delivering disciplined growth...td newcrest 2011 mining conference january 26, 2011 6 track record...

Kinross Gold CorporationTD Newcrest 2011 Mining Conference

January 26, 2011

1

Delivering Disciplined Growth

TD Newcrest 2011 Mining Conference

January 26, 2011

Cautionary Statement on Forward‐Looking Information

All statements, other than statements of historical fact, contained or incorporated by reference in or made in giving this presentation, including any information as to the future performance of Kinross, constitute “forward looking statements” within the meaning of applicable securities laws, including the provisions of the Securities Act (Ontario) and the provisions for “safe harbour” under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this presentation. Forward looking statements include, without limitation, possible events; opportunities; statements with respect to possible events or opportunities; estimates and the realization of such estimates; future development, mining activities, production and growth, including but not limited to cost and timing; success of exploration or development of operations; the future price of gold and silver; currency fluctuations; expected capital expenditures and requirements for additional capital; government regulation of mining operations and exploration; environmental risks; unanticipated reclamation expenses; and title disputes. The words “plans”, “expects”, “subject to”, “budget”, “scheduled”, “timeline”, “projected”, “pro forma”, “estimates”, “envision”, “view”, “forecasts”, “guidance”, “conceptual”, “target”, “possible”, “illustrative”, “model”, “opportunity”, “potential”, “intends”, “anticipates” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “can”, “could”, “would”, “should”, “might”, “indicates”, “will be taken”, “become”, “create”, “occur”, or “be achieved”, and similar expressions identify forward looking statements. Forward‐looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Kinross as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Statements representing management’s financial and other outlook have been prepared solely for purposes of expressing their current views regarding the Company’s financial and other outlook and may not be appropriate for any other purpose. Many of these uncertainties and contingencies can affect, and could cause, Kinross’ actual results to differ materially from those expressed or implied in any forward looking statements made by, or on behalf of, Kinross. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward looking statements made in this presentation are qualified by these cautionary statements, and those made in our filings with the securities regulators of Canada and the U.S., including but not limited to those cautionary statements made in the “Risk Factors” section of our most recently filed Annual Information Form, the “Risk Analysis” section of our FYE 2009 Management’s Discussion and Analysis and the “Cautionary Statement on Forward‐Looking Information” in our news release dated November 3, 2010, to which readers are referred and which are incorporated by reference in this presentation, all of which qualify any and all forward‐looking statements made in this presentation. These factors are not intended to represent a

2

complete list of the factors that could affect Kinross. Kinross disclaims any intention or obligation to update or revise any forward‐looking statements or to explain any material difference between subsequent actual events and such forward‐looking statements, except to the extent required by applicable law.

Other information

Where we say "we", "us", "our", the "Company", or "Kinross" in this presentation, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, as may be applicable. The technical information about the Company’s mineral properties contained in this presentation has been prepared under the supervision of Mr. Rob Henderson, an officer of the Company who is a “qualified person” within the meaning of National Instrument 43‐101 (“NI 43‐101”). The technical information about the Tasiast mineral resource contained in this presentation has been prepared under the supervision of Mr. Nic Johnson, who is a “qualified person” with the meaning of NI 43‐101.


January 26, 2011

2

I. Why Gold Now?y

3

Increasing Demand for Gold

$1,250

$1,450

$150

$160

$170

$180 Investment / Other

Total Fabrication

Gold Price (US$/oz)Current gold price

$250

$450

$650

$850

$1,050

$

$50

$60

$70

$80

$90

$100

$110

$120

$130

$140

$ 50

Gold Price (US$/oz.)

tal G

old Deman

d (US$ billions)

Current gold price

4Source: GFMS World Gold Survey 2010 – Update 1

‐$150

$50

$

$0

$10

$20

$30

$40

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e

Tot


January 26, 2011

3

2,500

3,000Other

Big Four*

Declining world supply from mine production

500

1,000

1,500

2,000

Tonnes

5

0

1970 1975 1980 1985 1990 1995 2000 2005 2010e

* South Africa, United States, Australia, Canada

Source: GFMS World Gold Survey 2010 and Updates 1 & 2

Major Gold Discoveries: 1997 ‐ Present

70

80

90

3,000

3,500

(MM

oz.

