|
|
|
|
|
|
|
KINROSS GOLD CORPORATION
|
||
Signed:
|
/s/ Kar Ng
|
|
||
|
|
|
Vice-President, Finance
|
|
|
February 16, 2022
|
|
1.
|
DESCRIPTION OF THE BUSINESS
|
|
|
|
Ownership percentage at December 31,
|
|||||||
Operating Segments
|
Operator
|
Location
|
2021
|
2020
|
||||||
Fort Knox
|
Kinross
|
USA
|
100%
|
|
100%
|
|
||||
Round Mountain
|
Kinross
|
USA
|
100%
|
|
100%
|
|
||||
Bald Mountain
|
Kinross
|
USA
|
100%
|
|
100%
|
|
||||
Paracatu
|
Kinross
|
Brazil
|
100%
|
|
100%
|
|
||||
Kupol(a)
|
Kinross
|
Russian Federation
|
100%
|
|
100%
|
|
||||
Tasiast
|
Kinross
|
Mauritania
|
100%
|
|
100%
|
|
||||
Chirano
|
Kinross
|
Ghana
|
90%
|
|
90%
|
|
(a)
|
The Kupol segment includes the Kupol and Dvoinoye mines.
|
Years ended December 31,
|
2021 vs. 2020
|
2020 vs. 2019
|
||||||||||||||||||||||||||
(in millions, except ounces, per share amounts and per ounce amounts)
|
2021
|
2020
|
2019
|
Change
|
% Change
|
Change
|
% Change(g)
|
|||||||||||||||||||||
Operating Highlights
|
||||||||||||||||||||||||||||
Total gold equivalent ounces(a)
|
||||||||||||||||||||||||||||
Produced(c)
|
2,083,016
|
2,383,307
|
2,527,788
|
(300,291
|
)
|
(13%
|
)
|
(144,481
|
)
|
(6%
|
)
|
|||||||||||||||||
Sold(c)
|
2,075,738
|
2,375,548
|
2,512,758
|
(299,810
|
)
|
(13%
|
)
|
(137,210
|
)
|
(5%
|
)
|
|||||||||||||||||
Attributable gold equivalent ounces(a)
|
||||||||||||||||||||||||||||
Produced(c)
|
2,067,549
|
2,366,648
|
2,507,659
|
(299,099
|
)
|
(13%
|
)
|
(141,011
|
)
|
(6%
|
)
|
|||||||||||||||||
Sold(c)
|
2,060,909
|
2,358,927
|
2,492,572
|
(298,018
|
)
|
(13%
|
)
|
(133,645
|
)
|
(5%
|
)
|
|||||||||||||||||
Financial Highlights
|
||||||||||||||||||||||||||||
Metal sales
|
$
|
3,729.4
|
$
|
4,213.4
|
$
|
3,497.3
|
$
|
(484.0
|
)
|
(11%
|
)
|
$
|
716.1
|
20%
|
|
|||||||||||||
Production cost of sales
|
$
|
1,726.1
|
$
|
1,725.7
|
$
|
1,778.9
|
$
|
0.4
|
0%
|
|
$
|
(53.2
|
)
|
(3%
|
)
|
|||||||||||||
Depreciation, depletion and amortization
|
$
|
840.9
|
$
|
842.3
|
$
|
731.3
|
$
|
(1.4
|
)
|
(0%
|
)
|
$
|
111.0
|
15%
|
|
|||||||||||||
Impairment charges (reversals) and asset derecognition - net
|
$
|
144.5
|
$
|
(650.9
|
)
|
$
|
(361.8
|
)
|
$
|
795.4
|
122%
|
|
$
|
(289.1
|
)
|
(80%
|
)
|
|||||||||||
Operating earnings
|
$
|
463.6
|
$
|
1,899.4
|
$
|
991.1
|
$
|
(1,435.8
|
)
|
(76%
|
)
|
$
|
908.3
|
92%
|
|
|||||||||||||
Net earnings attributable to common shareholders
|
$
|
221.2
|
$
|
1,342.4
|
$
|
718.6
|
$
|
(1,121.2
|
)
|
(84%
|
)
|
$
|
623.8
|
87%
|
|
|||||||||||||
Basic earnings per share attributable to common shareholders
|
$
|
0.18
|
$
|
1.07
|
$
|
0.57
|
$
|
(0.89
|
)
|
(83%
|
)
|
$
|
0.50
|
88%
|
|
|||||||||||||
Diluted earnings per share attributable to common shareholders
|
$
|
0.17
|
$
|
1.06
|
$
|
0.57
|
$
|
(0.89
|
)
|
(84%
|
)
|
$
|
0.49
|
86%
|
|
|||||||||||||
Adjusted net earnings attributable to common shareholders(b)
|
$
|
541.3
|
$
|
966.8
|
$
|
422.9
|
$
|
(425.5
|
)
|
(44%
|
)
|
$
|
543.9
|
129%
|
|
|||||||||||||
Adjusted net earnings per share(b)
|
$
|
0.43
|
$
|
0.77
|
$
|
0.34
|
$
|
(0.34
|
)
|
(44%
|
)
|
$
|
0.43
|
126%
|
|
|||||||||||||
Net cash flow provided from operating activities
|
$
|
1,135.2
|
$
|
1,957.6
|
$
|
1,224.9
|
$
|
(822.4
|
)
|
(42%
|
)
|
$
|
732.7
|
60%
|
|
|||||||||||||
Adjusted operating cash flow(b)
|
$
|
1,309.9
|
$
|
1,912.7
|
$
|
1,201.5
|
$
|
(602.8
|
)
|
(32%
|
)
|
$
|
711.2
|
59%
|
|
|||||||||||||
Capital expenditures(d)
|
$
|
938.6
|
$
|
916.1
|
$
|
1,060.2
|
$
|
22.5
|
2%
|
|
$
|
(144.1
|
)
|
(14%
|
)
|
|||||||||||||
Free cash flow(b)
|
$
|
196.6
|
$
|
1,041.5
|
$
|
164.7
|
$
|
(844.9
|
)
|
(81%
|
)
|
$
|
876.8
|
nm
|
||||||||||||||
Average realized gold price per ounce(e)
|
$
|
1,797
|
$
|
1,774
|
$
|
1,392
|
$
|
23
|
1%
|
|
$
|
382
|
27%
|
|
||||||||||||||
Consolidated production cost of sales per equivalent ounce(c) sold(f)
|
$
|
832
|
$
|
726
|
$
|
708
|
$
|
106
|
15%
|
|
$
|
18
|
3%
|
|
||||||||||||||
Attributable(a) production cost of sales per equivalent ounce(c) sold(b)
|
$
|
828
|
$
|
723
|
$
|
706
|
$
|
105
|
15%
|
|
$
|
17
|
2%
|
|
||||||||||||||
Attributable(a) production cost of sales per ounce sold on a by-product basis(b)
|
$
|
799
|
$
|
700
|
$
|
691
|
$
|
99
|
14%
|
|
$
|
9
|
1%
|
|
||||||||||||||
Attributable(a) all-in sustaining cost per ounce sold on a by-product basis(b)
|
$
|
1,118
|
$
|
970
|
$
|
974
|
$
|
148
|
15%
|
|
$
|
(4
|
)
|
(0%
|
)
|
|||||||||||||
Attributable(a) all-in sustaining cost per equivalent ounce(c) sold(b)
|
$
|
1,138
|
$
|
987
|
$
|
983
|
$
|
151
|
15%
|
|
$
|
4
|
0%
|
|
||||||||||||||
Attributable(a) all-in cost per ounce sold on a by-product basis(b)
|
$
|
1,458
|
$
|
1,248
|
$
|
1,282
|
$
|
210
|
17%
|
|
$
|
(34
|
)
|
(3%
|
)
|
|||||||||||||
Attributable(a) all-in cost per equivalent ounce(c) sold(b)
|
$
|
1,467
|
$
|
1,260
|
$
|
1,284
|
$
|
207
|
16%
|
|
$
|
(24
|
)
|
(2%
|
)
|
(a)
|
"Total" includes 100% of Chirano production. "Attributable" includes Kinross' share of Chirano (90%) production and costs, and Manh Choh (70%) costs.
|
(b)
|
The definition and reconciliation of these non-GAAP financial measures and ratios is included in Section 11. Non-GAAP financial measures and ratios have no standardized
meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers.
|
(c)
|
"Gold equivalent ounces" include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the commodities
for each period. The ratio for 2021 was 71.51:1 (2020 - 86.32:1 and 2019 - 85.99:1).
|
(d)
|
“Capital expenditures” is as reported as “Additions to property, plant and equipment” on the consolidated statements of cash flows.
|
(e)
|
“Average realized gold price per ounce” is defined as gold metal sales divided by the total number of gold ounces sold.
|
(f)
|
“Consolidated production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.
|
(g)
|
"nm" means not meaningful.
|
2.
|
IMPACT OF KEY ECONOMIC TRENDS AND THE COVID-19 PANDEMIC
|
3.
|
OUTLOOK
|
|
2022 Guidance
|
2021 Full-Year
|
||||||
|
(+/-5%)
|
Results
|
|
|||||
Attributable production cost of sales per equivalent ounce sold
|
$
|
830
|
$
|
828
|
||||
Consolidated production cost of sales per equivalent ounce sold
|
$
|
835
|
$
|
832
|
||||
Attributable all-in sustaining cost per equivalent ounce sold
|
$
|
1,130
|
$
|
1,138
|
||||
Attributable all-in sustaining cost per ounce sold on a by-product basis
|
$
|
1,100
|
$
|
1,118
|
4.
|
PROJECT UPDATES AND NEW DEVELOPMENTS
|
5.
|
CONSOLIDATED RESULTS OF OPERATIONS
|
Years ended December 31,
|
2021 vs. 2020
|
2020 vs. 2019
|
||||||||||||||||||||||||||
(in millions, except ounces and per ounce amounts)
|
2021
|
2020
|
2019
|
Change
|
% Change
|
Change
|
% Change
|
|||||||||||||||||||||
Operating Statistics
|
||||||||||||||||||||||||||||
Total gold equivalent ounces(a)
|
||||||||||||||||||||||||||||
Produced(b)
|
2,083,016
|
2,383,307
|
2,527,788
|
(300,291
|
)
|
(13%
|
)
|
(144,481
|
)
|
(6%
|
)
|
|||||||||||||||||
Sold(b)
|
2,075,738
|
2,375,548
|
2,512,758
|
(299,810
|
)
|
(13%
|
)
|
(137,210
|
)
|
(5%
|
)
|
|||||||||||||||||
Attributable gold equivalent ounces(a)
|
||||||||||||||||||||||||||||
Produced(b)
|
2,067,549
|
2,366,648
|
2,507,659
|
(299,099
|
)
|
(13%
|
)
|
(141,011
|
)
|
(6%
|
)
|
|||||||||||||||||
Sold(b)
|
2,060,909
|
2,358,927
|
2,492,572
|
(298,018
|
)
|
(13%
|
)
|
(133,645
|
)
|
(5%
|
)
|
|||||||||||||||||
Gold ounces - sold
|
2,015,068
|
2,324,324
|
2,458,839
|
(309,256
|
)
|
(13%
|
)
|
(134,515
|
)
|
(5%
|
)
|
|||||||||||||||||
Silver ounces - sold (000's)
|
4,344
|
4,429
|
4,636
|
(85
|
)
|
(2%
|
)
|
(207
|
)
|
(4%
|
)
|
|||||||||||||||||
Average realized gold price per ounce(c)
|
$
|
1,797
|
$
|
1,774
|
$
|
1,392
|
$
|
23
|
1%
|
|
$
|
382
|
27%
|
|
||||||||||||||
Financial data
|
||||||||||||||||||||||||||||
Metal sales
|
$
|
3,729.4
|
$
|
4,213.4
|
$
|
3,497.3
|
$
|
(484.0
|
)
|
(11%
|
)
|
$
|
716.1
|
20%
|
|
|||||||||||||
Production cost of sales
|
$
|
1,726.1
|
$
|
1,725.7
|
$
|
1,778.9
|
$
|
0.4
|
0%
|
|
$
|
(53.2
|
)
|
(3%
|
)
|
|||||||||||||
Depreciation, depletion and amortization
|
$
|
840.9
|
$
|
842.3
|
$
|
731.3
|
$
|
(1.4
|
)
|
(0%
|
)
|
$
|
111.0
|
15%
|
|
|||||||||||||
Impairment charges (reversals) and asset derecognition - net
|
$
|
144.5
|
$
|
(650.9
|
)
|
$
|
(361.8
|
)
|
$
|
795.4
|
122%
|
|
$
|
(289.1
|
)
|
(80%
|
)
|
|||||||||||
Operating earnings
|
$
|
463.6
|
$
|
1,899.4
|
$
|
991.1
|
$
|
(1,435.8
|
)
|
(76%
|
)
|
$
|
908.3
|
92%
|
|
|||||||||||||
Net earnings attributable to common shareholders
|
$
|
221.2
|
$
|
1,342.4
|
$
|
718.6
|
$
|
(1,121.2
|
)
|
(84%
|
)
|
$
|
623.8
|
87%
|
|
(a)
|
"Total" includes 100% of Chirano production. "Attributable" includes Kinross' share of Chirano (90%) production and costs, and Manh Choh (70%) costs.
