as tsx k nyse kgc industry mining founded 1993 founder robert buchan headquarters toronto canada key people j. paul rollinson ceo products gold revenue 3.8 billion 2013 number of employees 9 000 2013 website www.kinross.com kinross gold corporation is a canadian based gold mining company with mines and projects in the united states brazil chile russia ghana and mauritania . it is one of the largest gold companies . 1 kinross began from the amalgamation of three companies in 1993 initially owning a mine in british columbia and royalties on a mine in nevada . following a series of takeovers and mergers kinross now owns nine active gold mines on four continents . contents 1 financial performance 1.1 net income loss 1.2 total assets 1.3 gold reserves and production 2 history 2.1 major transactions 2.2 inactive mines and divested properties 2.2.1 lupin and blanket mines 2.2.2 crix s 2.2.3 la coipa gold mine 2.2.4 fruta del norte 2.2.5 lobo marte 2.2.6 maricunga gold mine 2.2.7 cerro casale 2.2.8 white gold 3 active gold mines and offshore subsidiaries 3.1 fort knox 3.2 kettle river buckhorn 3.3 round mountain 3.4 bald mountain 3.5 paracatu 3.6 kupol and dvoinoye 3.6.1 kupol 3.6.2 dvoinoye 3.7 chirano 3.8 tasiast 3.8.1 expansion 3.8.2 financial performance 3.8.3 impairment charges 3.9 barbadian subsidiaries 4 fraud allegations class action lawsuits and settlements 5 corporate responsibility 6 see also 7 references 8 external links financial performance edit in 2013 kinross suspended payment of dividends . 2 in 2015 in the wake of declining precious metal prices kinross closed their regional office in denver colorado and eliminated 110 corporate positions in denver chile spain and toronto . 3 in 2016 kinross credit rating was lowered to junk status by standard & poor s. the decision was largely based on the share of their production that came from mines in russia which it saw as a significant risk . 4 net income loss edit kinross gold s net incomes losses during the past six years were 2011 us 2.013 billion 5 2012 us 2.509 billion 6 2013 us 3.742 billion 7 2014 us 1.193 billion 8 2015 us 0.989 billion 9 2016 us 0.006 billion six months 10 total assets edit kinross total assets have decreased significantly since 2010 . total assets were 2010 us 17.7 billion 2011 us 16.5 billion 11 2012 us 14.8 billion 2013 us 10.2 billion 12 2014 us 8.9 billion 2015 us 7.7 billion 13 gold reserves and production edit kinross proven and probable gold reserves were 33.2 million ounces as at december 31 2015 . this total includes reserves from inactive mines cerro casale 5.8 million ounces and maricunga 1.0 million ounces . 14 in 2010 the reported proven and probable reserves were 62.4 million ounces . 15 in 2015 kinross produced 2.59 million ounces of gold . 16 history edit major transactions edit kinross merger with echo bay mines resulted in ownership of lupin mine which was sold in 2006 . kinross gold corporation was founded in 1993 following the amalgamation of three companies plexus resources corporation cmp resources and the numbered company 1021105 ontario corp. this resulted in the new company owning a stake and royalties on a mining property in fallon nevada and the qr mine in british columbia . 17 kinross was listed on june 1 1993 on the tsx and nasdaq . in 1998 kinross merged with amax gold formerly known as kinam gold 18 which gave kinross the fort knox gold mine . 19 in 2002 kinross and placer dome combined their assets in timmins ontario and formed the porcupine joint venture 51 % placer dome 49 % kinross . 20 also in 2002 kinross tvx gold tvx and echo bay mines proposed a 3 billion merger which would combine the three companies while retaining the name kinross gold . the merger was delayed from its original closing due to kinross inability to raise the necessary funds 21 but was approved by shareholders in january 2003 . 22 in 2005 kinross sold the aquarius project acquired as part of the echo bay merger 23 to st. andrews goldfields who operated the nearby stock gold mine . 24 25 in 2006 kinross bought crown resources corporation which gave them ownership of the mineral resource buckhorn mountain later buckhorn gold mine and the associated mineral processing facilities . 26 27 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 . 28 in 2010 kinross purchased the remaining shares 91 % of red back mining inc. for 7.1 billion . the purchase brought with it the two gold mines in africa chirano and tasiast . 29 inactive mines and divested properties edit lupin and blanket mines edit main article lupin mine in 2006 kinross sold the lupin mine located in canada and the blanket mine located in zimbabwe . crix s edit the crix s mine is located in brazil . in 2012 kinross sold its 50 % interest in crix s to anglogold ashanti for us 220 million . 30 la coipa gold mine edit main article la coipa gold mine the la coipa gold mine is located in chile . the tvx merger resulted in kinross stake in the la coipa open pit mine the remainder was purchased from goldcorp in 2007 . 31 gold production was suspended at la coipa in october 2013 . 32 in 2014 kinross recorded an impairment charge of 124 million . fruta del norte edit kinross acquired aurelian resources inc. in 2008 for total consideration of us 705 million . 33 aurelian owned the fruta del norte deposit in ecuador . kinross described fruta del norte as arguably the premier gold discovery in a generation . 