"Interestingly, despite increasingly challenging operating environments, the industry’s ounce production continues to maintain or improve. That speaks to the creativeness and technical expertise of the whole value chain of the industry."

Joseph Kemp


April 25, 2023

What have been the main highlights from Kinross in 2022, and what were the dynamics behind the creation of the “Kinross Nevada Model” in January?

There were numerous changes at Kinross last year. The most noteworthy change was the re-shaping of the Company’s portfolio with the divestment of its Russian assets as well as the Chirano mine in Ghana. Our portfolio is now largely Americas-based with operations in Brazil, Chile, Nevada, Alaska, and a world-class project in Canada. We also own and operate the Tasiast mine in Mauritania.

In Nevada, the major change was at the decision-making level for our two Nevada properties, Bald Mountain and Round Mountain, which are located about 80 miles from each other. Kinross Nevada now takes a “one-team” approach for the two mines, which continue to operate as independent entities but now benefit from increased collaboration and improved sharing of best practices to increase operating efficiency while reducing the cost model.

Can you provide an update on the underground exploration plans at Round Mountain?

Kinross recently completed an optimization program at Round Mountain, which evaluated four primary options to exploit the significant resources at site. The Company is prioritizing underground opportunities at Phase X and Gold Hill and expects to start construction of an underground decline this year.

What are the key exploration milestones to look forward to at Bald Mountain?

In 2022, exploration focused on targets with the highest potential to deliver a near-surface mineral resource estimate. We also expect to submit an expansion permit application shortly, which would open the opportunity for new production areas at Bald Mountain. Kinross continues to explore the large Bald Mountain land package with the view to potentially extending mine life.

Bald Mountain recently won the ‘Leadership in Concurrent Mine Reclamation’ award. Can you expand on your reclamation initiatives?

Reclamation is something we are very passionate about at Bald Mountain. This is the second time we have been recognized for our reclamation efforts, and we have even received recognition from one of our US Senators. Achieving this recognition meant going above and beyond our commitments. To cite a concrete example, to minimize our environmental impact and support wildlife habitat, Bald Mountain undertook a project to backfill the pit with about 17 million t of non-ore-bearing material. Overall, we work openly and collaboratively with regulators through transparency and regular meetings.

How are you leveraging new technologies at Bald Mountain?

We continue to find applications for drone technology at Bald Mountain. Right now, we are developing a pit – Little Bald Mountain – and are mining out an area with extensive historic underground mine workings. Accessing large open stopes for mapping can be very dangerous, so we used drones to go in. By doing so, we were able to map the area and build a unique 3D model of what the mining sequence could look like.

What is your outlook for gold production in the coming years?

In Nevada and worldwide, substantial new deposits are being developed. Because of the demand for minerals, most companies are mining portions of their deposits that were not economical years ago. Doing this can be a challenge.

Interestingly, despite increasingly challenging operating environments, the industry’s ounce production continues to maintain or improve. That speaks to the creativeness and technical expertise of the whole value chain of the industry. It is also a testament to the quality of our workforce. Naturally, I would like to see gold prices higher. Inflation is always something to manage, but we are hopeful that gold prices reflect that as well.

How can state and federal-level authorities streamline permitting processes?

The task is a hard one, as regulators are facing the same workforce challenges as other industry players. Overall, the industry’s main hurdle is that of public understanding. There is a general lack of knowledge about the need for mining in our everyday products. More understanding of the benefits of mining would increase public interest in our industry and help with themes such as the length of the permitting process, for instance.

What are the main milestones ahead for Kinross Nevada?

There are exciting times ahead. Kinross Nevada’s goal is continuous improvement. We plan on further reducing our operating costs at both sites, as well as leveraging more of the synergies to identify improvement and optimization opportunities.


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MINPER 2023 - Perumin Official Investment Guide (Spanish Print Version)

GBR's MINPER: 2023 - PERUMIN Official Investment Guide, produced in strategic alliance with the Peruvian Institute of Mining Engineers, delves into the themes impacting the Peruvian mining industry. The report is produced after 130 interviews with leading authorities from government, industry associations, major producers, juniors, consultants, and technology and service providers.



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