|
(b)
|
"Gold equivalent ounces" include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the commodities
for each period. The ratio for 2021 was 71.51:1 (2020 - 86.32:1 and 2019 - 85.99:1).
|
(c)
|
“Average realized gold price per ounce” is defined as gold metal sales divided by the total number of gold ounces sold.
|
Years ended December 31,
|
2021 vs. 2020
|
2020 vs. 2019
|
||||||||||||||||||||||||||
(in millions)
|
2021
|
2020
|
2019
|
Change
|
% Change(c)
|
Change
|
% Change(c)
|
|||||||||||||||||||||
Operating segments
|
||||||||||||||||||||||||||||
Fort Knox
|
$
|
91.9
|
$
|
67.0
|
$
|
(52.9
|
)
|
$
|
24.9
|
37%
|
|
119.9
|
nm
|
|||||||||||||||
Round Mountain
|
108.6
|
286.8
|
207.3
|
(178.2
|
)
|
(62%
|
)
|
79.5
|
38%
|
|
||||||||||||||||||
Bald Mountain
|
(174.7
|
)
|
34.6
|
12.7
|
(209.3
|
)
|
nm
|
21.9
|
172%
|
|
||||||||||||||||||
Paracatu
|
384.4
|
407.0
|
492.2
|
(22.6
|
)
|
(6%
|
)
|
(85.2
|
)
|
(17%
|
)
|
|||||||||||||||||
Kupol(a)
|
442.7
|
410.5
|
281.1
|
32.2
|
8%
|
|
129.4
|
46%
|
|
|||||||||||||||||||
Tasiast
|
(67.0
|
)
|
504.3
|
285.1
|
(571.3
|
)
|
(113%
|
)
|
219.2
|
77%
|
|
|||||||||||||||||
Chirano
|
(20.4
|
)
|
238.1
|
(7.8
|
)
|
(258.5
|
)
|
(109%
|
)
|
245.9
|
nm
|
|||||||||||||||||
Non-operating segment
|
||||||||||||||||||||||||||||
Corporate and other(b)
|
(301.9
|
)
|
(48.9
|
)
|
(226.6
|
)
|
(253.0
|
)
|
nm
|
177.7
|
78%
|
|
||||||||||||||||
Total
|
$
|
463.6
|
$
|
1,899.4
|
$
|
991.1
|
$
|
(1,435.8
|
)
|
(76%
|
)
|
$
|
908.3
|
92%
|
|
(a)
|
The Kupol segment includes the Kupol and Dvoinoye mines.
|
(b)
|
"Corporate and other" includes operating costs which are not directly related to individual mining properties such as overhead expenses, gains and losses on
disposal of assets and investments, and other costs relating to corporate, shutdown, and other non-operating assets (including Chulbatkan, Kettle River-Buckhorn, La Coipa, Lobo-Marte, Manh Choh and Maricunga).
|
(c)
|
"nm" means not meaningful.
|
Years ended December 31,
|
||||||||||||||||
|
2021
|
2020
|
Change
|
% Change
|
||||||||||||
Operating Statistics
|
||||||||||||||||
Tonnes ore mined (000's)
|
34,961
|
28,568
|
6,393
|
22%
|
|
|||||||||||
Tonnes processed (000's)(a)
|
37,899
|
32,150
|
5,749
|
18%
|
|
|||||||||||
Grade (grams/tonne)(b)
|
0.70
|
0.65
|
0.05
|
8%
|
|
|||||||||||
Recovery(b)
|
81.2%
|
|
81.4%
|
|
(0.2%
|
)
|
(0%
|
)
|
||||||||
Gold equivalent ounces:
|
||||||||||||||||
Produced
|
264,283
|
237,925
|
26,358
|
11%
|
|
|||||||||||
Sold
|
263,590
|
238,349
|
25,241
|
11%
|
|
|||||||||||
Financial Data (in millions)
|
||||||||||||||||
Metal sales
|
$
|
473.3
|
$
|
422.9
|
$
|
50.4
|
12%
|
|
||||||||
Production cost of sales
|
267.2
|
251.3
|
15.9
|
6%
|
|
|||||||||||
Depreciation, depletion and amortization
|
109.8
|
97.2
|
12.6
|
13%
|
|
|||||||||||
|
96.3
|
74.4
|
21.9
|
29%
|
|
|||||||||||
Other operating expense
|
0.7
|
2.6
|
(1.9
|
)
|
(73%
|
)
|
||||||||||
Exploration and business development
|
3.7
|
4.8
|
(1.1
|
)
|
(23%
|
)
|
||||||||||
Segment operating earnings
|
$
|
91.9
|
$
|
67.0
|
$
|
24.9
|
37%
|
|
(a)
|
Includes 29,840,000 tonnes placed on the heap leach pads during 2021 (2020 - 22,994,000 tonnes).
|
(b)
|
Amount represents mill grade and recovery only. Ore placed on the heap leach pads had an average grade of 0.20 grams per tonne during 2021 (2020 - 0.21 grams per
tonne). Due to the nature of heap leach operations, point-in-time recovery rates are not meaningful.
|
Years ended December 31,
|
||||||||||||||||
|
2021
|
2020
|
Change
|
% Change(c)
|
||||||||||||
Operating Statistics
|
||||||||||||||||
Tonnes ore mined (000's)
|
9,680
|
20,758
|
(11,078
|
)
|
(53%
|
)
|
||||||||||
Tonnes processed (000's)(a)
|
16,623
|
23,975
|
(7,352
|
)
|
(31%
|
)
|
||||||||||
Grade (grams/tonne)(b)
|
0.62
|
0.83
|
(0.21
|
)
|
(25%
|
)
|
||||||||||
Recovery(b)
|
77.2%
|
|
83.3%
|
|
(6.1%
|
)
|
(7%
|
)
|
||||||||
Gold equivalent ounces:
|
||||||||||||||||
Produced
|
257,005
|
324,277
|
(67,272
|
)
|
(21%
|
)
|
||||||||||
Sold
|
259,941
|
319,228
|
(59,287
|
)
|
(19%
|
)
|
||||||||||
Financial Data (in millions)
|
||||||||||||||||
Metal sales
|
$
|
466.6
|
$
|
565.5
|
$
|
(98.9
|
)
|
(17%
|
)
|
|||||||
Production cost of sales
|
235.9
|
219.6
|
16.3
|
7%
|
|
|||||||||||
Depreciation, depletion and amortization
|
65.2
|
49.6
|
15.6
|
31%
|
|
|||||||||||
|
165.5
|
296.3
|
(130.8
|
)
|
(44%
|
)
|
||||||||||
Other operating expense
|
51.3
|
3.9
|
47.4
|
nm
|
||||||||||||
Exploration and business development
|
5.6
|
5.6
|
-
|
0%
|
|
|||||||||||
Segment operating earnings
|
$
|
108.6
|
$
|
286.8
|
$
|
(178.2
|
)
|
(62%
|
)
|
(a)
|
Includes 12,542,000 tonnes placed on the heap leach pads during 2021 (2020 - 20,151,000 tonnes).
|
(b)
|
Amounts represent mill grade and recovery only. Ore placed on the heap leach pads had an average grade of 0.37 grams per tonne during 2021 (2020 - 0.42 grams per tonne).
Due to the nature of heap leach operations, point-in-time recovery rates are not meaningful.
|
(c)
|
"nm" means not meaningful.
|
Years ended December 31,
|
||||||||||||||||
|
2021
|
2020
|
Change
|
% Change(b)
|
||||||||||||
Operating Statistics(a)
|
||||||||||||||||
Tonnes ore mined (000's)
|
19,063
|
18,303
|
760
|
4%
|
|
|||||||||||
Tonnes processed (000's)
|
19,063
|
18,303
|
760
|
4%
|
|
|||||||||||
Grade (grams/tonne)
|
0.51
|
0.51
|
-
|
-
|
||||||||||||
Gold equivalent ounces:
|
||||||||||||||||
Produced
|
204,890
|
191,282
|
13,608
|
7%
|
|
|||||||||||
Sold
|
196,066
|
186,549
|
9,517
|
5%
|
|
|||||||||||
Financial Data (in millions)
|
||||||||||||||||
Metal sales
|
$
|
352.1
|
$
|
330.5
|
$
|
21.6
|
7%
|
|
||||||||
Production cost of sales
|
177.5
|
155.9
|
21.6
|
14%
|
|
|||||||||||
Depreciation, depletion and amortization
|
195.9
|
128.3
|
67.6
|
53%
|
|
|||||||||||
Impairment charge and asset derecognition
|
144.5
|
-
|
144.5
|
nm
|
||||||||||||
|
(165.8
|
)
|
46.3
|
(212.1
|
)
|
nm
|
||||||||||
Other operating expense
|
1.7
|
5.2
|
(3.5
|
)
|
(67%
|
)
|
||||||||||
Exploration and business development
|
7.2
|
6.5
|
0.7
|
11%
|
|
|||||||||||
Segment operating (loss) earnings
|
$
|
(174.7
|
)
|
$
|
34.6
|
$
|
(209.3
|
)
|
nm
|
(a)
|
Due to the nature of heap leach operations, point-in-time recovery rates are not meaningful.
|
(b)
|
“nm” means not meaningful.
|
Years ended December 31,
|
||||||||||||||||
|
2021
|
2020
|
Change
|
% Change(a)
|
||||||||||||
Operating Statistics
|
||||||||||||||||
Tonnes ore mined (000's)
|
52,379
|
52,653
|
(274
|
)
|
(1%
|
)
|
||||||||||
Tonnes processed (000's)
|
60,046
|
54,255
|
5,791
|
11%
|
|
|||||||||||
Grade (grams/tonne)
|
0.37
|
0.42
|
(0.05
|
)
|
(12%
|
)
|
||||||||||
Recovery
|
76.0%
|
|
75.1%
|
|
0.9%
|
|
1%
|
|
||||||||
Gold equivalent ounces:
|
||||||||||||||||
Produced
|
550,560
|
542,435
|
8,125
|
1%
|
|
|||||||||||
Sold
|
549,900
|
541,506
|
8,394
|
2%
|
|
|||||||||||
Financial Data (in millions)
|
||||||||||||||||
Metal sales
|
$
|
987.9
|
$
|
960.7
|
$
|
27.2
|
3%
|
|
||||||||
Production cost of sales
|
412.1
|
358.9
|
53.2
|
15%
|
|
|||||||||||
Depreciation, depletion and amortization
|
180.6
|
183.5
|
(2.9
|
)
|
(2%
|
)
|
||||||||||
|
395.2
|
418.3
|
(23.1
|
)
|
(6%
|
)
|
||||||||||
Other operating expense
|
9.9
|
11.3
|
(1.4
|
)
|
(12%
|
)
|
||||||||||
Exploration and business development
|
0.9
|
-
|
0.9
|
nm
|
||||||||||||
Segment operating earnings
|
$
|
384.4
|
$
|
407.0
|
$
|
(22.6
|
)
|
(6%
|
)
|
(a)
|
"nm" means not meaningful.
