Toronto, Ontario, August
1, 2012 - Kinross announced today that its Board of
Directors has appointed J. Paul Rollinson (formerly Executive
Vice-President, Corporate Development) as Chief Executive Officer
of Kinross, replacing Tye W. Burt. Mr. Rollinson has also
replaced Mr. Burt on the Kinross Board of Directors.
John Oliver, Chairman of the Board, said: "On behalf of the
entire Board of Directors, I would like to thank Tye Burt for his
significant contributions to Kinross over the past seven years.
Under Mr. Burt's leadership, Kinross became one of the world's
premier gold mining companies."
The Board wishes to acknowledge Mr. Burt's many corporate
achievements, including:
- a significant upgrade of the Company's asset portfolio that has
seen Kinross expand its ownership and operations to nine mines and
five development projects, with a more diversified geographical
focus on some of the world's most prospective gold mining districts
in the United States, Chile, Russia, Brazil, West Africa and
Ecuador;
- a substantial increase in gold resources and gold production,
while also improving the overall grade of such production;
- a much stronger balance sheet, with increased cash and cash
equivalents and overall cash flow, enabling Kinross to achieve an
investment grade credit rating and commence payment of
a semi-annual dividend; and
- the hiring of a highly capable senior management team, with a
diversity of international mining and other industry
experience.
While the Board recognizes that these achievements have
contributed to the transformation of Kinross, the Board has
determined that in view of current market and industry
fundamentals, stakeholder interests will best be served by an
executive management team focusing on the implementation and
oversight of the comprehensive capital and project optimization
process that was announced by the Company on January 16, 2012. The
objective of this process is to improve capital efficiency and
investment returns while optimizing the Company's major projects at
Tasiast, Lobo Marte and Fruta Del Norte. The Board has also
determined that a change in CEO is required to guide Kinross
through this capital and project optimization process.
In addition to Mr. Rollinson, the Board is delighted to have a
strong senior executive team that it can draw upon to deliver the
new leadership that is required.
Mr. Rollinson has substantial experience in the mining industry
based on a lengthy career in investment banking and his corporate
development role at Kinross. He also has an education highly
pertinent to all aspects of the mining industry, with an Honours
B.Sc. in geology and an M. Eng. in mining. As an investment banker,
Mr. Rollinson held senior positions covering the mining,
power/utilities, forestry and industrial sectors.
"Based on his education and related mining and investment
banking industry experience, Paul understands all facets of the
mining industry, including exploration and mining, mining finance
and mining transactions. He is highly regarded and well-known
throughout the industry, and possesses the leadership qualities we
need to oversee and implement our strategy," said Mr. Oliver.
Mr. Rollinson said: "I am honored to accept the opportunity to
lead Kinross. The Company has many strengths and great assets,
including outstanding people at all of its operations, development
projects and corporate offices. I look forward to
working with all of our employees to realize the Company's great
potential."
About Kinross Gold Corporation
Kinross is a Canadian-based gold mining company with mines and
projects in Brazil, Canada, Chile, Ecuador, Ghana, Mauritania,
Russia and the United States, employing approximately 8,000 people
worldwide. Kinross maintains listings on the Toronto Stock Exchange
(symbol:K) and the New York Stock Exchange (symbol:KGC).
Media Contact
Steve Mitchell
Vice-President, Corporate Communications
phone: 416-365-2726
steve.mitchell@kinross.com
Investor Relations Contact
Erwyn Naidoo
Vice-President, Investor Relations
phone: 416-365-2744
erwyn.naidoo@kinross.com