)

Sp

en

din

g

10

20

30

40

50

60

70

500

1,000

1,500

2,000

2,500

Ave

rage

of

Ma

jor A

u D

isco

verie

s (

era

ge o

f G

rass

roo

ts +

La

te S

tage

S(U

S$

MM

)

6

Source: Metals Economics Group and Company estimates

0-

1997 Present 3 Y

ea

r A

3 Y

ea

r Ave

Total Au Ounces Discovered (3 yr. Avg) Gold Exploration Spending (3 yr. Avg)

10 5 6 5 2 3 7 5 08 2# of Major Gold Discoveries


January 26, 2011

4

II. Why Kinross Now?y

7

Continuing the Kinross Transformation

Kinross Yesterday

4.5 – 4.9

Kinross Now(1)

1.6

2.2

Gold equivalen

t production (mm oz)

2.6*

Gold equivalen

t production (mm oz)

8

(1) Please refer to endnote #1.* Figure represents Kinross’ 2010 preliminary production results, including estimated full year production from the West African assets, which were acquired September 17th, 2010

2005 2009 2010e 2015e


January 26, 2011

5

United StatesBrazil Chile

World Gold Reserves and Resources

Top Countries(mm oz.)

Total Reserves & Resources(mm oz.)

CountryTotal Reserves &

Resources%

South Africa

Ghana

Canada

Mexico

Russia

United States

1. South Africa 997 29.7%

2. Russia 225 6.7%

3. Australia 193 5.8%

4. Indonesia 193 5.8%

5. U.S 177 5.3%

6. Canada 135 4.0%

7. China 132 3.9%

8. Chile 109 3.3%

9

Australia

Indonesia

China

Other Countries

Source: USGS

9. Mexico 109 3.3%

10. Ghana 87 2.6%

11. Brazil 80 2.4%

Other 916 27.3%

Total: 3,353 100%

Focused in the World’s Best Gold Districts

Fort Knox

White Gold

Dvoinoye

Kupol

High‐grade epithermal district with exploration upside

Strong North American asset base in the Tintinagold belt, Nevada and

WashingtonWhite Gold

Kettle River‐Buckhorn

Round Mountain

Fruta del Crixas

Paracatu

Tasiast

Chirano

Cornerstone assets in a highly prospective region

Washington

10

‐ Operating mine ‐ Development project

NorteParacatu

La Coipa

MaricungaCerro Casale

Lobo‐Marte

Substantial production base and major

development pipeline


January 26, 2011

6

Track Record of Gold Reserve Growth)

Tasiast & Chirano

Kinross Today

and

Pro

bab

le G

old

Res

erv

es (

mm

oz)

(2

20.8 13.3

20 0

33.2

8.2 53.4

Mined

Divested

Acquired

Exploration & Development

11

Pro

ven

a

15.320.0

2004 Current

(2) Please refer to endnote #2.Totals may not add due to rounding

Strong Balance Sheet

• Cash on hand: ~$1.5 bn*• Long‐term investments: $713 mm

o Includes equity investment portfolio valued at ~$292 mm

$1,381

$713

$524

US$ m

illions

As at September 30, 2010

12

Cash and cash equivalents Long‐term investments Long‐term debt

* After sale of Osisko Mining Corporation shares, completed in December 2010


January 26, 2011

7

Q3 2010 Highlights

• Continuing to deliver strong financial results

Adjusted Operating Cash

$582

$736

$203

$261 $124

Revenue +26%

Adjusted Operating Cash Flow(3,4)

+28%

Adjusted Net Earnings(4)

US

$ m

illio

ns

13

(3) Please refer to endnote #3.(4) Please refer to endnote #4.