|
Years ended December 31,
|
||||||||||||||||
|
2021
|
2020
|
Change
|
% Change(d)
|
||||||||||||
Operating Statistics
|
||||||||||||||||
Tonnes ore mined (000's)(b)
|
1,280
|
1,544
|
(264
|
)
|
(17%
|
)
|
||||||||||
Tonnes processed (000's)
|
1,697
|
1,704
|
(7
|
)
|
(0%
|
)
|
||||||||||
Grade (grams/tonne):
|
||||||||||||||||
Gold
|
8.29
|
9.17
|
(0.88
|
)
|
(10%
|
)
|
||||||||||
Silver
|
71.73
|
68.07
|
3.66
|
5%
|
|
|||||||||||
Recovery:
|
||||||||||||||||
Gold
|
95.0%
|
|
94.8%
|
|
0.2%
|
|
0%
|
|
||||||||
Silver
|
84.9%
|
|
85.7%
|
|
(0.8%
|
)
|
(1%
|
)
|
||||||||
Gold equivalent ounces:(c)
|
||||||||||||||||
Produced
|
481,108
|
510,743
|
(29,635
|
)
|
(6%
|
)
|
||||||||||
Sold
|
480,968
|
510,973
|
(30,005
|
)
|
(6%
|
)
|
||||||||||
Silver ounces:
|
||||||||||||||||
Produced (000's)
|
3,329
|
3,169
|
160
|
5%
|
|
|||||||||||
Sold (000's)
|
3,322
|
3,177
|
145
|
5%
|
|
|||||||||||
Financial Data (in millions)
|
||||||||||||||||
Metal sales
|
$
|
862.8
|
$
|
904.6
|
$
|
(41.8
|
)
|
(5%
|
)
|
|||||||
Production cost of sales
|
306.2
|
304.5
|
1.7
|
1%
|
|
|||||||||||
Depreciation, depletion and amortization
|
70.5
|
123.5
|
(53.0
|
)
|
(43%
|
)
|
||||||||||
Impairment charges
|
-
|
27.8
|
(27.8
|
)
|
nm
|
|||||||||||
|
486.1
|
448.8
|
37.3
|
8%
|
|
|||||||||||
Other operating expense
|
26.7
|
32.5
|
(5.8
|
)
|
(18%
|
)
|
||||||||||
Exploration and business development
|
16.7
|
5.8
|
10.9
|
188%
|
|
|||||||||||
Segment operating earnings
|
$
|
442.7
|
$
|
410.5
|
$
|
32.2
|
8%
|
|
(a)
|
The Kupol segment includes the Kupol and Dvoinoye mines. Mining activities were completed at Dvoinoye in the fourth quarter of 2020.
|
(b)
|
Tonnes of ore mined relates entirely to the Kupol mine during 2021 (2020 included 326,000 tonnes of ore mined from Dvoinoye).
|
(c)
|
"Gold equivalent ounces" include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the commodities for
each period. The ratio for 2021 was 71.51:1 (2020 - 86.32:1).
|
(d)
|
“nm" means not meaningful.
|
Years ended December 31,
|
||||||||||||||||
|
2021
|
2020
|
Change
|
% Change(b)
|
||||||||||||
Operating Statistics
|
||||||||||||||||
Tonnes ore mined (000's)
|
3,544
|
4,838
|
(1,294
|
)
|
(27%
|
)
|
||||||||||
Tonnes processed (000's)
|
3,733
|
5,349
|
(1,616
|
)
|
(30%
|
)
|
||||||||||
Grade (grams/tonne)(a)
|
1.69
|
2.49
|
(0.80
|
)
|
(32%
|
)
|
||||||||||
Recovery(a)
|
94.1%
|
|
94.4%
|
|
(0.3%
|
)
|
(0%
|
)
|
||||||||
Gold equivalent ounces:
|
||||||||||||||||
Produced
|
170,502
|
406,509
|
(236,007
|
)
|
(58%
|
)
|
||||||||||
Sold
|
174,193
|
403,789
|
(229,596
|
)
|
(57%
|
)
|
||||||||||
Financial Data (in millions)
|
||||||||||||||||
Metal sales
|
$
|
314.7
|
$
|
718.0
|
$
|
(403.3
|
)
|
(56%
|
)
|
|||||||
Production cost of sales
|
123.6
|
235.7
|
(112.1
|
)
|
(48%
|
)
|
||||||||||
Depreciation, depletion and amortization
|
136.9
|
191.8
|
(54.9
|
)
|
(29%
|
)
|
||||||||||
Reversals of impairment charges - net
|
-
|
(289.2
|
)
|
289.2
|
nm
|
|||||||||||
|
54.2
|
579.7
|
(525.5
|
)
|
(91%
|
)
|
||||||||||
Other operating expense
|
116.9
|
73.4
|
43.5
|
59%
|
|
|||||||||||
Exploration and business development
|
4.3
|
2.0
|
2.3
|
115%
|
|
|||||||||||
Segment operating (loss) earnings
|
$
|
(67.0
|
)
|
$
|
504.3
|
$
|
(571.3
|
)
|
(113%
|
)
|
(a)
|
Amount represents mill grade and recovery only.
|
(b)
|
"nm" means not meaningful.
|
Years ended December 31,
|
||||||||||||||||
|
2021
|
2020
|
Change
|
% Change(b)
|
||||||||||||
Operating Statistics
|
||||||||||||||||
Tonnes ore mined (000's)
|
3,095
|
3,053
|
42
|
1%
|
|
|||||||||||
Tonnes processed (000's)
|
3,433
|
3,275
|
158
|
5%
|
|
|||||||||||
Grade (grams/tonne)
|
1.59
|
1.80
|
(0.21
|
)
|
(12%
|
)
|
||||||||||
Recovery
|
86.9%
|
|
87.9%
|
|
(1.0%
|
)
|
(1%
|
)
|
||||||||
Gold equivalent ounces:
|
||||||||||||||||
Produced
|
154,668
|
166,590
|
(11,922
|
)
|
(7%
|
)
|
||||||||||
Sold
|
148,293
|
166,207
|
(17,914
|
)
|
(11%
|
)
|
||||||||||
Financial Data (in millions)
|
||||||||||||||||
Metal sales
|
$
|
267.0
|
$
|
295.1
|
$
|
(28.1
|
)
|
(10%
|
)
|
|||||||
Production cost of sales
|
201.6
|
196.1
|
5.5
|
3%
|
|
|||||||||||
Depreciation, depletion and amortization
|
73.0
|
58.2
|
14.8
|
25%
|
|
|||||||||||
Reversals of impairment charges - net
|
-
|
(204.5
|
)
|
204.5
|
nm
|
|||||||||||
|
(7.6
|
)
|
245.3
|
(252.9
|
)
|
(103%
|
)
|
|||||||||
Other operating expense
|
0.9
|
(2.2
|
)
|
3.1
|
141%
|
|
||||||||||
Exploration and business development
|
11.9
|
9.4
|
2.5
|
27%
|
|
|||||||||||
Segment operating (loss) earnings
|
$
|
(20.4
|
)
|
$
|
238.1
|
$
|
(258.5
|
)
|
(109%
|
)
|
(a)
|
Operating statistics and financial data are at 100% for all periods.
|
(b)
|
"nm" means not meaningful.
|
|
Years ended December 31,
|
|||||||||||||||
(in millions)
|
2021
|
2020
|
Change
|
% Change
|
||||||||||||
Inventories (i)
|
$
|
95.2
|
$
|
38.1
|
$
|
57.1
|
150%
|
|
||||||||
Property, plant and equipment (ii)
|
49.3
|
(689.0
|
)
|
738.3
|
107%
|
|
||||||||||
|
$
|
144.5
|
$
|
(650.9
|
)
|
$
|
795.4
|
122%
|
|
i.
|
Inventories
|
ii.
|
Property, plant and equipment
|
|
Years ended December 31,
|
|||||||||||||||
(in millions)
|
2021
|
2020
|
Change
|
% Change
|
||||||||||||
Other operating expense
|
$
|
294.6
|
$
|
186.5
|
$
|
108.1
|
58%
|
|
|
Years ended December 31,
|
|||||||||||||||
(in millions)
|
2021
|
2020
|
Change
|
% Change
|
||||||||||||
Exploration and business development
|
$
|
133.1
|
$
|
92.5
|
$
|
40.6
|
44%
|
|
|
Years ended December 31,
|
|||||||||||||||
(in millions)
|
2021
|
2020
|
Change
|
% Change
|
||||||||||||
General and administrative
|
$
|
126.6
|
$
|
117.9
|
$
|
8.7
|
7%
|
|
|
Years ended December 31,
|
|||||||||||||||
(in millions)
|
2021
|
2020
|
Change
|
% Change(a)
|
||||||||||||
Insurance recoveries
|
$
|
91.1
|
$
|
10.8
|
$
|
80.3
|
nm
|
|||||||||
Net (losses) gains on dispositions of assets
|
(9.5
|
)
|
1.2
|
(10.7
|
)
|
nm
|
||||||||||
Foreign exchange losses - net
|
(4.7
|
)
|
(7.3
|
)
|
2.6
|
36%
|
|
|||||||||
Net non-hedge derivative (losses) gains
|
(1.0
|
)
|
1.0
|
(2.0
|
)
|
nm
|
||||||||||
Other - net
|
3.3
|
1.7
|
1.6
|
94%
|
|
|||||||||||
Other income (expense) - net
|
$
|
79.2
|
$
|
7.4
|
$
|
71.8
|
nm
|
(a)
|
"nm" means not meaningful.
|
|
Years ended December 31,
|
|||||||||||||||
(in millions)
|
2021
|
2020
|
Change
|
% Change
|
||||||||||||
Accretion of reclamation and remediation obligations
|
$
|
14.2
|
$
|
23.0
|
$
|
(8.8
|
)
|
(38%
|
)
|
|||||||
Interest expense, including accretion of lease liabilities
|
71.5
|
89.6
|
(18.1
|
)
|
(20%
|
)
|
||||||||||
Finance expense
|
$
|
85.7
|
$
|
112.6
|
$
|
(26.9
|
)
|
(24%
|
)
|
6.
|
LIQUIDITY AND CAPITAL RESOURCES
|
Years ended December 31,
|
||||||||||||||||
(in millions)
|
2021
|
2020
|
Change
|
% Change(a)
|
||||||||||||
Cash Flow:
|
||||||||||||||||
Provided from operating activities
|
$
|
1,135.2
|
$
|
1,957.6
|
$
|
(822.4
|
)
|
(42%
|
)
|
|||||||
Used in investing activities
|
(1,192.6
|
)
|
(1,249.1
|
)
|
56.5
|
5%
|
|
|||||||||
Used in financing activities
|
(623.2
|
)
|
(67.7
|
)
|
(555.5
|
)
|
nm
|
|||||||||
Effect of exchange rate changes on cash and cash equivalents
|
1.2
|
(5.0
|
)
|
6.2
|
124%
|
|
||||||||||
(Decrease) increase in cash and cash equivalents
|
(679.4
|
)
|
635.8
|
(1,315.2
|
)
|
nm
|
||||||||||
Cash and cash equivalents, beginning of period
|
1,210.9
|
575.1
|
635.8
|
111%
|
|
|||||||||||
Cash and cash equivalents, end of period
|
$
|
531.5
|
$
|
1,210.9
|
$
|
(679.4
|
)
|
(56%
|
)
|
(a)
|
“nm” means not meaningful.
|
|
Years ended December 31,
|
|||||||||||||||
(in millions)
|
2021
|
2020
|
Change
|
% Change
|
||||||||||||
Operating segments
|
||||||||||||||||
Fort Knox
|
$
|
113.1
|
$
|
138.7
|
$
|
(25.6
|
)
|
(18%
|
)
|
|||||||
Round Mountain
|
125.5
|
159.1
|
(33.6
|
)
|
(21%
|
)
|
||||||||||
Bald Mountain
|
39.0
|
103.8
|
(64.8
|
)
|
(62%
|
)
|
||||||||||
Paracatu
|
127.9
|
152.3
|
(24.4
|
)
|
(16%
|
)
|
||||||||||
Kupol(b)
|
26.5
|
32.7
|
(6.2
|
)
|
(19%
|
)
|
||||||||||
Tasiast
|
259.4
|
224.8
|
34.6
|
15%
|
|
|||||||||||
Chirano
|
39.7
|
27.2
|
12.5
|
46%
|
|
|||||||||||
Non-operating segment
|
||||||||||||||||
Corporate and other(c)
|
207.5
|
77.5
|
130.0
|
168%
|
|
|||||||||||
Total
|
$
|
938.6
|
$
|
916.1
|
$
|
22.5
|
2%
|
|
(a)
|
“Capital expenditures” is as reported as “Additions to property, plant and equipment” on the condensed consolidated statement of cash flows.
