Toronto, Ontario, July 6, 2011
- Kinross Gold Corporation (TSX:K, NYSE: KGC) announced today its
support to establish the Kinross Gold Professorship in Development
Economics at the New Economic School (NES) in Moscow.
Established in 1992, the NES is a leading economics school in
Russia and is ranked among the top economic departments in the
world. Since its inception, approximately 900 business, government
and academic leaders have graduated from the NES. Kinross is
committing US$300,000 over three years to establish the
professorship.
"As a direct investor in Russia, we strongly support the
research and teaching of the NES, which we believe reinforces the
country's evolution as a free-market economy and a destination for
foreign investment," said Tye Burt, Kinross Gold President and CEO.
"Development Economics is of particular interest to Kinross as a
global mining company, and we believe this professorship can help
to advance the understanding of the impact of foreign investment in
strengthening economies around the world."
Kinross has been active in Russia since 1995 and is the largest
Canadian investor in the country. The Company is also an active
member in Russia's Foreign Investment Advisory Council (FIAC), a
group that includes CEOs from 42 major companies and is chaired by
Russian Prime Minister Vladimir Putin. FIAC seeks to promote a
favourable investment climate in the country.
Commenting on the agreement, NES Rector Professor Sergei Guriev
said: "We are pleased to establish a partnership with
Kinross. As the leading investor in Russia from Canada,
Kinross has continued to demonstrate its long-term commitment to
Russia, and by supporting the professorship at NES, Kinross will be
contributing to the intellectual capital of our country in the
field where Russia most needs it."
Kinross currently operates the world-class gold-silver Kupol
mine in the Chukotka region of Russia. Kinross is also developing
the high-grade Dvoinoye deposit, located 100 kilometres north of
Kupol.