Q3/09 Q3/10 Q3/09 Q3/10

$2

Q3/09 Q3/10

U

Q3 2010 Highlights

• Production: 575,065 ounces (up 7% from Q3/09)

• Cost of sales margin(5,6) of $673/oz (up 37% from Q3/09)Cost of sales margin( , ) of $673/oz. (up 37% from Q3/09)

• Paracatu outperforms expectations; 4th ball mill approved

• Closed acquisition of Red Back Mining

• Appointment of Brant Hinze as COO, effective October 1st, 2010

• Sold Harry Winston / Diavik interest

• Consolidated ownership of Kupol East & West exploration licenses

14

Consolidated ownership of Kupol East & West exploration licenses

• Closed acquisition of Dvoinoye

• Tasiast update: ‐ Added 3.2 mm oz of mineral resource(7)

‐ Scoping study in progress

(5) Please refer to endnote #5.(6) Please refer to endnote #6.(7) Please refer to endnote #7.


January 26, 2011

8

Q3 2010 Results

(in millions, except ounces and per share amounts)

Q3/09 Q3/10 % ChangeRealized Gold Price

24%

COS Margin(6)

Gold equivalent production(ounces)

537,440 575,065 7%

Gold equivalent sales(ounces)

554,232 576,955 4%

Revenue $582.3 $735.5 26%

Adjusted operating cash flow $203.0 $260.8 28%

(8)

(3,4)

(8)

+24%$1,190/oz

Cost of Sales(5)

+37%$673/oz

15

per share $0.29 $0.34 17%

Adjusted net earnings $1.7 $123.6

per share $0.00 $0.16

(4)

+11%$517/oz

(3) Please refer to endnote #3.(4) Please refer to endnote #4.(5) Please refer to endnote #5.(6) Please refer to endnote #6.

(8) Please refer to endnote #8.

Paracatu Continues to Perform Ahead of Plan

129,257

$650

$700130,000

108,421

117,472 118,101

$350

$400

$450

$500

$550

$600

$650

105,000

110,000

115,000

120,000

125,000

Cost of Sales ($/oz)

uivalent production (ounces)

16

$200

$250

$300

95,000

100,000

Q4/09 Q1/10 Q2/10 Q3/10

Gold eq


January 26, 2011

9

Expanding Margins

$6482004 – YTD Q3 2010:

• Average realized gold price: +182%

Ki ’ tt ib t bl t f l i (6) +302%

$170

$279

$329

$436

$530

t of Sales Margin ($/oz.)

• Kinross’ attributable cost of sales margin(6): +302%

+302%

17

$161 $170

FY/04 FY/05 FY/06 FY/07 FY/08 FY/09 YTD Q3/10

Cost


• Record high operating cash flow in 2009 (+35% vs. 2008)

• 5‐yr CAGR : 25%

Growing Cash Flow per Share

$1 36 YTD/09 vs. YTD/105 yr CAGR : 25%

$0.45$0.51

$0.80

$0.56

$1.01

$1.36

Cash Flow per Share (US$)(4)

$0.93

$1.05

/ /

18

FY/04 FY/05 FY/06 FY/07 FY/08 FY/09

Adjusted

YTD Q3/09 YTD Q3/10



January 26, 2011

10

2010: Met Production and Cost Guidance(1)

Country Production (000 ounces ) Cost of Sales / oz.

Production and Costs

USA 690 – 745 $480 – 520

Russia(8) 495 – 525 $340 – 365

Brazil 510 – 580 $490 – 555

Chile 350 – 380 $700 – 720

Kinross (w/o West Africa) 2.2 mm oz. $495 – 510

19

Key Sensitivities: Approximately 50% ‐60% of the Company’s costs are denominated in US dollars. A 10% change in foreign exchange could result in anapproximate $7 impact on cost of sales per ounce. A $10 change in the price of oil could result in an approximate $3 impact on cost of sales per ounce.The impact on royalties of a $100 change in the gold price could result in an approximate $4 impact on cost of sales per ounce.

West Africa(8,9) 135 – 155 $650 – 675

Total Kinross: 2.30 – 2.35 mm oz $505 – 520


III. New Project Portfolioj

20


January 26, 2011

11

Kinross Project Portfolio

Paracatu 3rd Ball Mill

2011 2012 2013 2014 2015

Paracatu 3 Ball Mill

Paracatu Desulphurization

Maricunga SART Plant

Paracatu 4th Ball Mill

Dvoinoye

Tasiast

21

Lobo‐Marte

Fruta del Norte

Cerro Casale

Conceptual timeline based on current Company estimates.