|
(b)
|
Includes $1.5 million of capital expenditures at Dvoinoye during 2021 (2020 - $2.3 million).
|
(c)
|
“Corporate and other” includes corporate and other non-operating assets (including Chulbatkan, Kettle River-Buckhorn, La Coipa, Lobo-Marte, Manh Choh and Maricunga).
|
|
As at December 31,
|
|||||||||||
(in millions)
|
2021
|
2020
|
2019
|
|||||||||
Cash and cash equivalents
|
$
|
531.5
|
$
|
1,210.9
|
$
|
575.1
|
||||||
Current assets
|
$
|
1,948.9
|
$
|
2,449.7
|
$
|
1,824.7
|
||||||
Total assets
|
$
|
10,428.1
|
$
|
10,933.2
|
$
|
9,076.0
|
||||||
Current liabilities, including current portion of long-term debt
|
$
|
741.4
|
$
|
1,348.4
|
$
|
615.5
|
||||||
Total debt and credit facilities, including current portion
|
$
|
1,629.9
|
$
|
1,923.9
|
$
|
1,837.4
|
||||||
Total liabilities
|
$
|
3,778.5
|
$
|
4,270.2
|
$
|
3,743.4
|
||||||
Common shareholders' equity
|
$
|
6,580.9
|
$
|
6,596.5
|
$
|
5,318.5
|
||||||
Non-controlling interests
|
$
|
68.7
|
$
|
66.5
|
$
|
14.1
|
Type of credit
|
|
Revolving credit facility
|
LIBOR plus 1.45%
|
Letters of credit
|
0.967-1.45%
|
Standby fee applicable to unused availability
|
0.290%
|
|
As at December 31,
|
|||||||
(in millions)
|
2021
|
2020
|
||||||
Utilization of revolving credit facility
|
$
|
(206.5
|
)
|
$
|
(7.5
|
)
|
||
Utilization of EDC facility
|
(232.3
|
)
|
(228.9
|
)
|
||||
Borrowings
|
$
|
(438.8
|
)
|
$
|
(236.4
|
)
|
||
|
||||||||
Available under revolving credit facility
|
$
|
1,293.5
|
$
|
1,492.5
|
||||
Available under EDC credit facility
|
67.7
|
71.1
|
||||||
Available credit
|
$
|
1,361.2
|
$
|
1,563.6
|
(in millions)
|
Total
|
2022
|
2023-2026
|
2027 & thereafter
|
||||||||||||
Long-term debt and credit facilities(a)
|
$
|
1,650.0
|
$
|
40.0
|
$
|
788.0
|
$
|
822.0
|
||||||||
Lease liability obligations
|
62.8
|
21.7
|
30.1
|
11.0
|
||||||||||||
Operating lease obligations
|
34.5
|
17.8
|
15.5
|
1.2
|
||||||||||||
Purchase obligations(b)
|
1,012.6
|
756.2
|
248.4
|
8.0
|
||||||||||||
Reclamation and remediation obligations
|
1,098.0
|
42.8
|
328.5
|
726.7
|
||||||||||||
Interest and other fees
|
637.7
|
89.3
|
262.7
|
285.7
|
||||||||||||
Total
|
$
|
4,495.6
|
$
|
967.8
|
$
|
1,673.2
|
$
|
1,854.6
|
(a)
|
Debt repayments are based on amounts due pursuant to the terms of existing indebtedness.
|
(b)
|
Includes both capital and operating commitments, of which $201.9 million relates to commitments for capital expenditures.
|
Foreign currency
|
2022
|
2023
|
2024
|
|||||||||
Brazilian real zero cost collars (in millions of U.S. dollars)
|
$
|
105.6
|
$
|
68.4
|
$
|
27.6
|
||||||
Average put strike (Brazilian real)
|
4.79
|
5.13
|
5.55
|
|||||||||
Average call strike (Brazilian real)
|
6.78
|
7.34
|
9.01
|
|||||||||
Canadian dollar forward buy contracts (in millions of U.S. dollars)
|
$
|
50.4
|
$
|
15.0
|
$
|
-
|
||||||
Average rate (Canadian dollar)
|
1.31
|
1.29
|
-
|
|||||||||
Chilean peso zero cost collars (in millions of U.S. dollars)
|
$
|
63.6
|
$
|
42.0
|
$
|
-
|
||||||
Average put strike (Chilean peso)
|
760
|
810
|
-
|
|||||||||
Average call strike (Chilean peso)
|
992
|
1,040
|
-
|
|||||||||
Russian rouble zero cost collars (in millions of U.S. dollars)
|
$
|
46.8
|
$
|
33.6
|
$
|
9.0
|
||||||
Average put strike (Russian rouble)
|
74.5
|
76.2
|
80.0
|
|||||||||
Average call strike (Russian rouble)
|
97.5
|
99.2
|
104.6
|
|||||||||
Energy
|
||||||||||||
WTI oil swap contracts (barrels)
|
1,056,600
|
565,200
|
-
|
|||||||||
Average price ($/barrel)
|
$
|
48.13
|
$
|
39.58
|
$
|
-
|
•
|
$35.5 million Russian rouble zero cost collar contracts with an average put strike of 80.2 and an average call strike of 97.6 maturing from 2022 to 2024; and
|
•
|
$1,100.0 million of Canadian dollar forward contracts at an average rate of 1.27, maturing in 2022.
|
|
As at December 31,
|
|||||||
(in millions)
|
2021
|
2020
|
||||||
Asset (liability)
|
||||||||
Foreign currency forward and collar contracts
|
$
|
(4.5
|
)
|
$
|
(4.3
|
)
|
||
Energy swap contracts
|
40.4
|
7.6
|
||||||
Total return swap contracts
|
1.7
|
(11.0
|
)
|
|||||
|
$
|
37.6
|
$
|
(7.7
|
)
|
Years ended December 31,
|
||||||||
(in millions)
|
2021
|
2020
|
||||||
Revenue
|
$
|
2,285.8
|
$
|
2,288.6
|
||||
Cost of sales
|
1,799.3
|
1,460.8
|
||||||
Gross profit
|
486.5
|
827.8
|
||||||
Operating earnings
|
293.2
|
670.4
|
||||||
Net earnings before equity in the earnings (losses) of, and other gains from, non- guarantor subsidiaries
|
187.3
|
462.5
|
||||||
Equity in the earnings (losses) of, and other gains from, non-guarantor subsidiaries
|
33.9
|
879.9
|
||||||
Net earnings
|
221.2
|
1,342.4
|
||||||
Net earnings attributable to common shareholders
|
$
|
221.2
|
$
|
1,342.4
|
|
As at December 31,
|
|||||||
(in millions)
|
2021
|
2020
|
||||||
Current assets
|
$
|
1,019.5
|
$
|
1,135.2
|
||||
Current assets – with non-guarantor subsidiaries
|
1,937.9
|
1,869.4
|
||||||
Non-current assets
|
3,931.3
|
4,185.5
|
||||||
Non-current assets – with non-guarantor subsidiaries
|
4,346.2
|
4,622.8
|
||||||
Current liabilities
|
428.1
|
982.8
|
||||||
Current liabilities – with non-guarantor subsidiaries
|
618.9
|
674.1
|
||||||
Non-current liabilities
|
2,294.8
|
2,118.4
|
||||||
Non-current liabilities – with non-guarantor subsidiaries
|
1,312.2
|
1,441.1
|
7.
|
SUMMARY OF QUARTERLY INFORMATION
|
2021
|
2020
|
|||||||||||||||||||||||||||||||
(in millions, except per share amounts)
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
||||||||||||||||||||||||
Metal sales
|
$
|
879.5
|
$
|
862.5
|
$
|
1,000.9
|
$
|
986.5
|
$
|
1,195.1
|
$
|
1,131.3
|
$
|
1,007.2
|
$
|
879.8
|
||||||||||||||||
Net (loss) earnings attributable to common shareholders
|
$
|
(2.7
|
)
|
$
|
(44.9
|
)
|
$
|
119.3
|
$
|
149.5
|
$
|
783.3
|
$
|
240.7
|
$
|
195.7
|
$
|
122.7
|
||||||||||||||
Basic (loss) earnings per share attributable to common shareholders
|
$
|
-
|
$
|
(0.04
|
)
|
$
|
0.09
|
$
|
0.12
|
$
|
0.62
|
$
|
0.19
|
$
|
0.16
|
$
|
0.10
|
|||||||||||||||
Diluted (loss) earnings per share attributable to common shareholders
|
$
|
-
|
$
|
(0.04
|
)
|
$
|
0.09
|
$
|
0.12
|
$
|
0.62
|
$
|
0.19
|
$
|
0.15
|
$
|
0.10
|
|||||||||||||||
Net cash flow provided from operating activities
|
$
|
197.3
|
$
|
269.9
|
$
|
388.2
|
$
|
279.8
|
$
|
681.1
|
$
|
544.1
|
$
|
432.8
|
$
|
299.6
|
8.
|
DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING
|
9.
|
CRITICAL ACCOUNTING POLICIES, ESTIMATES AND ACCOUNTING CHANGES
|
10.
|
RISK ANALYSIS
|
•
|
Volatility in commodity prices and foreign exchange rates;
|
•
|
Tightening of credit markets;
|
•
|
Counterparty risk; and
|
•
|
Volatility in the prices of publicly traded entities.
|
11.
|
SUPPLEMENTAL INFORMATION
|
|
Years ended December 31,
|
|||||||||||
(in millions, except per share amounts)
|
2021
|
2020
|
2019
|
|||||||||
Net earnings attributable to common shareholders - as reported
|
$
|
221.2
|
$
|
1,342.4
|
$
|
718.6
|
||||||
Adjusting items:
|
||||||||||||
Foreign exchange losses (gains)
|
4.7
|
7.3
|
(0.6
|
)
|
||||||||
Foreign exchange losses on translation of tax basis and foreign exchange on deferred income taxes within income tax expense
|
24.1
|
101.2
|
1.6
|
|||||||||
Taxes in respect of prior periods
|
86.3
|
51.3
|
33.3
|
|||||||||
Impairment charges (reversals) and asset derecognition - net(a)
|
144.5
|
(650.9
|
)
|
(361.8
|
)
|
|||||||
COVID-19 costs(b)
|
34.8
|
64.1
|
-
|
|||||||||
Tasiast insurance recoveries
|
(90.0
|
)
|
-
|
-
|
||||||||
Tasiast mill fire related costs
|
60.3
|
-
|
-
|
|||||||||
Round Mountain pit wall stabilization costs
|
50.1
|
-
|
-
|
|||||||||
Mediation settlement provision
|
42.1
|
-
|
-
|
|||||||||
Tasiast definitive agreement settlement
|
10.0
|
-
|
-
|
|||||||||
U.S. CARES Act net benefit
|
-
|
(25.4
|
)
|
-
|
||||||||
Tasiast strike costs
|
-
|
8.3
|
-
|
|||||||||
Gain on disposition of royalty portfolio
|
-
|
-
|
(72.7
|
)
|
||||||||
Other(c)
|
19.0
|
6.8
|
33.0
|
|||||||||
Tax effects of the above adjustments
|
(65.8
|
)
|
61.7
|
71.5
|
||||||||
|
320.1
|
(375.6
|
)
|
(295.7
|
)
|
|||||||
Adjusted net earnings attributable to common shareholders
|
$
|
541.3
|
$
|
966.8
|
$
|
422.9
|
||||||
Weighted average number of common shares outstanding - Basic
|
1,259.1
|
1,257.2
|
1,252.3
|
|||||||||
Adjusted net earnings per share
|
$
|
0.43
|
$
|
0.77
|
$
|
0.34
|
||||||
Basic earnings per share attributable to common shareholders
|
$
|
0.18
|
$
|
1.07
|
$
|
0.57
|
(a)
|
During the year ended December 31, 2021, the Company recognized impairment and asset derecognition charges of $144.5 million at Bald Mountain, of which $95.2 million
related to impairment of metal inventory and $49.3 million related to the derecognition of property, plant and equipment. The tax impacts of the impairment and derecognition charges were income tax recoveries of $25.3 million and
$13.1 million, respectively. During the year ended December 31, 2020, the Company recorded non-cash reversals of impairment charges of $689.0 million related to property, plant and equipment at Tasiast, Chirano and Lobo-Marte. The tax
impacts on the impairment reversals at Chirano and Lobo-Marte were expenses of $71.6 million and $4.6 million, respectively. In addition, the Company recorded impairment charges of $38.1
million related to certain supplies inventories. During the year ended December 31, 2019, the Company recorded non-cash reversals of impairment charges of $361.8 million related to property, plant and equipment at Paracatu and
Tasiast. The tax impact on the impairment reversal at Paracatu was an expense of $68.2 million. There were no tax impacts on the impairment reversals at Tasiast in 2020 and 2019.
