Kinross Russia mines operating according to plan, unaffected by sanctions
Kinross Russia mines operating according to plan, unaffected by sanctions
TORONTO, Feb. 23, 2022 -- Kinross Gold Corporation (TSX:K; NYSE:KGC) (the “Company”) announced today that its
operations in Russia are operating according to plan and currently remain unaffected by U.S. sanctions announced on
February 22, 2022.
Kinross has successfully operated in Russia for more than 25 years and has previously managed through similar situations
while complying with applicable laws.
The Company has diversified procurement and logistics structures in Russia, with the majority of its procurement coming from
within the country. Approximately 98% of the employees of Kinross’ Russian subsidiaries are Russian locals, and given the
ice road supply season, its operations have a full year of supplies on hand.
Kinross refines gold produced from its Russian mines in-country and retains flexibility to sell its gold domestically and
internationally. In 2022, Kinross expects approximately 13% of its global production to come from Russia. Kinross operations
are located in the Russian Far East and are approximately 7,000 kilometres away from Ukraine.
The Company will continue to closely monitor sanction developments.
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
Vice-President, Corporate Communications
phone: 416-369-6469
Investor Relations Contact
Chris Lichtenheldt
Vice-President, Investor Relations
phone: 416-365-2761
Cautionary statement on forward-looking information
All statements, other than statements of historical fact, contained in this news release, including any information as to the
future financial or operating performance of Kinross, constitute “forward-looking information” or “forward-looking statements”
within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the “safe harbor”
provisions under the United States Private Securities Litigation Reform Act of 1995 and are based on the expectations,
estimates and projections of management as of the date of this news release, unless otherwise stated. Forward-looking
statements contained in this presentation include, without limitation, statements with respect to: the effects U.S. sanctions
are having, or may have, on the Company and its Russian operations; the ability of the Company to sell gold from its Russian
operations domestically and internationally; the Company’s continuing ability to procure supplies for its Russian operations
both from within Russia and outside of it; the Company’s expectation for Russian production as a percentage of its global
production this year and the Company’s belief that its Russian operations have a full year of supplies on hand. The words
“continue”, “expect”, “on hand”, “plan”, “retain”, or variations of or similar such words and phrases or statements that certain
actions, events or results may, could, should or will be achieved, received or taken, or will occur or result and similar such
expressions identify forward-looking statements. Forward-looking statements are, necessarily, based upon a number of
estimates and assumptions that, while considered reasonable by Kinross as of the date of such statements, are inherently
subject to significant business, economic and competitive uncertainties and contingencies. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about
management’s expectations and plans relating to the future. All of the forward-looking statements made in this news release
are qualified by this cautionary statement and those made in our other filings with the securities regulators of Canada and the
United States including, but not limited to, the cautionary statements made in the “Risk Analysis” section of our MD&A for the
year ended December 31, 2021 and the Annual Information Form dated March 30, 2021. These factors are not intended to
represent a complete list of the factors that could affect Kinross. Kinross disclaims any intention or obligation to update or
revise any forward-looking statements or to explain any material difference between subsequent actual events and such
forward-looking statements, except to the extent required by applicable law.
Source: Kinross Gold Corporation