million offering of 4.50% debt securities and used the
net proceeds, along with cash on hand, to repay its term loan due August 2020. As a result, the Company has no
scheduled debt repayments until 2021.
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 6 Kinross reports 2017 third-quarter results www.kinross.com
On July 28, 2017, the Company extended the maturity date of its $1,500 .0 million revolving credit facility by one
year from August 10, 2021 to August 10, 2022.
Outlook
The following section of the news release represents forward -looking information and users are cautioned that actual results may vary. We refer to the risks and
assumptions contained in the Cautionary Statement on Forward -Looking Information on page 18 of this news release.
Kinross’ 2017 production guidance took into account the potential curtailment at Paracatu and is tracking towards
the high end of the range of approximately 2.5 - 2.7 million Au eq. oz., with robust year -to-date production from
Maricunga, Kettle River-Buckhorn and Round Mountain strengthening the Company’s portfolio.
Kinross is tracking towards the low end for both its production cost of sales guidance range of $660 - $720 per Au
eq. oz. and its all-in sustaining cost guidance range of $925 - $1,025 per Au eq. oz. sold.
The Company expects to meet its 2017 capital expenditures forecast of approximately $900 million (+/ - 5%).
Other operating costs are now expected to be $140 - $150 million for 2017, compared with the previous guidance
range of $80 - $90 million, mainly as a result of the temporary curtailment at Paracatu, VAT and other tax related
items, and Kettle River-Buckhorn reclamation costs.
Board update
The Board of Directors of Kinross has appointed Mr. Kerry Dyte, Q.C, ICD.D as a Direc tor. Mr. Dyte has over 30
years of experience in the legal field and over 20 years of experience as a senior executive in the resource industry.
Mr. Dyte was most recently the Executive Vice -President, General Counsel and Corporate Secretary of Cenovus
Energy Inc. Mr. Dyte has played a key leadership role in a variety of major corporate transactions including mergers
and acquisitions, financings and project development, during his career.
Mr. John M.H. Huxley, who has been a Kinross Board member since 1993, has decided to retire effective as of
December 31, 2017. Kinross' Board of Directors and management team would like to thank Mr. Huxley for his many
contributions and his distinguished directorship on the Board.
Conference call details
In connection with the release, Kinross will hold a conference cal l and audio webcast on Thurs day, November 9,
2017 at 8:00 a.m. ET to discuss the results, followed by a question-and-answer session. To access the call, please
dial:
Canada & US toll-free – 1-800-319-4610
Outside of Canada & US – 1-604-638-5340
Replay (available up to 14 days after the call):
Canada & US toll-free – 1-800-319-6413; Passcode – 1740 followed by #.
Outside of Canada & US – 1-604-638-9010; Passcode – 1740 followed by #.
You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The
audio webcast will be archived on our website at www.kinross.com.
This news release should be read in conjunction with Kinross’ 201 7 third-quarter unaudited Financial Statement s
and Management’s Discussion and Analysis report at www.kinross.com. Kinross’ 201 7 third-quarter unaudited
Financial Statements and Management’s Discussion and Analysis have been filed with Canadian securities
regulators (available at www.sedar.com) and furnished to the U.S. Securities and Exchange Commission (available
at www.sec.gov). Kinross shareholders may obtain a copy of the financial statements free of charge upon request
to the Company.
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 7 Kinross reports 2017 third-quarter results www.kinross.com
About Kinross Gold Corporation
Kinross is a Canadian -based senior gold mining company with mines and projects in the United States, Brazil,
Russia, Mauritania, Chile and Ghana. Our focus is on delivering value based on the core principles of operational
excellence, balance sheet strength, disciplined growth and responsible mining. Kinross maintains listings on the
Toronto Stock Exchange (symbol:K) and the New York Stock Exchange (symbol:KGC).
Media Contact
Louie Diaz
Director, Corporate Communications
phone: 416-369-6469
Investor Relations Contact
Tom Elliott
Senior Vice-President, Investor Relations and Corporate Development
phone: 416-365-3390
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 8 Kinross reports 2017 third-quarter results www.kinross.com
Review of operations
Three months ended September 30,
2017 2016 2017 2016 2017 2016 2017 2016
Fort Knox 101,047 110,396 101,077 107,444 64.8$ 79.8$ 641$ 743$
Round Mountain 120,743 93,215 120,944 88,477 75.7 73.7 626 833
Bald Mountain 80,677 32,675 67,598 30,174 46.7 30.9 691 1,024
Kettle River - Buckhorn 17,132 28,241 17,385 28,104 10.3 17.1 592 608
Paracatu 46,971 111,889 53,076 111,796 53.0 77.5 999 693
Maricunga 20,463 39,253 14,129 39,458 8.1 37.5 573 950
Americas Total 387,033 415,669 374,209 405,453 258.6 316.5 691 781
Kupol 145,759 178,032 142,821 181,508 74.8 82.4 524 454
Russia Total 145,759 178,032 142,821 181,508 74.8 82.4 524 454
Tasiast 62,065 34,793 62,448 30,793 46.1 38.1 738 1,237
Chirano (100%) 65,707 61,817 65,757 62,573 48.0 53.0 730 847
West Africa Total 127,772 96,610 128,205 93,366 94.1 91.1 734 976
Operations Total 660,564 690,311 645,235 680,327 427.5 490.0 663 720
Less Chirano non-controlling
interest (10%) (6,571) (6,182) (6,576) (6,257) (4.8) (5.3)
Attributable Total 653,993 684,129 638,659 674,070 422.7$ 484.7$ 662$ 719$
Nine months ended September 30,
2017 2016 2017 2016 2017 2016 2017 2016
Fort Knox 285,933 295,417 287,055 292,958 181.2$ 219.4$ 631$ 749$
Round Mountain 338,683 278,954 333,853 270,597 220.9 205.4 662 759
Bald Mountain 177,635 85,801 163,553 76,879 121.9 87.2 745 1,134
Kettle River - Buckhorn 72,664 81,584 73,138 81,176 36.4 57.5 498 708
Paracatu 293,936 358,039 293,408 355,251 250.4 244.9 853 689
Maricunga 72,088 142,633 30,115 142,310 13.0 127.4 432 895
Americas Total 1,240,939 1,242,428 1,181,122 1,219,171 823.8 941.8 697 772
Kupol 435,150 554,120 435,489 556,089 227.1 243.5 521 438
Russia Total 435,150 554,120 435,489 556,089 227.1 243.5 521 438
Tasiast 182,966 111,448 181,263 107,651 135.2 120.6 746 1,120
Chirano (100%) 179,742 149,848 189,239 152,564 156.8 148.5 829 973
West Africa Total 362,708 261,296 370,502 260,215 292.0 269.1 788 1,034
Operations Total 2,038,797 2,057,844 1,987,113 2,035,475 1,342.9 1,454.4 676 715
Less Chirano non-controlling
interest (10%) (17,974) (14,985) (18,924) (15,256) (15.7) (14.9)
Attributable Total 2,020,823 2,042,859 1,968,189 2,020,219 1,327.2$ 1,439.5$ 674$ 713$
Produced Sold
Gold equivalent ounces
Production cost of
sales ($millions)
Production cost of
sales/equivalent ounce sold
Gold equivalent ounces
Produced Sold Production cost of
sales ($millions)
Production cost of
sales/equivalent ounce sold