Kinross Announces Lupin Mine Restructuring
Toronto, Ontario, May 12, 2003…Kinross Gold Corporation (“Kinross”)
confirmed today the
implementation of a restructuring plan for its Lupin mine in Nunavut with a goal to reducing costs and
optimizing production. Effective today, 75 positions were eliminated throughout the operation. Changes
to mill operating schedules and shift rotations and the sale of aircraft and hangar facilities will
accompany the reduction of staff. The Company is moving quickly to implement these changes
following the mine’s disappointing first quarter results. Restructuring and optimization efforts are
estimated to generate annualized savings of between US$8 and US$10 million.
This press release includes certain “Forward-Looking Statements” within the meaning of section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including
without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives
of Kinross, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ materially from Kinross’ expectations are disclosed under
the heading “Risk Factors” and elsewhere in Kinross’ documents filed from time to time with the Toronto Stock Exchange, the
United States Securities and Exchange Commission and other regulatory authorities.
-30-
For additional information contact:
Robert M. Buchan
President and Chief Executive Officer
Tel: (416) 365-5650
Carl B. Hansen
Director Investor Relations
Tel: (416) 365-5673
Gordon A. McCreary
Vice President Corporate Affairs
Tel: (416) 365-5132
Home
•
Corporate
•
Operations
•
Investors
•
News
•
Contact
•
Search
•
Index