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Kinross reports record 2007 revenue, increases reserves

February 21, 2008

Significant production growth expected this year

Company declares first-ever dividend

Toronto, Ontario, February 21, 2008 - Kinross Gold Corporation (TSX-K; NYSE-KGC) today announced its unaudited results for the fourth quarter and year ended December 31, 2007.

(This news release contains forward-looking information that is subject to the risk factors and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 16 of this news release. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.)

2007 Fourth Quarter and Full Year Highlights

• Gold equivalent production was 384,598 ounces in the fourth quarter of 2007, compared with 362,028 ounces for the same period last year. For the full year 2007, gold equivalent production was in line with previously-announced guidance at 1,589,321 ounces, an increase of 8 % over full-year 2006.

• Revenue was $281.4 million in the fourth quarter, a 22% increase over the same period last year, and the average realized gold price was $796 per ounce. Full-year revenue was a record $1.1 billion, a 21% increase over the same period last year, and the average realized gold price was $697 per ounce.

• Cost of sales per ounce(1) was $419 in the fourth quarter on sales of 356,329 gold equivalent ounces, compared with $317 per ounce on sales of 375,684 gold equivalent ounces in the fourth quarter 2006. Cost of sales per ounce for full-year 2007 was in line with previously-announced guidance at $368 on sales of 1,575,940 gold equivalent ounces, compared with $319 on sales of 1,510,836 ounces for full-year 2006.

• Net earnings for the fourth quarter were $173.1 million, or $0.29 per share, compared with net earnings of $41.0 million, or $0.11 per share, for the same period last year. Full-year net earnings were $334.0 million, or $0.60 per share, compared to $165.8 million, or $0.47 per share, for full-year 2006. Earnings for the fourth quarter included a gain relating to the asset swap transaction with Goldcorp.

• The Board of Directors has declared a dividend of $0.04 per share, payable on March 31, 2008 to shareholders of record on March 24, 2008. The present intention is to pay a dividend semi-annually.

• Cash flow from operating activities was $72.8 million in the fourth quarter of 2007, compared to $91.2 million for the corresponding period in 2006, and $341.2 million for the full year 2007 compared with $292.0 million for the full-year 2006. Cash balances were $551.3 million at December 31, 2007 compared to $154.1 million at December 31, 2006.

• Capital expenditures were $184.9 million in the fourth quarter and $601.1 million for the full year.

• Construction at the Paracatu, Kupol and Buckhorn projects continues to progress well and all three projects are expected to begin commissioning on schedule.

• The Board of Directors has approved a $270 million heap leach and pit expansion project at the Fort Knox mine which is expected to extend the life of the mine by five years and double life-of-mine production to 2.9 million gold equivalent ounces.

• Proven and Probable Gold Reserves increased by 18.7 million ounces or 67%, from 27.9 million ounces on December 31, 2006 to 46.6 million ounces on December 31, 2007.

• In January 2008, the Company completed a $460-million offering of 1.75% convertible senior notes due March 15, 2028, realizing net proceeds of approximately $449 million.

(1) Cost of sales per ounce is defined as cost of sales as per the financial statements divided by the number of gold equivalent ounces sold.

CEO commentary

Tye Burt, Kinross President and CEO, made the following comments in relation to the fourth-quarter and year-end 2007 results:

"Our employees can take pride in all that Kinross accomplished in 2007. Production from Kinross operations was strong and our safety performance was excellent. We completed our integration of the Bema acquisition, and closed a major asset swap with Goldcorp. We successfully advanced our three development projects towards start-up, while we re-focused Kinross' global exploration strategy and continued to add to our growing reserve base.

"We are now entering an exciting period of growth with our three development projects at Paracatu, Kupol and Buckhorn scheduled to come into production in 2008. These new projects are expected to increase our 2007 gold equivalent production by 60 per cent in 2009, while significantly improving our cost profile and margins. By the fourth quarter of 2008, our average cost of sales is expected to decrease to between $325 and $335 per gold equivalent ounce.