|
(b)
|
Includes COVID-19 related labour, health and safety, donations and other support program costs.
|
(c)
|
Other includes various non-recurring impacts, such as one-time costs at sites, and recurring impacts, such as gains and losses on the sale of assets and
hedges, which the Company believes are not reflective of the Company’s underlying performance for the reporting period.
|
|
Years ended December 31,
|
|||||||||||
(in millions)
|
2021
|
2020
|
2019
|
|||||||||
Net cash flow provided from operating activities - as reported
|
$
|
1,135.2
|
$
|
1,957.6
|
$
|
1,224.9
|
||||||
Less: Additions to property, plant and equipment
|
(938.6
|
)
|
(916.1
|
)
|
(1,060.2
|
)
|
||||||
Free cash flow
|
$
|
196.6
|
$
|
1,041.5
|
$
|
164.7
|
|
Years ended December 31,
|
|||||||||||
(in millions)
|
2021
|
2020
|
2019
|
|||||||||
Net cash flow provided from operating activities - as reported
|
$
|
1,135.2
|
$
|
1,957.6
|
$
|
1,224.9
|
||||||
Adjusting items:
|
||||||||||||
Tax payments in respect of prior years
|
-
|
-
|
16.7
|
|||||||||
Working capital changes:
|
||||||||||||
Accounts receivable and other assets
|
50.0
|
120.9
|
64.5
|
|||||||||
Inventories
|
86.7
|
6.8
|
(53.8
|
)
|
||||||||
Accounts payable and other liabilities, including income taxes paid
|
38.0
|
(172.6
|
)
|
(50.8
|
)
|
|||||||
|
174.7
|
(44.9
|
)
|
(23.4
|
)
|
|||||||
Adjusted operating cash flow
|
$
|
1,309.9
|
$
|
1,912.7
|
$
|
1,201.5
|
|
Years ended December 31,
|
|||||||||||
(in millions, except ounces and production cost of sales per equivalent ounce)
|
2021
|
2020
|
2019
|
|||||||||
Production cost of sales - as reported
|
$
|
1,726.1
|
$
|
1,725.7
|
$
|
1,778.9
|
||||||
Less: portion attributable to Chirano non-controlling interest(a)
|
(20.2
|
)
|
(19.6
|
)
|
(19.0
|
)
|
||||||
Attributable(b) production cost of sales
|
$
|
1,705.9
|
$
|
1,706.1
|
$
|
1,759.9
|
||||||
Gold equivalent ounces sold
|
2,075,738
|
2,375,548
|
2,512,758
|
|||||||||
Less: portion attributable to Chirano non-controlling interest(c)
|
(14,829
|
)
|
(16,621
|
)
|
(20,186
|
)
|
||||||
Attributable(b) gold equivalent ounces sold
|
2,060,909
|
2,358,927
|
2,492,572
|
|||||||||
Attributable(b) production cost of sales per equivalent ounce sold
|
$
|
828
|
$
|
723
|
$
|
706
|
||||||
Consolidated production cost of sales per equivalent ounce sold(d)
|
$
|
832
|
$
|
726
|
$
|
708
|
|
Years ended December 31,
|
|||||||||||
(in millions, except ounces and production cost of sales per ounce)
|
2021
|
2020
|
2019
|
|||||||||
Production cost of sales - as reported
|
$
|
1,726.1
|
$
|
1,725.7
|
$
|
1,778.9
|
||||||
Less: portion attributable to Chirano non-controlling interest(a)
|
(20.2
|
)
|
(19.6
|
)
|
(19.0
|
)
|
||||||
Less: attributable(b) silver revenue(e)
|
(107.9
|
)
|
(91.0
|
)
|
(75.1
|
)
|
||||||
Attributable(b) production cost of sales net of silver by-product revenue
|
$
|
1,598.0
|
$
|
1,615.1
|
$
|
1,684.8
|
||||||
Gold ounces sold
|
2,015,068
|
2,324,324
|
2,458,839
|
|||||||||
Less: portion attributable to Chirano non-controlling interest(c)
|
(14,806
|
)
|
(16,589
|
)
|
(20,161
|
)
|
||||||
Attributable(b) gold ounces sold
|
2,000,262
|
2,307,735
|
2,438,678
|
|||||||||
Attributable(b) production cost of sales per ounce sold on a by-product basis
|
$
|
799
|
$
|
700
|
$
|
691
|
||||||
Consolidated production cost of sales per equivalent ounce sold(d)
|
$
|
832
|
$
|
726
|
$
|
708
|
|
Years ended December 31,
|
|||||||||||
(in millions, except ounces and costs per ounce)
|
2021
|
2020
|
2019
|
|||||||||
Production cost of sales - as reported
|
$
|
1,726.1
|
$
|
1,725.7
|
$
|
1,778.9
|
||||||
Less: portion attributable to Chirano non-controlling interest(a)
|
(20.2
|
)
|
(19.6
|
)
|
(19.0
|
)
|
||||||
Less: attributable(b) silver revenue(e)
|
(107.9
|
)
|
(91.0
|
)
|
(75.1
|
)
|
||||||
Attributable(b) production cost of sales net of silver by-product revenue
|
$
|
1,598.0
|
$
|
1,615.1
|
$
|
1,684.8
|
||||||
Adjusting items on an attributable(b) basis:
|
||||||||||||
General and administrative(f)
|
126.6
|
117.9
|
123.6
|
|||||||||
Other operating expense - sustaining(g)
|
10.6
|
9.6
|
24.7
|
|||||||||
Reclamation and remediation - sustaining(h)
|
43.2
|
54.0
|
48.2
|
|||||||||
Exploration and business development - sustaining(i)
|
40.0
|
48.3
|
66.0
|
|||||||||
Additions to property, plant and equipment - sustaining(j)
|
386.0
|
373.5
|
415.1
|
|||||||||
Lease payments - sustaining(k)
|
32.8
|
19.7
|
12.7
|
|||||||||
All-in Sustaining Cost on a by-product basis - attributable(b)
|
$
|
2,237.2
|
$
|
2,238.1
|
$
|
2,375.1
|
||||||
Other operating expense - non-sustaining(g)
|
38.1
|
55.9
|
57.0
|
|||||||||
Reclamation and remediation - non-sustaining(h)
|
3.4
|
5.0
|
6.9
|
|||||||||
Exploration and business development - non-sustaining(i)
|
91.3
|
43.3
|
46.7
|
|||||||||
Additions to property, plant and equipment - non-sustaining(j)
|
544.6
|
536.9
|
637.9
|
|||||||||
Lease payments - non-sustaining(k)
|
1.0
|
1.0
|
1.6
|
|||||||||
All-in Cost on a by-product basis - attributable(b)
|
$
|
2,915.6
|
$
|
2,880.2
|
$
|
3,125.2
|
||||||
Gold ounces sold
|
2,015,068
|
2,324,324
|
2,458,839
|
|||||||||
Less: portion attributable to Chirano non-controlling interest(c)
|
(14,806
|
)
|
(16,589
|
)
|
(20,161
|
)
|
||||||
Attributable(b) gold ounces sold
|
2,000,262
|
2,307,735
|
2,438,678
|
|||||||||
Attributable(b) all-in sustaining cost per ounce sold on a by-product basis
|
$
|
1,118
|
$
|
970
|
$
|
974
|
||||||
Attributable(b) all-in cost per ounce sold on a by-product basis
|
$
|
1,458
|
$
|
1,248
|
$
|
1,282
|
||||||
Consolidated production cost of sales per equivalent ounce sold(d)
|
$
|
832
|
$
|
726
|
$
|
708
|
|
Years ended December 31,
|
|||||||||||
(in millions, except ounces and costs per equivalent ounce)
|
2021
|
2020
|
2019
|
|||||||||
Production cost of sales - as reported
|
$
|
1,726.1
|
$
|
1,725.7
|
$
|
1,778.9
|
||||||
Less: portion attributable to Chirano non-controlling interest(a)
|
(20.2
|
)
|
(19.6
|
)
|
(19.0
|
)
|
||||||
Attributable(b) production cost of sales
|
$
|
1,705.9
|
$
|
1,706.1
|
$
|
1,759.9
|
||||||
Adjusting items on an attributable(b) basis:
|
||||||||||||
General and administrative (f)
|
126.6
|
117.9
|
123.6
|
|||||||||
Other operating expense - sustaining(g)
|
10.6
|
9.6
|
24.7
|
|||||||||
Reclamation and remediation - sustaining(h)
|
43.2
|
54.0
|
48.2
|
|||||||||
Exploration and business development- sustaining(i)
|
40.0
|
48.3
|
66.0
|
|||||||||
Additions to property, plant and equipment - sustaining(j)
|
386.0
|
373.5
|
415.1
|
|||||||||
Lease payments - sustaining(k)
|
32.8
|
19.7
|
12.7
|
|||||||||
All-in Sustaining Cost - attributable(b)
|
$
|
2,345.1
|
$
|
2,329.1
|
$
|
2,450.2
|
||||||
Other operating expense - non-sustaining(g)
|
38.1
|
55.9
|
57.0
|
|||||||||
Reclamation and remediation - non-sustaining(h)
|
3.4
|
5.0
|
6.9
|
|||||||||
Exploration and business development - non-sustaining(i)
|
91.3
|
43.3
|
46.7
|
|||||||||
Additions to property, plant and equipment - non-sustaining(j)
|
544.6
|
536.9
|
637.9
|
|||||||||
Lease payments - non-sustaining(k)
|
1.0
|
1.0
|
1.6
|
|||||||||
All-in Cost - attributable(b)
|
$
|
3,023.5
|
$
|
2,971.2
|
$
|
3,200.3
|
||||||
Gold equivalent ounces sold
|
2,075,738
|
2,375,548
|
2,512,758
|
|||||||||
Less: portion attributable to Chirano non-controlling interest(c)
|
(14,829
|
)
|
(16,621
|
)
|
(20,186
|
)
|
||||||
Attributable(b) gold equivalent ounces sold
|
2,060,909
|
2,358,927
|
2,492,572
|
|||||||||
Attributable(b) all-in sustaining cost per equivalent ounce sold
|
$
|
1,138
|
$
|
987
|
$
|
983
|
||||||
Attributable(b) all-in cost per equivalent ounce sold
|
$
|
1,467
|
$
|
1,260
|
$
|
1,284
|
||||||
Consolidated production cost of sales per equivalent ounce sold(d)
|
$
|
832
|
$
|
726
|
$
|
708
|
(a)
|
The portion attributable to Chirano non-controlling interest represents the non-controlling interest (10%) in the production cost of sales for the Chirano mine.
|
(b)
|
“Attributable” includes Kinross' share of Chirano (90%) production and costs, and Manh Choh (70%) costs.
|
(c)
|
“Portion attributable to Chirano non-controlling interest” represents the non-controlling interest (10%) in the ounces sold from the Chirano mine.
|
(d)
|
“Consolidated production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.
|
(e)
|
“Attributable silver revenues” represents the attributable portion of metal sales realized from the production of the secondary or by-product metal (i.e. silver). Revenue from the sale of silver,
which is produced as a by-product of the process used to produce gold, effectively reduces the cost of gold production.
|
(f)
|
“General and administrative” expenses is as reported on the consolidated statement of operations, net of certain restructuring expenses. General and administrative expenses are considered
sustaining costs as they are required to be absorbed on a continuing basis for the effective operation and governance of the Company.
|
(g)
|
“Other operating expense – sustaining” is calculated as “Other operating expense” as reported on the consolidated statement of operations, less other operating and reclamation and remediation
expenses related to non-sustaining activities as well as other items not reflective of the underlying operating performance of our business. Other operating expenses are classified as either sustaining or non-sustaining based
on the type and location of the expenditure incurred. The majority of other operating expenses that are incurred at existing operations are considered costs necessary to sustain operations, and are therefore classified as
sustaining. Other operating expenses incurred at locations where there is no current operation or related to other non-sustaining activities are classified as non-sustaining.
|
(h)
|
“Reclamation and remediation - sustaining” is calculated as current period accretion related to reclamation and remediation obligations plus current period amortization of the corresponding
reclamation and remediation assets, and is intended to reflect the periodic cost of reclamation and remediation for currently operating mines. Reclamation and remediation costs for development projects or closed mines are
excluded from this amount and classified as non-sustaining.
|
(i)
|
“Exploration and business development – sustaining” is calculated as “Exploration and business development” expenses as reported on the consolidated statement of operations, less
non-sustaining exploration and business development expenses. Exploration expenses are classified as either sustaining or non-sustaining based on a determination of the type and location of the exploration expenditure.
