The story
Founded by Robert Buchan in 1993.1
Founding and early years
Kinross Gold Corporation was founded in 1993, following the amalgamation of three companies: Plexus Resources Corporation, CMP Resources and numbered company 1021105 Ontario Corp., resulting in the new company owning a stake and royalties in a mining property in Fallon, Nevada and the QR Mine in British Columbia. On June 1, 1993, Kinross was listed on the Toronto Stock Exchange and NASDAQ, then on the New York Stock Exchange in 1994.
Kinross' first project – now operated by its subsidiary Fairbanks Gold Mining – was the Fort Knox Gold Mine, an open-pit mining operation in Alaska. The area, including surrounding deposits, was prospected as early as 1913, but no mining took place until 1996. The mine currently produces over 200,000 ounces of gold a year.
In 1998, a wholly owned subsidiary of Kinross merged with Amax Gold, forming Kinam Gold, the company's largest subsidiary. effectively transferring ownership of the mine back to Kinross, along with Maricunga Gold Mine in Chile, as part of the merger.
1999–2006
Kinross acquired Hollinger Mines in 1999 as part of a land package prior to the bankruptcy of Royal Oak Mines (later sold to Goldcorp in 2006). Also that year, Kinross acquired LA Teko Resources Ltd. through its wholly owned subsidiary, LT Acquisition Inc. division.
In July 2002, Kinross and Placer Dome combined their assets in Timmins, Ontario and formed the Porcupine Joint Venture (51% Placer Dome, 49% Kinross). In January 2003 Kinross TVX Gold and Echo Bay Mines shareholders approved a $3-billion merger, combining the three companies, while retaining the name Kinross Gold. The TVX merger resulted in Kinross' stake in the La Coipa open pit mine, the remainder being purchased from Goldcorp in 2007.
In 2006, Kinross bought Crown Resources Corporation, which gave it ownership of the mineral resource Buckhorn Mountain (later Buckhorn Gold Mine) and the associated mineral processing facilities.
2007–present
In 2007, Kinross traded assets with Goldcorp; Kinross received $200 million and the remaining portion of the La Coipa Gold Mine it had acquired with the TVX merger, in exchange for giving up its 49% of the Porcupine Joint Venture and 31.9% of the Musselwhite mine.
In 2010, Kinross purchased 91% of Red Back Mining for $7.1 billion. The purchase brought with it the two gold mines in Africa (Chirano and Tasiast). Also that year, Kinross acquired the Dvoinoye deposit and the property in Vodorazdelnaya, about 90 kilometres (56 mi) north of Kinross’ Kupol operation. In 2011, Kinross entered into a share purchase agreement with the State Unitary Enterprise of the Chukotka Autonomous Okrug, whereby it held 100% of the Kupol mine and exploration licenses. Kinross sold its interest in the Crixás mine to AngloGold Ashanti in 2012.
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In December 2017, Kinross acquired mineral rights to Gilmore, or Parcel G, a 709-acre tract adjacent to its Fort Knox Gold Mine, about 25 miles northeast of Fairbanks, Alaska. Estimates of the land valued it as containing 2.1 million ounces of gold.
In December 2021, Kinross offered to acquire Great Bear Resources for $29 per share, or about $1.8 billion, giving it ownership of a gold mining prospect in Red Lake, Ontario, Canada. Kinross shares dropped 9% after it announced the buyout bid. The deal to acquire Great Bear closed on February 24, 2022.
From Wikipedia’s article on Kinross Gold, shared under CC BY-SA 4.0.8