Paracatu: 3rd Ball Mill Update

22

Lifting mill feed end to mill shell Mill feed end lifted to mill shell


January 26, 2011

12

Paracatu: At‐site Expansion

3rd Ball Mill

• Installing 3rd ball mill to increase throughputg g p

• Procurement commitments at 90%

• Total project 60% complete; construction at site 40% complete

• On schedule for completion and commissioning in H1 2011

4th Ball Mill

• Allows Paracatu to sustain planned throughput of ~41 mtpa in future years

23

Allows Paracatu to sustain planned throughput of 41 mtpa in future years

• Capital estimate: $145 mm (includes $120 mm for mill; $25 mm for

additional truck and electric shovel)

• Expected to start‐up in the first half of 2012

Exploration Update at Tasiast

• Added 11 drills since acquisition; 22 rigs currently on‐site

o 16 currently on West Brancho 16 currently on West Branch

• Completed ~194,000 m of drilling in 2010

• Scoping study completed in December

• Feasibility study expected to be complete mid‐2011

• Reserve & resource update on Feb. 16th with FY’10 results

24


January 26, 2011

13

Plan View of Drilling at Tasiast

25

Greenschist Target

Aug. ’09: 21 m at 1.74 g/t

Aug.’09: 17 m at 1.69 g/t Jan’10: 84 m at 1.92 g/t

Jan.’10: 85 m at 2.42 g/t

Jan.’10:94 m at 2.78 g/t

Sep.’10:81 m at 3.00g/t

Sep.’10:45 m at 4.26 g/t

Sep.’10:74 m at 4.52 g/t

26

Scale 100 m

Felsic Volcanic Banded Iron Formation Volcaniclastic Greenschist

Source: Red Back Mining news releases dated August 31, 2009, January 20, 2010 and September 7, 2010, available on SEDAR as Red Back Mining documents.


January 26, 2011

14

Resource Growth at Tasiast

• 3.2 mm oz of Inferred Resource added in November 2010

3.75.4

9.2 9.30.8

1.4

1.9

5.1

Ounces (m

illions)

(7,10)

27

Year‐end 2008 November 2009 September 2010 November 2010

Measured & Indicated Mineral Resources Inferred Mineral Resources


Note: Mineral Resources are reported inclusive of Mineral Reserves. For the most recent Mineral Reserve statement for Tasiast, see the Kinross website.

Tasiast: Conceptual Pit Shell

5 mm oz reserve pit

20 mm oz exploration target pit


January 26, 2011

15

C6734m at 1.71g/t4m at 11.10g/t

C6734m at 1.71g/t4m at 11.10g/t

District Targets

19m at 1.19g/t12m at 2.18g/t19m at 1.19g/t12m at 2.18g/t

Aoeouat15m at 3.72g/t

Aoeouat15m at 3.72g/t

6m at 10.62g/t6m at 10.62g/t

9 t 7 41 /t9 t 7 41 /t

292910km

C6913m at 3.89/t21m at 0.88g/t15m at 1.72g/t12m at 1.07g/t10m at 1.66g/t

C6913m at 3.89/t21m at 0.88g/t15m at 1.72g/t12m at 1.07g/t10m at 1.66g/t

Prolongation13m at 4.08g/t6m at 2.61g/t6m at 13.0g/t

Prolongation13m at 4.08g/t6m at 2.61g/t6m at 13.0g/t

9m at 7.41g/t9m at 7.41g/t

12m at 11.1g/t12m at 11.1g/t

Please refer to the Tasiast Technical Report, dated August 18, 2010, available on Kinross’ website.