Exploration expenditures within the footprint of operating mines are considered costs required to sustain current operations and so are included in sustaining costs. Exploration expenditures focused on new ore bodies near
existing mines (i.e. brownfield), new exploration projects (i.e. greenfield) or for other generative exploration activity not linked to existing mining operations are classified as non-sustaining. Business development
expenses are classified as either sustaining or non-sustaining based on a determination of the type of expense and requirement for general or growth related operations.
|
(j)
|
“Additions to property, plant and equipment – sustaining” represents the majority of capital expenditures at existing operations including capitalized exploration costs, periodic
capitalized stripping and underground mine development costs, ongoing replacement of mine equipment and other capital facilities and other capital expenditures and is calculated as total additions to property, plant and
equipment (as reported on the consolidated statements of cash flows), less capitalized interest and non-sustaining capital. Non-sustaining capital represents capital expenditures for major projects, including major
capital stripping projects at existing operations that are expected to materially benefit the operation, as well as enhancement capital for significant infrastructure improvements at existing operations. Non-sustaining
capital expenditures during the year ended December 31, 2021, primarily related to major projects at Tasiast, La Coipa, Udinsk, Fort Knox, and Round Mountain. Non-sustaining capital expenditures during the year ended
December 31, 2020, primarily related to major projects at Tasiast, Fort Knox and Round Mountain. Non-sustaining capital expenditures during the year ended December 31, 2019, primarily related to major projects at
Tasiast, Round Mountain, Bald Mountain and Fort Knox.
|
(k)
|
“Lease payments – sustaining” represents the majority of lease payments as reported on the consolidated statements of cash flows and is made up of the principal and financing components
of such cash payments, less non-sustaining lease payments. Lease payments for development projects or closed mines are classified as non-sustaining.
|
/s/ J. Paul Rollinson
|
/s/ Andrea S. Freeborough
|
J. PAUL ROLLINSON
|
ANDREA S. FREEBOROUGH
|
President and Chief Executive Officer
Toronto, Canada
February 16, 2022
|
Executive Vice-President and Chief Financial Officer
Toronto, Canada
February 16, 2022
|
/s/ J. Paul Rollinson
|
/s/ Andrea S. Freeborough
|
J. PAUL ROLLINSON
|
ANDREA S. FREEBOROUGH
|
President and Chief Executive Officer
Toronto, Canada
February 16, 2022
|
Executive Vice-President and Chief Financial Officer
Toronto, Canada
February 16, 2022
|
|
|
As at
|
|||||||
|
|
December 31,
|
December 31,
|
||||||
|
|
2021
|
2020
|
||||||
|
|
||||||||
Assets
|
|
||||||||
Current assets
|
|
||||||||
Cash and cash equivalents
|
Note 7
|
$
|
531.5
|
$
|
1,210.9
|
||||
Restricted cash
|
Note 7
|
11.4
|
13.7
|
||||||
Accounts receivable and other assets
|
Note 7
|
214.5
|
115.8
|
||||||
Current income tax recoverable
|
10.2
|
29.9
|
|||||||
Inventories
|
Note 7
|
1,151.3
|
1,072.9
|
||||||
Unrealized fair value of derivative assets
|
Note 10
|
30.0
|
6.5
|
||||||
|
|
1,948.9
|
2,449.7
|
||||||
Non-current assets
|
|
||||||||
Property, plant and equipment
|
Note 7
|
7,617.7
|
7,653.5
|
||||||
Goodwill
|
Note 7
|
158.8
|
158.8
|
||||||
Long-term investments
|
Note 7
|
98.2
|
113.0
|
||||||
Investment in joint venture
|
Note 9
|
7.1
|
18.3
|
||||||
Other long-term assets
|
Note 7
|
590.9
|
537.2
|
||||||
Deferred tax assets
|
Note 18
|
6.5
|
2.7
|
||||||
Total assets
|
|
$
|
10,428.1
|
$
|
10,933.2
|
||||
|
|
||||||||
Liabilities
|
|
||||||||
Current liabilities
|
|
||||||||
Accounts payable and accrued liabilities
|
Note 7
|
$
|
492.7
|
$
|
479.2
|
||||
Current income tax payable
|
|
95.0
|
114.5
|
||||||
Current portion of long-term debt and credit facilities
|
Note 12
|
40.0
|
499.7
|
||||||
Current portion of provisions
|
Note 14
|
90.0
|
63.8
|
||||||
Other current liabilities
|
Note 7
|
23.7
|
49.7
|
||||||
Deferred payment obligation
|
Note 6
|
-
|
141.5
|
||||||
|
|
741.4
|
1,348.4
|
||||||
Non-current liabilities
|
|
||||||||
Long-term debt and credit facilities
|
Note 12
|
1,589.9
|
1,424.2
|
||||||
Provisions
|
Note 14
|
847.9
|
861.1
|
||||||
Long-term lease liabilities
|
Note 13
|
35.1
|
46.3
|
||||||
Other long-term liabilities
|
|
127.4
|
102.4
|
||||||
Deferred tax liabilities
|
Note 18
|
436.8
|
487.8
|
||||||
Total liabilities
|
|
$
|
3,778.5
|
$
|
4,270.2
|
||||
|
|
||||||||
Equity
|
|
||||||||
Common shareholders' equity
|
|
||||||||
Common share capital
|
Note 15
|
$
|
4,427.7
|
$
|
4,473.7
|
||||
Contributed surplus
|
|
10,664.4
|
10,709.0
|
||||||
Accumulated deficit
|
|
(8,492.4
|
)
|
(8,562.5
|
)
|
||||
Accumulated other comprehensive income (loss)
|
Note 7
|
(18.8
|
)
|
(23.7
|
)
|
||||
Total common shareholders' equity
|
|
6,580.9
|
6,596.5
|
||||||
Non-controlling interests
|
|
68.7
|
66.5
|
||||||
Total equity
|
|
$
|
6,649.6
|
$
|
6,663.0
|
||||
Commitments and contingencies
|
Note 20
|
||||||||
Subsequent events
|
Note 12, 15 and 22
|
||||||||
Total liabilities and equity
|
|
$
|
10,428.1
|
$
|
10,933.2
|
||||
|
|
||||||||
Common shares
|
|
||||||||
Authorized
|
|
Unlimited
|
Unlimited
|
||||||
Issued and outstanding
|
Note 15
|
1,244,332,772
|
1,258,320,461
|
||||||
|
|
|
|
Years ended
|
|||||||
|
|
December 31,
|
December 31,
|
||||||
|
|
2021
|
2020
|
||||||
|
|
||||||||
Revenue
|
|
||||||||
Metal sales
|
|
$
|
3,729.4
|
$
|
4,213.4
|
||||
|
|
||||||||
Cost of sales
|
|
||||||||
Production cost of sales
|
|
1,726.1
|
1,725.7
|
||||||
Depreciation, depletion and amortization
|
|
840.9
|
842.3
|
||||||
Impairment charges (reversals) and asset derecognition - net
|
Note 8
|
144.5
|
(650.9
|
)
|
|||||
Total cost of sales
|
|
2,711.5
|
1,917.1
|
||||||
Gross profit
|
|
1,017.9
|
2,296.3
|
||||||
Other operating expense
|
Note 7
|
294.6
|
186.5
|
||||||
Exploration and business development
|
|
133.1
|
92.5
|
||||||
General and administrative
|
|
126.6
|
117.9
|
||||||
Operating earnings
|
|
463.6
|
1,899.4
|
||||||
Other income - net
|
Note 7
|
79.2
|
7.4
|
||||||
Finance income
|
|
12.3
|
4.3
|
||||||
Finance expense
|
Note 7
|
(85.7
|
)
|
(112.6
|
)
|
||||
Earnings before tax
|
|
469.4
|
1,798.5
|
||||||
Income tax expense - net
|
Note 18
|
(250.7
|
)
|
(439.8
|
)
|
||||
Net earnings
|
|
$
|
218.7
|
$
|
1,358.7
|
||||
Net (loss) earnings attributable to:
|
|
||||||||
Non-controlling interests
|
|
$
|
(2.5
|
)
|
$
|
16.3
|
|||
Common shareholders
|
|
$
|
221.2
|
$
|
1,342.4
|
||||
|
|
||||||||
Earnings per share attributable to common shareholders
|
|
||||||||
Basic
|
|
$
|
0.18
|
$
|
1.07
|
||||
Diluted
|
|
$
|
0.17
|
$
|
1.06
|
||||
|
|
||||||||
Weighted average number of common shares outstanding
(millions) |
Note 17
|
||||||||
Basic
|
|
1,259.1
|
1,257.2
|
||||||
Diluted
|
|
1,269.1
|
1,268.0
|
|
|
Years ended
|
|||||||
|
|
December 31,
|
December 31,
|
||||||
|
|
2021
|
2020
|
||||||
|
|
||||||||
|
|
||||||||
Net earnings
|
|
$
|
218.7
|
$
|
1,358.7
|
||||
|
|
||||||||
Other comprehensive income (loss), net of tax:
|
Note 7
|
||||||||
Items that will not be reclassified to profit or loss:
|
|
||||||||
Equity investments at fair value through other comprehensive income ("FVOCI") - net change in fair value(a)
|
|
(19.8
|
)
|
0.3
|
|||||
|
|
||||||||
Items that are or may be reclassified to profit or loss in subsequent periods:
|
|
||||||||
Cash flow hedges - effective portion of changes in fair value(b)
|
|
38.2
|
(27.7
|
)
|
|||||
Cash flow hedges - reclassified out of accumulated other comprehensive income ("AOCI")(c)
|
|
(13.5
|
)
|
24.1
|
|||||
|
|
4.9
|
(3.3
|
)
|
|||||
Total comprehensive income
|
|
$
|
223.6
|
$
|
1,355.4
|
||||
|
|
||||||||
Attributable to non-controlling interests
|
|
$
|
(2.5
|
)
|
$
|
16.3
|
|||
Attributable to common shareholders
|
|
$
|
226.1
|
$
|
1,339.1
|
||||
|
|
(a) Net of tax expense of $nil (2020 - $nil).
|
(b) Net of tax expense (recovery) of $12.4 million
(2020 - $(12.5) million).