34 on june 20 2013 kinross announced it would not proceed with further development of the fruta del norte project . the carrying value of its investment was us 709 million as at december 31 2012 . 35 on october 21 2014 kinross sold its interest for us 233 million and kinross realized a loss of us 496 million . 36 lobo marte edit lobo marte is located in chile . in 2008 kinross acquired a 40 % interest in lobo marte from anglo american plc for us 141 million . 37 in early 2009 kinross acquired the remaining interest for us 41 million . 38 as at december 31 2013 kinross reported the property contained 6.0 million ounces of probable gold reserves . in 2014 the reserves were reclassified from probable to measure & indicated and kinross recorded an impairment charge of 118 million . consequently as at december 31 2014 lobo marte had no proven or probable reserves . 39 as of december 31 2015 kinross reported that lobo marte was a significant development property . its net book value is not disclosed . 40 maricunga gold mine edit main article maricunga gold mine kinross first acquired 50 % ownership in the property with the merger with amax gold which changed its name to kinam . 41 the 2007 purchase of bema gold brought the other 50 % . 42 in august 2016 kinross ceased operations at the maricunga gold mine resulting in a layoff of 300 employees . the decision to close the mine was the result of the chilean government shut ing down the water system linked to the operation over environmental concerns . 43 the book value of maricunga was us 373 million as at december 31 2015 . 44 cerro casale edit the cerro casale property is located in chile . 45 kinross acquired cerro casale in 2007 as part of the acquisition of bema gold corporation . 46 in 2000 kinross sold a 25 % interest in cerro casale to barrick gold for 474 million . 47 kinross currently owns a 25 % interest and barrick owns the remaining 75 % . 48 the property has been inactive since its acquisition in 2007 . 49 in 2014 kinross recorded a 156 million impairment charge related to its investment . 50 as at december 31 2015 the reported proven and probable reserves were 5.8 million ounces . 51 white gold edit as of december 31 2015 kinross reported white gold was a pre development property . white gold has no proven or probable reserves . 52 its net book value was not disclosed . the net book value of all of kinross pre development properties was 84 million as at december 31 2015 . 53 active gold mines and offshore subsidiaries edit kinross gold operates mining projects in north and south america russia and africa . in 2013 the company s gold production was 2 631 092 gold equivalent ounces . 54 in 2013 the company s silver production was 9 million ounces making the company the 18th largest silver producer in the world . 55 fort knox edit main article fort knox gold mine kinross has a 100 % stake in the fort knox gold mine which operates as an open pit in alaska . the area was prospected as early as 1913 but no mining took place until 1996 . in 1998 the owner of fort knox amex gold merged with kinross . 19 56 the fort knox complex has two open pits fort knox and the now closed true north 57 with ore from the fort knox pit being processed on site at the fort knox mill . 19 in 2013 the mine produced 421 641 ounces of gold . 56 kettle river buckhorn edit main article buckhorn gold mine kinross operates the buckhorn mine and kettle river mill in the us state of washington . 58 the kettle river buckhorn mine is expected to close in q3 2016 . 59 round mountain edit round mountain gold mine main article round mountain gold mine kinross operates the round mountain gold mine in nye county nevada . round mountain is a joint venture with barrick gold . round mountain is located in an area where mining has taken place since 1906 having produced 350 000 ounces of gold over a sixty year period . 60 kinross merger with echo bay mines gave them a 50 % share of round mountain with barrick retaining the remainder . 61 as of 2011 update the mine was undergoing expansion to increase the size of the pit and related infrastructure . the expansion has been subject to opposition by various non governmental organizations . 62 63 bald mountain edit in january 2016 kinross acquired 100 % of the bald mountain gold mine and the remaining 50 % of the round mountain gold mine from barrick gold corporation for 610 million in cash . 64 during the six months ended june 30 2016 bald mountain incurred an operating loss of us 11.6 million . 65 paracatu edit main article paracatu mine paracatu is an open pit gold mine located in brazil . on january 31 2003 kinross acquired a 49 % ownership interest as part of the acquisition of tvx gold . on december 31 2004 kinorss acquired the remaining 51 % from rio tinto plc. 66 67 for us 255 million . 68 in 2015 paracatu produced 477 662 gold equivalent ounces . 69 proven and probable reserves have decreased from 18.1 million ounces as at december 31 2008 70 to 9.6 million ounces as at december 31 2015 . 71 as at december 31 2015 the net book value of property plant and equipment was 1.69 billion . capital expenditures have been significant 2010 ... us 169 million 2011 ... us 339 million 72 2012 ... us 310 million 2013 ... us 152 million 73 2014 ... us 105 million 2015 ... us 109 million 74 total . us 1 184 million kupol and