District Potential – 82 x 25 km Archean Greenstone Belt

Tasiast Geology Timmins Geology with Major Au Mines & Au Occurrences(i)

Tasiast

(i) Source: Ontario Geological Survey

25 km 25 km

30


January 26, 2011

16

Dvoinoye, Russia

• Closed acquisition August 27, 2010

l d f l d ll

Pevek

• Completed over 10,000 m of linear drilling

• Completed road connection between site and paved highway to Pevek

• Clearing of old mine infrastructure well underway

• Targeted to commence commissioning in 2013 Kupol mine

Dvoinoye deposit & Vodorazdelnaya

concession

~100 km

31

• Pre‐feasibility study completed at year‐end 2010

Details to be discussed with Q4 results Feb 16

Fruta del Norte, Ecuador

Quito

oDetails to be discussed with Q4 results Feb. 16

• Geotechnical and hydrogeological drilling on La Zarza and Colibri concessions

• Progress on permit approvals at Colibri and La Zarza

Gold Mineral Resources(2)

32

Gold Mineral Resources

Tonnes (thousands)

Grade (g/t)

Ounces(thousands)

Measured & Indicated 15,932 11.20 5,737

Inferred 24,306 7.85 6,135



January 26, 2011

17

Fruta del Norte/Condor (100%)

FDN

• Exploration to date has located a number of epithermal and porphyry‐style targets which ill b th f f ti d i l FDN

Pull-apartbasin

will be the focus of continued regional exploration

• FDN NI 43‐101 Technical Report:Describes major exploration targets in area of Suarez pull‐apart basin

• 2010 FDN exploration spending: $34 mm

33

• Updated pre‐feasibility study for Lobo‐Marte completed

• Feasibility study in the first half of 2011

Lobo‐Marte, Chile

Lobo Marte

La Coipa

• Feasibility study in the first half of 2011

• Remain on schedule to submit the EIA in mid‐2011

• Permitting an additional 20,000 m of drilling for 2011

• Commissioning for the project is targeted to commence in 2014

Lobo‐Marte

Maricunga

Cerro Casale

~110 km

Gold Mineral Reserves and Resources(11)

34

Gold Mineral Reserves and Resources(11)

Tonnes(thousands)

Grade (g/t)

Ounces(thousands)

Proven and Probable Reserves 141,124 1.22 5,552

Measured & Indicated Resources 20,091 0.91 590



January 26, 2011

18

Valuation

35

TD: P / NAV

2.0

1.41.4

1.1 1.1

36

AEM GG ABX AUY KGC

Source: TD Newcrest research – January 18, 2011


January 26, 2011

19

TD: P / 2011e CFPS

16.3

13.3

10.9

9.07.6

37

AEM GG KGC AUY ABX

Source: TD Newcrest research – January 18, 2011

Key Objectives for 2010

Declare increased reserves

Complete Lobo‐Marte pre‐feasibility study

Close sale of 25% of Cerro Casale

Close sale of 25% of Cerro Casale

Complete 18,000 drill program at Fruta del Norte

Complete investment in Red Back Mining

Complete acquisition of Underworld Resources

Final feasibility study for Cerro Casale

Complete Maricunga Expansion feasibility study (H1 2010)

Close Dvoinoye acquisition

38

Close and integrate Red Back acquisition

Advance Fruta del Norte pre‐feasibility study

Delivery and construction of 3rd ball mill at Paracatu

Complete metallurgical testing and finalize pre‐feasibility study at Lobo‐Marte


January 26, 2011

20

Why Kinross Now?

1. High‐growth major

2. Strong cash flow from pure gold production

3. Attractive valuation

y

39

Endnotes

1) For more information regarding Kinross’ preliminary operating results, and the production and cost outlook for 2010, including Kinross’ production and cost estimate for the West African assets acquired through the acquisition of Red Back Mining, the please refer to the news releases dated January 13, 2011 and November 3, 2010, available on our website at www.kinross.com.