(c) Net of tax (recovery) expense of $(3.5) million
(2020 - $10.4 million).
|
|
|
Years ended
|
|||||||
|
|
December 31,
|
December 31,
|
||||||
|
|
2021
|
2020
|
||||||
Net inflow (outflow) of cash related to the following activities:
|
|
||||||||
Operating:
|
|
||||||||
Net earnings
|
|
$
|
218.7
|
$
|
1,358.7
|
||||
Adjustments to reconcile net earnings to net cash provided from
operating activities: |
|||||||||
Depreciation, depletion and amortization
|
|
840.9
|
842.3
|
||||||
Impairment charges (reversals) and asset derecognition - net
|
Note 8
|
144.5
|
(650.9
|
)
|
|||||
Share-based compensation expense
|
|
10.8
|
13.7
|
||||||
Finance expense
|
|
85.7
|
112.6
|
||||||
Deferred tax (recovery) expense
|
|
(63.7
|
)
|
217.9
|
|||||
Foreign exchange losses and other
|
|
72.9
|
11.8
|
||||||
Reclamation expense
|
|
0.1
|
6.6
|
||||||
Changes in operating assets and liabilities:
|
|
||||||||
Accounts receivable and other assets
|
|
(50.0
|
)
|
(120.9
|
)
|
||||
Inventories
|
|
(86.7
|
)
|
(6.8
|
)
|
||||
Accounts payable and accrued liabilities
|
|
265.4
|
279.0
|
||||||
Cash flow provided from operating activities
|
|
1,438.6
|
2,064.0
|
||||||
Income taxes paid
|
(303.4
|
)
|
(106.4
|
)
|
|||||
Net cash flow provided from operating activities
|
|
1,135.2
|
1,957.6
|
||||||
Investing:
|
|
||||||||
Additions to property, plant and equipment
|
|
(938.6
|
)
|
(916.1
|
)
|
||||
Interest paid capitalized to property, plant and equipment
|
Note 12
|
(51.1
|
)
|
(47.9
|
)
|
||||
Acquisitions
|
Note 6
|
(141.5
|
)
|
(267.0
|
)
|
||||
Net additions to long-term investments and other assets
|
|
(66.3
|
)
|
(5.9
|
)
|
||||
Net proceeds from the sale of property, plant and equipment
|
|
1.3
|
8.4
|
||||||
Decrease (increase) in restricted cash - net
|
|
2.3
|
(23.5
|
)
|
|||||
Interest received and other - net
|
|
1.3
|
2.9
|
||||||
Net cash flow used in investing activities
|
|
(1,192.6
|
)
|
(1,249.1
|
)
|
||||
Financing:
|
|
||||||||
Proceeds from drawdown of debt
|
Note 12
|
200.0
|
950.0
|
||||||
Repayment of debt
|
Note 12
|
(500.0
|
)
|
(850.0
|
)
|
||||
Interest paid
|
Note 12
|
(46.9
|
)
|
(63.1
|
)
|
||||
Payment of lease liabilities
|
Note 12
|
(33.8
|
)
|
(20.7
|
)
|
||||
Dividends paid to common shareholders
|
Note 15
|
(151.1
|
)
|
(75.5
|
)
|
||||
Dividends paid to non-controlling interest
|
|
-
|
(6.0
|
)
|
|||||
Repurchase and cancellation of shares
|
Note 15
|
(100.2
|
)
|
-
|
|||||
Other - net
|
|
8.8
|
(2.4
|
)
|
|||||
Net cash flow used in financing activities
|
|
(623.2
|
)
|
(67.7
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
|
1.2
|
(5.0
|
)
|
|||||
(Decrease) increase in cash and cash equivalents
|
|
(679.4
|
)
|
635.8
|
|||||
Cash and cash equivalents, beginning of period
|
|
1,210.9
|
575.1
|
||||||
Cash and cash equivalents, end of period
|
|
$
|
531.5
|
$
|
1,210.9
|
||||
|
|
|
|
Years ended
|
|||||||
|
|
December 31,
|
December 31,
|
||||||
|
|
2021
|
2020
|
||||||
|
|
||||||||
Common share capital
|
|
||||||||
Balance at the beginning of the period
|
|
$
|
4,473.7
|
$
|
14,926.2
|
||||
Transfer to contributed surplus on reduction of stated capital
|
Note 15
|
-
|
(10,473.4
|
)
|
|||||
Transfer from contributed surplus on exercise of restricted shares
|
|
7.8
|
7.8
|
||||||
Repurchase and cancellation of shares
|
Note 15
|
(62.9
|
)
|
-
|
|||||
Options exercised, including cash
|
|
9.1
|
13.1
|
||||||
Balance at the end of the period
|
|
$
|
4,427.7
|
$
|
4,473.7
|
||||
|
|
||||||||
Contributed surplus
|
|
||||||||
Balance at the beginning of the period
|
|
$
|
10,709.0
|
$
|
242.1
|
||||
Transfer from common share capital on reduction of stated capital
|
Note 15
|
-
|
10,473.4
|
||||||
Repurchase and cancellation of shares
|
Note 15
|
(37.3
|
)
|
-
|
|||||
Share-based compensation
|
|
10.8
|
13.7
|
||||||
Transfer of fair value of exercised options and restricted shares
|
|
(18.1
|
)
|
(20.2
|
)
|
||||
Balance at the end of the period
|
|
$
|
10,664.4
|
$
|
10,709.0
|
||||
|
|
||||||||
Accumulated deficit
|
|
||||||||
Balance at the beginning of the period
|
|
$
|
(8,562.5
|
)
|
$
|
(9,829.4
|
)
|
||
Dividends paid
|
Note 15
|
(151.1
|
)
|
(75.5
|
)
|
||||
Net earnings attributable to common shareholders
|
|
221.2
|
1,342.4
|
||||||
Balance at the end of the period
|
|
$
|
(8,492.4
|
)
|
$
|
(8,562.5
|
)
|
||
|
|
||||||||
Accumulated other comprehensive income (loss)
|
|
||||||||
Balance at the beginning of the period
|
|
$
|
(23.7
|
)
|
$
|
(20.4
|
)
|
||
Other comprehensive income (loss), net of tax
|
|
4.9
|
(3.3
|
)
|
|||||
Balance at the end of the period
|
|
$
|
(18.8
|
)
|
$
|
(23.7
|
)
|
||
Total accumulated deficit and accumulated other comprehensive loss
|
|
$
|
(8,511.2
|
)
|
$
|
(8,586.2
|
)
|
||
|
|
||||||||
Total common shareholders' equity
|
|
$
|
6,580.9
|
$
|
6,596.5
|
||||
|
|
||||||||
Non-controlling interests
|
|
||||||||
Balance at the beginning of the period
|
|
$
|
66.5
|
$
|
14.1
|
||||
Net (loss) earnings attributable to non-controlling interests
|
|
(2.5
|
)
|
16.3
|
|||||
Non-controlling interest resulting from Manh Choh acquisition
|
Note 6
|
-
|
41.0
|
||||||
Funding from non-controlling interest
|
|
4.7
|
1.1
|
||||||
Dividends paid to non-controlling interest
|
|
-
|
(6.0
|
)
|
|||||
Balance at the end of the period
|
|
$
|
68.7
|
$
|
66.5
|
||||
|
|
||||||||
Total equity
|
|
$
|
6,649.6
|
$
|
6,663.0
|
||||
|
|
1.
|
DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS
|
2.
|
BASIS OF PRESENTATION
|
3.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
|
|
|
|
|
|
|
|
|
|
|
As at
|
|
|
|
|
|
|
December 31,
|
December 31,
|
|
|
Entity
|
Property/ Segment
|
Location
|
2021
|
2020
|
|
|
Subsidiaries:
|
|
|
|
|
|
|
(Consolidated)
|
|
|
|
|
|
|
Kinross Brasil Mineração S.A. ("KBM")
|
Paracatu
|
Brazil
|
100%
|
100%
|
|
|
Compania Minera Mantos de Oro ("MDO")
|
La Coipa and Lobo-Marte / Corporate and Other
|
Chile
|
100%
|
100%
|
|
|
Compania Minera Maricunga ("CMM")
|
Maricunga / Corporate and Other
|
Chile
|
100%
|
100%
|
|
|
Chirano Gold Mines Ltd.(a)
|
Chirano
|
Ghana
|
90%
|
90%
|
|
|
Tasiast Mauritanie Ltd. S.A.
|
Tasiast
|
Mauritania
|
100%
|
100%
|
|
|
Chukotka Mining and Geological
Company |
Kupol
|
Russian Federation
|
100%
|
100%
|
|
|
Northern Gold LLC
|
Dvoinoye/ Kupol
|
Russian Federation
|
100%
|
100%
|
|
|
Udinsk Gold LLC(b)
|
Chulbatkan / Corporate and Other
|
Russian Federation
|
100%
|
100%
|
|
|
KG Mining (Bald Mountain) Inc. ("KGBM")
|
Bald Mountain
|
USA
|
100%
|
100%
|
|
|
Fairbanks Gold Mining, Inc.
|
Fort Knox
|
USA
|
100%
|
100%
|
|
|
Round Mountain Gold Corporation /
|
Round Mountain
|
USA
|
100%
|
100%
|
|
|
KG Mining (Round Mountain) Inc.
|
|
||||
|
Echo Bay Minerals Company
|
Kettle River - Buckhorn / Corporate and Other
|
USA
|
100%
|
100%
|
|
|
Peak Gold, LLC(c) ("Manh Choh")
|
Manh Choh / Corporate and Other
|
USA
|
70%
|
70%
|
|
|
|
|
|
|
|
|
|
Interest in joint venture:
|
|
|
|
|
|
|
(Equity accounted)
|
|
|
|
|
|
|
Sociedad Contractual Minera Puren
|
Puren / Corporate and Other
|
Chile
|
65%
|
65%
|
|
(a)
|
The Company holds a 90% interest in Chirano Gold Mines Ltd. with the Government of Ghana having the right to the remaining 10% interest.
|
(b)
|
On January 16, 2020, the Company acquired the Chulbatkan license, containing the Udinsk project, in Russia. See Note 6i.
|
(c)
|
On September 30, 2020, the Company acquired a 70% interest in the Manh Choh project in Alaska. See Note 6ii.
|
(a)
|
Subsidiaries
|
(b)
|
Joint Arrangements
|
(c)
|
Associates
|
•
|
Monetary assets and liabilities are translated at the rates of exchange on the consolidated balance sheet date;
|
•
|
Non-monetary assets and liabilities are translated at historical exchange rates prevailing at each transaction date;
|
•
|
Revenue and expenses are translated at the exchange rate at the date of the transaction, except depreciation, depletion and amortization, which are translated at the
rates of exchange applicable to the related assets, and share-based compensation expense, which is translated at the rates of exchange applicable on the date of grant of the share-based compensation; and
|
•
|
Exchange gains and losses on translation are included in earnings.
|
•
|
has begun planned principal activities;
|
•
|
has employees, intellectual property and other inputs and processes that could be applied to those inputs to create outputs or have the ability to contribute to the
creation of outputs;
|
•
|
is pursuing a plan to produce outputs; and
|
•
|
will be able to obtain access to customers that will purchase the outputs.
|
•
|
gathering exploration data through topographical and geological studies;
|
•
|
exploratory drilling, trenching and sampling;
|
•
|
determining the volume and grade of the resource;
|
•
|
test work on geology, metallurgy, mining, geotechnical and environmental; and
|
•
|
conducting engineering, marketing and financial studies.
|
•
|
estimated potential ounces, and
|
•
|
exploration properties.
|
(a)
|
Asset categories
|
•
|
Development and operating properties, which include capitalized development and stripping costs, cost of assets under construction, E&E costs and mineral
interests for those properties currently in operation, for which development has commenced, or for which proven and probable reserves have been declared; and
|
•
|
Pre-development properties, which include E&E costs and mineral interests for those properties for which development has not commenced.
|
(b)
|
Depreciation, depletion and amortization
|
(c)
|
Derecognition
|
(a)
|
Financial instrument classification and measurement
|
•
|
it is held with the objective of collecting contractual cash flows; and
|
•
|
its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
|
•
|
Cash and cash equivalents, restricted cash and short-term investments are classified as and measured at amortized cost.
|
•
|
Trade receivables and certain other assets are classified as and measured at amortized cost.
|
•
|
Long-term investments in equity securities, where the Company cannot exert significant influence, are classified as and measured at FVOCI.
|
•
|
Accounts payable and accrued liabilities and long-term debt are classified as and measured at amortized cost.
|
•
|
Derivative assets and liabilities including derivative financial instruments that do not qualify as hedges, or are not designated as hedges, and are classified as
and measured at FVPL.
|
(b)
|
Hedges
|
(a)
|
RSUs may be equity or cash-settled and are recorded at fair value based on the market value of the shares at the grant date. The Company’s compensation expense is
recognized over the vesting period based on the number of units estimated to vest. Management estimates the number of awards likely to vest on grant and at each reporting date up to the vesting date. The estimated forfeiture rate is
adjusted for actual forfeitures in each reporting period. On vesting of equity-settled RSUs, shares are generally issued from treasury. Cash-settled RSUs are accounted for as a liability at fair value and re-measured each period based on
the current market value of the underlying stock at period end, with changes in the liability recorded as compensation expense each period.
|
(b)
|
RPSUs are equity-settled and are subject to certain vesting requirements based on performance criteria over the vesting period established by the Company. RPSUs are
recorded at fair value as follows: The portion of the RPSUs related to market conditions are recorded at fair value based on the application of a Monte Carlo pricing model at the date of grant and the portion related to non-market
conditions is fair valued based on the market value of the shares at the date of grant. The Company’s compensation expense is recognized over the vesting period based on the number of units estimated to vest. Management estimates the number
of awards likely to vest on grant and at each reporting date up to the vesting date. The estimated forfeiture rate is adjusted for actual forfeitures in each reporting period. On vesting of RPSUs, shares are generally issued from treasury.
|
4.
