Kinross is a global gold mining company with exceptional and consistent operating results driven by a high performance culture. With ten mines in three core regions, our focus is delivering value based on the core principles of operational excellence, balance sheet strength and responsible mining.
To Our Shareholders
Kinross delivered on a number of key fronts in 2015, responding strongly to the challenge of weaker gold markets during the year, while building a clear path to future value in 2016 and beyond.
We met our production and cost guidance for the fourth consecutive year, improving performance at our key mines through continuous improvement, minimizing the production impact of weather-related challenges at two sites, and reducing costs and capital expenditures across the Company. Despite lower gold prices, we generated positive cash flow and reduced debt while prioritizing balance sheet strength and financial flexibility. At the same time, we delivered disciplined growth, opportunistically acquiring assets in Nevada – one of the world’s best mining jurisdictions – which are expected to add new production, increase cash flow, and provide significant upside. We also continued to advance our internal high-quality opportunities for growth within a manageable capital framework.
As a result, we entered 2016 forecasting a year of record production and lower costs, with the financial strength to weather an uncertain gold market and pursue additional value-enhancing growth opportunities such as the Phase One Tasiast expansion.