2) “Current” proven and probable mineral reserves reflect Kinross’ Mineral Reserve and Mineral Resource Statement as at December 31, 2009, contained in our news release dated January 28, 2010, adjusted to reflect the sale of half of Kinross’ 50% interest in the Cerro Casale project to Barrick in March 2010 and the acquisition of Tasiast and Chirano. For historical reserve and resource information, refer to Kinross’ public filings, available on our q , p g ,website. Proven and Probable Mineral Reserves for Tasiast and Chirano reflect Red Back’s Mineral Reserve and Mineral Resource statement as at December 31, 2009, adjusted to reflect updates in 2010. Please refer to the Red Back 2009 Annual Information Form and the Red Back news releases dated February 1, 2010, March 1, 2010, July 19, 2010 and September 7, 2010, which are available as Red Back documents on SEDAR at www.sedar.com. For historical mineral reserve and mineral resource relating the Tasiast and Chirano properties, please refer to Red Back’s public filings, available under Red Back’s profile on SEDAR.

3) Unless otherwise stated, all cash flow and cash flow per share figures in this presentation are adjusted operating cash flow.

4) Adjusted net earnings and adjusted operating cash flow numbers are non‐GAAP financial measures which are meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with GAAP. For more information about these non‐GAAP financial measures, and a reconciliation of these non‐GAAP financial measures for the three months and nine months ended September 30, 2010 and September 30, 2009, please refer to the press release dated November 3, 2010, available on our website at www.kinross.com under the heading “Reconciliation of non‐GAAP financial measures”.

5) Cost of sales per ounce is defined as cost of sales as per the financial statements divided by the number of gold equivalent ounces sold, both reduced for Kupol sales attributable to a third‐party 25% shareholder and for Chirano sales attributable to a 10% minority interest holder.

6) Cost of sales margin is defined as the average realized price of gold less attributable cost of sales per ounce

40

6) Cost of sales margin is defined as the average realized price of gold less attributable cost of sales per ounce.

7) For more information on Kinross’ updated Measured and Indicated Mineral Resource and Inferred Mineral Resource estimate for Tasiast, please refer to the news release dated November 3, 2010, which is available on our website at www.kinross.com.

8) Unless otherwise stated, gold equivalent production, gold equivalent ounces sold and cost of sales figures in this presentation are based on Kinross’ share of Kupol production (75%) and Chirano production (90%).

9) For details regarding the reconciliation of the cost of sales forecast for the West African assets, please refer to the section titled “Red Back Cost of Sales Reconciliation” in our news release dated November 3, 2010, available on our website at www.kinross.com.

10) For historical mineral resource estimates relating to the Tasiast property, please refer to Red Back’s public filings, available under Red Back’s profile on SEDAR.


January 26, 2011

21

Appendixpp

41

Fort Knox, USA (100%)

• Located in Alaska

• Expansion and new heap leach to extend mine life

• Material being stacked on new pads

Operating Results

Production (Au eq. oz)

Cost of Sales($/oz)

YTD Q3 2010 264,590 $550

YTD Q3 2009 176,646 $596

2009 Gold Reserves and Resources(2)

42


Tonnes(thousands)

Grade (g/t)

Ounces(thousands)

2P Reserves 252,945 0.45 3,692

M&I Resources 105,768 0.50 1,694



January 26, 2011

22

Round Mountain, USA (50%)

• Kinross‐operated JV with Barrick

• Located in Nevada, USA

• Open pit mine

Operating Results


Cost of Sales($/oz)

YTD Q3 2010 141,033 $614

YTD Q3 2009 160,873 $527


43

2009 Gold Reserves and Resources

Tonnes(thousands)

Grade (g/t)

oz (thousands)

2P Reserves 71,493 0.64 1,468

M&I Resources 39,837 0.73 938


Kettle River, USA (100%)

• Entered production in Q4’08

• Small foot‐print, underground mine

• Near‐mine exploration targets

Operating Results


Cost of Sales($/oz)

YTD Q3 2010 145,555 $318

YTD Q3 2009 111,192 $308


44


Tonnes(thousands)

Grade (g/t)

oz (thousands)

2P Reserves 1,701 13.88 759

M&I Resources ‐ ‐ ‐



January 26, 2011

23

Kupol, Russia (75%)

• 3,000 tpd mill with open‐pit and underground

• 2009 first full year of production

Operating Results


Cost of Sales($/oz)

