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KINROSS CLOSES ASSET SWAP TRANSACTION WITH GOLDCORP
Now 100% owner and operator of Chile’s La Coipa mine
Toronto, Ontario, December 21, 2007
– Kinross Gold Corporation (TSX: K; NYSE: KGC)
today announced that it has closed the previously announced asset swap transaction with
Goldcorp Inc. Further to this transaction, Kinross has acquired Goldcorp’s 50 per cent
ownership position in Compania Minera Mantos de Oro (MDO) and becomes the 100 per cent
owner and operator of the La Coipa mine in northern Chile. The La Coipa acquisition
strengthens Kinross’ position in the Maricunga District, a region of strategic importance to the
company, where it already operates the Maricunga mine.
In addition, as part of the transaction, Kinross has streamlined its portfolio by selling to
Goldcorp its 31.9 per cent interest in the Musselwhite Joint Venture, located in northwestern
Ontario and its 49 per cent interest in the Porcupine Joint Venture, located in Timmins Ontario.
Kinross has also received a cash payment from Goldcorp of approximately US$204 million,
after applicable adjustments.
“This transaction strengthens our strategic position in Chile and adds to our growth and
development opportunities in a highly prospective region,” said Tye Burt, President and CEO of
Kinross. “It also increases ownership and operating control of our core mines, and reduces
costs, consistent with Kinross’ disciplined strategy to optimize low-cost, high-margin
production.”
Kinross is the third-largest primary gold producer in North America by reserves. With mines in
the United States, Brazil, Russia and Chile, Kinross employs approximately 4,500 people.
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Media contact:
Steve Mitchell
Director, Corporate Communications
Kinross Gold Corporation
(416) 365-2726
Investor relations:
Erwyn Naidoo
Director, Investor Relations
Kinross Gold Corporation
(416) 365-2744
KINROSS GOLD CORPORATION
www.kinross.com
40 King Street West, 52nd Floor
Toronto, Ontario, Canada
M5H 3Y2
TEL: 416-365-5123
FAX: 416-363-6622
TOLL FREE: 866-561-3636