Toronto, Ontario - December 22, 2011 - Kinross
Gold Corporation (TSX: K, NYSE:KGC) announced today that its
previously disclosed US$200 million non-recourse loan from a group
of international financial institutions to finance the increase in
Kinross' ownership of the Kupol mine to 100% has been funded. The
non-recourse loan carries a term of five years, with annual
interest of LIBOR plus 2.5%. Lead arrangers and lenders are Export
Development Canada, BNP Paribas, HSBC Bank PLC, ING Bank N.V. and
Société Générale.
On April 4, 2011, Kinross increased its ownership from 75% in
Chukotka Mining and Geological Company (CMGC), which holds both the
Kupol mine and mining licence and the Kupol East-West exploration
licences in the Chukotka region of the Russian Federation.