YTD Q3 2010 404,504 $318

YTD Q3 2009 529,421 $255

2009 Reserves and Resources(2)

Tonnes Grade Ounces

45

(thousands) (g/t) (thousands)

2P Reserves: AuAg

6,11813.04167.8

2,56533,010

M&I Resources: AuAg

1715.48269.2

9149


Paracatu, Brazil (100%)

• Recoveries near target

• Major expansion commissioning

Operating Results


Cost of Sales($/oz)

YTD Q3 2010 364,830 $528

YTD Q3 2009 245,975 $711


• Adding 3rd and 4th ball mills

46

Tonnes(thousands)

Grade (g/t)

Ounces (thousands)

2P Reserves 1,320,886 0.41 17,472

M&I Resources 225,581 0.41 2,994



January 26, 2011

24

Crixas, Brazil (50%)

• JV with AngloGold Ashanti

• Underground mine located in the Brazil

Operating Results


Cost of Sales($/oz)

YTD Q3 2010 56,798 $477

YTD Q3 2009 52,624 $430

Reserves and Resources(2)

47

Tonnes(thousands)

Grade (g/t)

Ounces (thousands)

2P Reserves 2,923 3.70 347

M&I Resources 303 3.40 33


La Coipa, Chile (100%)

• Gold/silver mine in the Maricunga district

• Comprehensive exploration program

Operating Results


Cost of Sales($/oz)

YTD Q3 2010 136,310 $666

YTD Q3 2009 174,384 $409

2009 Reserves and Resources(2)

Tonnes(th d )

Grade ( /t)

Ounces(th d )

48

(thousands) (g/t) (thousands)

2P Reserves: AuAg

26,5681.3044.4

1,10737,944

M&I Resources: AuAg

11,2290.8838.5

31713,901



January 26, 2011

25

Maricunga, Chile (100%)

• Located the highly prospective Maricunga District

• Open pit, heap leach operation

Operating Results


Cost of Sales($/oz)

YTD Q3 2010 123,611 $682

YTD Q3 2009 173,692 $525


49

Tonnes(thousands)

Grade (g/t)

Ounces(thousands)

2P Reserves 280,792 0.71 6,403

M&I Resources 160,049 0.57 2,945


Tasiast, Mauritania (100%)

• Open-pit mine located in Mauritania, ~300 km north of the capital city of Nouakchott

Sit t d i t fl t l l t d d t• Situated in remote, flat, sparsely populated desert

• Commercial production commenced in January 2008

• 2.5 Mtpa CIL mill and 4.5 Mtpa dump leach operation

• 2010e production(1): ~185-195k oz

• Road access to mine and small air strip on site

• Highly prospective, underexplored gold belt

50

g y p p , p g

• Only 8 km of 70 km strike length tested

• 156,784 m of drilling completed (as of Q3’10)

Tonnes(000)

Grade(g/t)

Cont’d Au (mm oz.)

2P Mineral Reserves(2) 115,200 1.4 5.03

M&I Mineral Resources(7) 196,400 1.47 9.27

Inferred Mineral Resources(7) 105,600 1.5 5.15

M&I Mineral Resources are stated inclusive of mineral reserves.



January 26, 2011

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Chirano, Ghana (90%)

• Open‐pit and underground mining operation

• 90% owned by Red Back; Government of Ghana holds a 10% carried interest

• 9 open‐pits and 2 recently‐discovered underground deposits

• 2010e production of ~215‐225 k oz(1)

• Current estimated mine life of 10+ years

Gold Reserves and Resources(2)

Tonnes Grade Contained

51

Tonnes(thousands)

Grade (g/t)

Contained Au (mm oz)

2P Reserves 41,300 2.4 3.19

M&I Resources 46,600 2.71 4.07

Inferred Resources 9,600 2.7 0.8


M&I Mineral Resources are stated inclusive of mineral reserves.

Kinross Gold Corporation

25 York Street, 17th Floor

Toronto, ON M5J 2V5

Tel: 416‐365‐5123

Toll‐Free: 1‐866‐561‐3636

p

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www.kinross.com

delivering disciplined growth...td newcrest 2011 mining conference january 26, 2011 6 track record...

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