0001188112-12-000123.txt : 20120118 0001188112-12-000123.hdr.sgml : 20120118 20120118145749 ACCESSION NUMBER: 0001188112-12-000123 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120118 FILED AS OF DATE: 20120118 DATE AS OF CHANGE: 20120118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KINROSS GOLD CORP CENTRAL INDEX KEY: 0000701818 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 650430083 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13382 FILM NUMBER: 12531863 BUSINESS ADDRESS: STREET 1: 25 YORK STREET STREET 2: 17TH FLOOR CITY: TORONTO STATE: A6 ZIP: M5J 2V5 BUSINESS PHONE: 8013639152 MAIL ADDRESS: STREET 1: 25 YORK STREET STREET 2: 17TH FLOOR CITY: TORONTO STATE: A6 ZIP: M5J 2V5 FORMER COMPANY: FORMER CONFORMED NAME: PLEXUS RESOURCES CORP DATE OF NAME CHANGE: 19920703 6-K 1 t72354_6k.htm FORM 6-K t72354_6k.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of January, 2012
Commission File Number:  001-13382
KINROSS GOLD CORPORATION
(Translation of registrant's name into English)

17th Floor, 25 York Street,
Toronto, Ontario  M5J 2V5
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40F:

Form 20-F o                                Form 40-F x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Note:  Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Note:  Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o                      No x

 
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2b:

This Current Report on Form 6-K, dated April 5, 2011 is specifically incorporated by reference into Kinross Gold Corporation's Registration Statement on Form S-8 (Registration No. 333-141896), filed on April 4, 2007.

 
 

 
 
Page 2

This report on Form 6-K is being furnished for the sole purpose of providing a copy of the Material Change Report filed on SEDAR relating to the news release pertaining to the preliminary operating results for 2011 and outlook for 2012.


INDEX





Table of Contents



SIGNATURES
EXHIBIT INDEX

99.1  
Material Change Report dated January 18, 2012.

 
 

 
 
Page 3
 
SIGNATURES


Pursuant to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
  KINROSS GOLD CORPORATION
   
   
   
  Signed: Shelley M. Riley
  Vice President, Office Services and
  Corporate Secretary
 
 
 

 
January 18, 2012

EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

Exhibit 99.1
 
MATERIAL CHANGE REPORT
 
1. Name and Address of Company
   
  Kinross Gold Corporation (“Kinross”)
  25 York Street, 17th Floor
  Toronto, Ontario
  M5J 2V5
   
2. Date of Material Change
   
  January 16, 2012
   
3. News Release
   
  A news release with respect to the material change referred to in this material change report was issued by Kinross on January 16, 2012 through the facilities of Marketwire and filed on the System for Electronic Document Analysis and Retrieval.
   
4.  Summary of Material Change
   
  On January 16, 2012, in connection with the release of its preliminary operating results for the full-year 2011 and its outlook for 2012, Kinross announced a project optimization process to improve capital allocation, project sequencing, and investment returns and announced that it expected to record a material non-cash accounting charge in connection with its year-end financial results for 2011, primarily relating to the goodwill recorded for the Tasiast mine.
   
5. Full Description of Material Change
   
  On January 16, 2012, in connection with the release of its preliminary operating results for the full-year 2011 and its outlook for 2012, Kinross announced a project optimization process to improve capital allocation, project sequencing, and investment returns and announced that it expected to record a material non-cash accounting charge in connection with its year-end financial results for 2011, primarily relating to the goodwill recorded for the Tasiast mine.
   
  Capital and Project Optimization
   
  Kinross announced a comprehensive capital and project optimization process with the aim of improving capital efficiency, project sequencing, and investment returns. The objectives of the project optimization process are to efficiently advance development of Kinross’ three major growth projects at Tasiast, Fruta del Norte (FDN) and Lobo-Marte, generate enhanced returns on capital, and maximize shareholder value, while maintaining a strong balance sheet and investment grade ratings.
        
 
 

 
 
- 2 -
 
  The optimization process could result in a revision of previously-disclosed scoping and pre-feasibility level assumptions and forecasts, including those related to project sequencing and start-up dates for Lobo-Marte, FDN and Tasiast, production forecasts, mining and processing rates, and capital requirements. Kinross continues to advance feasibility work on its major development projects, but currently expects that the timetables for the Lobo-Marte, FDN and Tasiast feasibility studies will be extended.
   
  As part of the optimization process, Kinross will explore project development alternatives to those included in the original Tasiast scoping study, with the objective of improving project economics and reducing overall project execution risk. This will include an assessment of various ore processing options – milling, heap leaching and different combinations of both – which have emerged from the following recent analysis of infill drilling:
   
  The infill drilling program has provided a better understanding of the geology and distribution of the gold mineralization, including the presence of a higher-grade core and significant tonnage of lower-grade halo material which may be better suited to a heap leaching program.
   
  The distribution of mineralization within the orebody indicates that near-surface lower-grade material may be more profitably developed with less capital intensive heap leaching in combination with carbon-in-leach (CIL) milling.
   
  Engineering analysis indicates that heap leaching may offer significant benefits if developed early in the Tasiast expansion sequence.
   
  Based on these preliminary assessments, the Company believes that approximately six to nine months of additional analysis and planning are required in order to determine the optimum processing mix for the Tasiast deposit, and the timing for developing those processing alternatives.
   
  At Fruta del Norte, discussions with the Ecuadorian government are ongoing in order to advance negotiation of the definitive exploitation and investment protection agreements. Kinross continues to explore options to optimize capital allocation and improve overall project economics prior to finalizing the project feasibility study and completing the exploitation and investment protection agreements.
   
  The Company will provide an update on the capital and project optimization process concurrent with its year-end mineral reserves and mineral resources update and release of Q4 and year-end operating and financial results on February 15, 2012.
 
 
 

 
 
- 3 -
 
  Goodwill Impairment Assessment
   
  As required by International Financial Reporting Standards, Kinross is in the process of carrying out its annual impairment assessment and expects to release the results of this assessment with its year-end financial results. In view of Kinross’ evolving understanding of Tasiast project parameters, and market conditions, including industry-wide increases in capital and operating costs, Kinross expects to record a material non-cash accounting charge, primarily relating to the goodwill recorded for the Tasiast mine in connection with the 2010 Red Back acquisition. As disclosed in the 2011 third quarter financial statements, as at September 30, 2011, the book value of total assets of Tasiast was $7.1 billion, of which $4.6 billion was goodwill. Kinross has not finalized the Tasiast feasibility study or mine plan, and drilling results processed to date continue to demonstrate significant exploration potential supporting a world class mine.
   
  Further details are contained in the press release issued on January 16, 2012, including the assumptions made by Kinross with respect to such forecasts.
   
6.  Reliance on Subsection 7.1(2) of National Instrument 51-102
   
  Not applicable.
   
7. Omitted Information
   
  No significant facts in this report remain confidential, and no information has been omitted from this report.
   
8. Executive Officer
   
  For further information, please contact Shelley M. Riley, Vice President, Office Services and Corporate Secretary, at (416) 365-5198.
   
9. Date of Report
   
  January 18, 2012