Kinross Gold redeems 5.5% Convertible Subordinated Debentures with proceeds of recent
equity issue, moves to net cash position
Toronto, Ontario, September 30, 2003…Kinross Gold Corporation (TSX-K, NYSE-KGC) (“Kinross”) has
redeemed all of its outstanding 5.5% Convertible Unsecured Subordinated Debentures. A total of Cdn
$198.3 million was paid to Computershare Trust Company of Canada (“Computershare”) representing
principal of Cdn $195.6 million plus accrued interest to September 29, 2003. The source of funds was
the recently completed equity issue.
The equity issue and subsequent redemption of the convertible debentures puts Kinross in a net cash
position, where cash is greater than long term obligations, for the first time since the Amax Gold Inc.
merger in June 1998. “I am very pleased to have the balance sheet of Kinross in such excellent shape.
Kinross is extremely well positioned to take on new projects and opportunities”, said Robert Buchan,
President and CEO of Kinross.
While 99.8% of debenture holders held their debentures through nominee accounts and were
automatically redeemed, a few debenture holders, who held the debenture in certificate form, have not
yet responded to the debenture redemption. The residual funds for these debentures will continue to be
held in escrow by Computershare pending surrender of the certificates. In order to access funds held in
escrow for debentures held in certificate form, holders are required to surrender their certificates,
either by hand or by mail, to Computershare Trust Company of Canada, 100 University Avenue, 9th
floor, Toronto, Ontario, M5J 2Y1, Attention: Corporate Actions. For further clarification, please contact
Computershare at 514-982-8994 or toll free within North America at 1-800-663-9097. The convertible
debentures no longer trade on the Toronto Stock Exchange and will no longer appear as an obligation
on the balance sheet of Kinross.
Kinross, based in Toronto, Canada, is the fourth largest primary gold producer in North America and
seventh largest primary gold producer in the world. Major operations are located in the United States,
Canada, Brazil, Chile, and Russia.
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.
For further information contact:
Robert M. Buchan
President and Chief
Executive Officer
Tel: (416) 365-5650
Gordon A. McCreary
Vice President Corporate
Affairs
Tel: (416) 365-5132
Brian W. Penny
Vice President, Finance
and Chief Financial
Officer
Tel. (416) 365-5662
Carl B. Hansen
Director Investor
Relations
Tel. (416) 365-5673