"We are strengthening our portfolio of current operations. Our new Fort Knox Project adds reserves and extends the life of the mine by five years, doubling life-of-mine production, and reducing the average cost of sales per ounce.

"We are also pleased to declare our first-ever common share dividend, a measure of Kinross' maturity as a company, our confidence that we will continue to deliver strong results as we grow, and our commitment to provide superior returns for Kinross shareholders."

Please download the PDF for the full version of this newsrelease.

Click hereto download the 2007 Annual Report (PDF).

Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any information as to the future financial or operating performance of Kinross, constitute “forward looking statements” within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the provisions for “safe harbour” under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release. Forward looking statements include, without limitation, possible events, statements with respect to possible events, the future price of gold and silver, the estimation of mineral reserves and resources, the realization of mineral reserve and resource estimates, the timing and amount of estimated future production, costs of production, expected capital expenditures, costs and timing of the development of new deposits, success of exploration, development and mining activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. The words “plans,” “expects,” or “does not expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “does not anticipate,” or “believes,” or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will be taken,” “occur” or “be achieved” and similar 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. The estimates and assumptions of Kinross contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our most recently filed Annual Information Form and Management’s Discussion and Analysis or as otherwise incorporated by reference in this news release as well as: (1) there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, damage to equipment or otherwise; (2) permitting, development and expansion at Paracatu proceeding on a basis consistent with our current expectations; (3) permitting and development at the Kettle River - Buckhorn project proceeding on a basis consistent with Kinross’ current expectations; (4) development of the Phase 7 pit expansion and the heap leach project at Fort Knox proceeding on a basis consistent with Kinross’ current expectations; (5) permitting and development at the Kupol gold and silver project proceeding on a basis consistent with Kinross’ current expectations; (6) the new feasibility study to be prepared by the joint venture for Cerro Casale, incorporating updated geological, mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors, will be consistent with the Company’s current expectations; (7) that the exchange rate between the Canadian dollar, Brazilian real, Chilean peso, Russian ruble and the U.S. dollar will be approximately consistent with current levels or as set out in this news release; (8) certain price assumptions for gold and silver; (9) prices for natural gas, fuel oil, electricity and other key supplies remaining consistent with current levels; (10) production forecasts meet expectations; (11) the accuracy of our current mineral reserve and mineral resource estimates; and (12) labour and materials costs increasing on a basis consistent with Kinross’ current expectations. Known and unknown factors could cause actual results to differ materially from those projected in the forward looking statements. Such factors include, but are not limited to: fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (such as diesel fuel and electricity); changes in interest rates or gold and silver lease rates that could impact the mark-to-market value of outstanding derivative instruments and ongoing payments/receipts under any interest rate swaps and variable rate debt obligations; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, the United States, Chile, Brazil, Russia or other countries in which we do or may carry on business in the future; business opportunities that may be presented to, or pursued by, us; our ability to successfully integrate acquisitions; operating or technical difficulties in connection with mining or development activities; employee relations; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; adverse changes in our credit rating; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect Kinross’ actual results and could cause actual results to differ materially from those expressed or implied in any forward looking statements made by, or on behalf of, Kinross. 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. All of the forward looking statements made in this news release are qualified by these cautionary statements, those made in the “Risk Analysis” section of our most recently filed Management’s Discussion and Analysis, and those made in the “Risk Factors” section of our most recently filed Annual Information Form and our other filings with the securities regulators of Canada and the U.S. 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 whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward looking statements, except to the extent required by applicable law. The technical information about the Company’s material mineral properties contained in this news release has been prepared under the supervision of Mr. Rob Henderson an officer of the Company who is a “qualified person” within the meaning of National Instrument 43-101.

Key sensitivities
Approximately 55%-60% of the Company’s costs are denominated in U.S. dollars.
A 10% change in foreign exchange could result in an approximate $13 impact in cost of sales per ounce.
A $10 change in the price of oil could result in an approximate $4 impact on cost of sales per ounce.
The impact on royalties of a $100 change in the gold price could result in an approximate $6 impact on cost of sales per ounce.

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