|
RECENT ACCOUNTING PRONOUNCEMENTS
|
5.
|
SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS
|
i.
|
Significant Judgments in Applying Accounting Policies
|
(a)
|
Mineral Reserves and Mineral Resources
|
(b)
|
Depreciation, depletion and amortization
|
(c)
|
Taxes
|
ii.
|
Significant Accounting Estimates and Assumptions
|
(a)
|
Mineral Reserves and Mineral Resources
|
(b)
|
Purchase Price Allocation
|
(c)
|
Depreciation, depletion and amortization
|
(d)
|
Valuation of goodwill and long-lived assets
|
(e)
|
Inventories
|
(f)
|
Provision for reclamation and remediation
|
(g)
|
Deferred taxes
|
(h)
|
Contingencies
|
6.
|
ACQUISITIONS
|
i.
|
Acquisition of Chulbatkan license
|
ii.
|
Acquisition of 70% interest in the Manh Choh project
|
Purchase price allocation
|
||||
Mineral interests - pre-development properties
|
$
|
136.5
|
||
Land, plant and equipment
|
0.2
|
|||
Total property, plant and equipment
|
136.7
|
|||
Other assets - net
|
1.2
|
|||
Non-controlling interest(a)
|
(41.0
|
)
|
||
Total net assets acquired
|
$
|
96.9
|
(a)
|
Non-controlling interest has been recorded related to the 30% interest of Peak Gold, LLC that the Company did not acquire.
|
7.
|
CONSOLIDATED FINANCIAL STATEMENT DETAILS
|
i.
|
Cash and cash equivalents:
|
|
December 31,
|
December 31,
|
||||||
|
2021
|
2020
|
||||||
Cash on hand and balances with banks
|
$
|
386.8
|
$
|
562.0
|
||||
Short-term deposits
|
144.7
|
648.9
|
||||||
|
$
|
531.5
|
$
|
1,210.9
|
ii.
|
Restricted cash:
|
|
December 31,
|
December 31,
|
||||||
|
2021
|
2020
|
||||||
Restricted cash(a)
|
$
|
11.4
|
$
|
13.7
|
(a)
|
Restricted cash relates to loan escrow judicial deposits and environmental indemnity deposits.
|
iii.
|
Accounts receivable and other assets:
|
|
December 31,
|
December 31,
|
||||||
|
2021
|
2020
|
||||||
Trade receivables
|
$
|
3.3
|
$
|
8.1
|
||||
Prepaid expenses
|
31.9
|
21.6
|
||||||
VAT receivable
|
79.5
|
46.6
|
||||||
Deposits
|
16.6
|
28.9
|
||||||
Other(a)
|
83.2
|
10.6
|
||||||
|
$
|
214.5
|
$
|
115.8
|
(a)
|
Other includes $61.5 million related to initial insurance recoveries for the Tasiast mill fire. See Note 7xiii.
|
iv.
|
Inventories:
|
|
December 31,
|
December 31,
|
||||||
|
2021
|
2020
|
||||||
Ore in stockpiles(a)
|
$
|
250.7
|
$
|
277.4
|
||||
Ore on leach pads(b),(c)
|
589.1
|
498.8
|
||||||
In-process
|
111.4
|
108.0
|
||||||
Finished metal
|
64.0
|
50.3
|
||||||
Materials and supplies(c)
|
459.9
|
448.2
|
||||||
|
1,475.1
|
1,382.7
|
||||||
Long-term portion of ore in stockpiles and ore on leach pads(a),(b),(c)
|
(323.8
|
)
|
(309.8
|
)
|
||||
|
$
|
1,151.3
|
$
|
1,072.9
|
(a)
|
Ore in stockpiles relates to the Company’s operating mines. Low-grade material not scheduled for processing within the next 12 months is included in other long-term
assets. See Note 7viii.
|
(b)
|
Ore on leach pads relates to the Company's Bald Mountain, Fort Knox, Round Mountain and Tasiast mines. Based on current mine plans, the Company expects to place
the last tonne of ore on its leach pads at Bald Mountain in 2024, Fort Knox in 2028 and Round Mountain in 2029. The last tonne of ore was placed on the Tasiast leach pads during 2020. Material not scheduled for processing within the
next 12 months is included in other long-term assets. See Note 7viii.
|
(c)
|
During the years ended December 31, 2021 and 2020, impairment charges to inventories were recorded to reduce the carrying value of inventory to its net
realizable value. See Note 8i.
|
v.
|
Property, plant and equipment:
|
|
Mineral Interests
|
|||||||||||||||
|
Land, plant and equipment(a)
|
Development and operating properties(b)
|
Pre-development properties(c)
|
Total
|
||||||||||||
Cost
|
||||||||||||||||
Balance at January 1, 2021
|
$
|
10,190.0
|
$
|
10,136.2
|
$
|
465.3
|
$
|
20,791.5
|
||||||||
Additions
|
501.2
|
416.7
|
46.9
|
964.8
|
||||||||||||
Capitalized interest
|
25.0
|
19.8
|
3.5
|
48.3
|
||||||||||||
Disposals
|
(59.6
|
)
|
-
|
-
|
(59.6
|
)
|
||||||||||
Derecognition(d)
|
(134.4
|
)
|
(14.1
|
)
|
-
|
(148.5
|
)
|
|||||||||
Other
|
2.3
|
2.0
|
1.6
|
5.9
|
||||||||||||
Balance at December 31, 2021
|
10,524.5
|
10,560.6
|
517.3
|
21,602.4
|
||||||||||||
|
||||||||||||||||
Accumulated depreciation, depletion, and amortization
|
||||||||||||||||
Balance at January 1, 2021
|
$
|
(6,471.3
|
)
|
$
|
(6,666.7
|
)
|
$
|
-
|
$
|
(13,138.0
|
)
|
|||||
Depreciation, depletion and amortization
|
(556.2
|
)
|
(437.7
|
)
|
-
|
(993.9
|
)
|
|||||||||
Derecognition(d)
|
90.8
|
8.4
|
-
|
99.2
|
||||||||||||
Disposals
|
48.8
|
-
|
-
|
48.8
|
||||||||||||
Other
|
1.6
|
(2.4
|
)
|
-
|
(0.8
|
)
|
||||||||||
Balance at December 31, 2021
|
(6,886.3
|
)
|
(7,098.4
|
)
|
-
|
(13,984.7
|
)
|
|||||||||
|
||||||||||||||||
Net book value
|
$
|
3,638.2
|
$
|
3,462.2
|
$
|
517.3
|
$
|
7,617.7
|
||||||||
|
||||||||||||||||
Amount included above as at December 31, 2021:
|
||||||||||||||||
Assets under construction
|
$
|
399.9
|
$
|
326.5
|
$
|
65.2
|
$
|
791.6
|
||||||||
Assets not being depreciated(e)
|
$
|
646.5
|
$
|
661.0
|
$
|
517.3
|
$
|
1,824.8
|
||||||||
|
(a)
|
Additions includes $10.2 million of right-of-use assets for lease arrangements entered into during the year ended December 31, 2021. Depreciation, depletion and
amortization includes depreciation for leased right-of-use assets of $32.2 million during the year ended December 31, 2021. The net book value of property, plant and equipment includes leased right-of use assets with an aggregate net book
value of $54.2 million as at December 31, 2021.
|
(b)
|
At December 31, 2021, the significant development and operating properties are Fort Knox, Round Mountain, Bald Mountain, Paracatu, Kupol, Tasiast, Chirano, La Coipa,
and Lobo-Marte.
|
(c)
|
At December 31, 2021, the significant pre-development properties are the Chulbatkan license area, including the Udinsk project, and the Manh Choh project.
|
(d)
|
During the year ended December 31, 2021, the Company derecognized property, plant and equipment related to the Vantage heap leach pad at Bald Mountain. See Note 8ii.
|
(e)
|
Assets not being depreciated relate to land, capitalized E&E costs, assets under construction, which relate to expansion projects, and other assets that are in
various stages of being readied for use.
|
|
Mineral Interests
|
|||||||||||||||
|
Land, plant and equipment(a)
|
Development and operating properties(b)
|
Pre-development properties
|
Total
|
||||||||||||
Cost
|
||||||||||||||||
Balance at January 1, 2020
|
$
|
9,715.0
|
$
|
9,540.6
|
$
|
13.4
|
$
|
19,269.0
|
||||||||
Additions
|
535.5
|
539.9
|
15.5
|
1,090.9
|
||||||||||||
Acquisitions(c)
|
8.2
|
15.4
|
441.8
|
465.4
|
||||||||||||
Capitalized interest
|
22.8
|
25.5
|
0.8
|
49.1
|
||||||||||||
Disposals
|
(82.9
|
)
|
-
|
(0.1
|
)
|
(83.0
|
)
|
|||||||||
Other
|
(8.6
|
)
|
14.8
|
(6.1
|
)
|
0.1
|
||||||||||
Balance at December 31, 2020
|
10,190.0
|
10,136.2
|
465.3
|
20,791.5
|
||||||||||||
|
||||||||||||||||
Accumulated depreciation, depletion, amortization and reversals of impairment charges
|
||||||||||||||||
Balance at January 1, 2020
|
$
|
(6,114.1
|
)
|
$
|
(6,814.9
|
)
|
$
|
-
|
$
|
(12,929.0
|
)
|
|||||
Depreciation, depletion and amortization
|
(589.9
|
)
|
(380.3
|
)
|
-
|
(970.2
|
)
|
|||||||||
Reversals of impairment charges(d)
|
160.5
|
528.5
|
-
|
689.0
|
||||||||||||
Disposals
|
73.8
|
-
|
-
|
73.8
|
||||||||||||
Other
|
(1.6
|
)
|
-
|
-
|
(1.6
|
)
|
||||||||||
Balance at December 31, 2020
|
(6,471.3
|
)
|
(6,666.7
|
)
|
-
|
(13,138.0
|
)
|
|||||||||
|
||||||||||||||||
Net book value
|
$
|
3,718.7
|
$
|
3,469.5
|
$
|
465.3
|
$
|
7,653.5
|
||||||||
|
||||||||||||||||
Amount included above as at December 31, 2020:
|
||||||||||||||||
Assets under construction
|
$
|
540.8
|
$
|
189.1
|
$
|
19.1
|
$
|
749.0
|
||||||||
Assets not being depreciated(e)
|
$
|
769.9
|
$
|
607.0
|
$
|
465.3
|
$
|
1,842.2
|
||||||||
|
(a)
|
Additions includes $38.2 million of right-of-use assets for lease arrangements entered into during the year ended December 31, 2020. Depreciation, depletion and
amortization includes depreciation for leased right-of-use assets of $16.1 million during the year ended December 31, 2020. The net book value of property, plant and equipment includes leased right-of use assets with an aggregate net book
value of $76.2 million as at December 31, 2020.
|
(b)
|
At December 31, 2020, the significant development and operating properties are Fort Knox, Round Mountain, Bald Mountain, Paracatu, Kupol, Tasiast, Chirano, La Coipa,
and Lobo-Marte.
|
(c)
|
During the year ended December 31, 2020, the Company acquired the Chulbatkan license area and a 70% interest in the Manh Choh project, with both respective mineral
interests classified in pre-development properties. See Note 6.
|
(d)
|
At December 31, 2020, impairment reversals of property, plant and equipment were recorded at Tasiast, Chirano, and Lobo-Marte. At June 30, 2020, an impairment reversal
was recorded at Lobo-Marte, entirely related to property, plant and equipment. See Note 8ii.
|
(e)
|
Assets not being depreciated relate to land, capitalized E&E costs, assets under construction, which relate to expansion projects, and other assets that are in
various stages of being readied for use.
|
vi.
|
Goodwill:
|
|
2021
|
2020
|
||||||
Gold price (per ounce)
|
||||||||
Short-term
|
$
|
1,700
|
$
|
1,700
|
||||
Long-term
|
$
|
1,500
|
$
|
1,500
|
||||
|
||||||||
Silver price (per ounce)
|
||||||||
Short-term
|
$
|
20
|
$
|
20
|
||||
Long-term
|
$
|
20
|
$
|
20
|
||||
|
||||||||
Oil (per barrel)
|
||||||||
Short-term
|
$
|
70 (2022)
|
|
$
|
55
|
|||
|
$
|
60 (2023, 2024)
|
|
|||||
Long-term
|
$
|
55
|
$
|
55
|
||||
|
||||||||
Discount rate
|
3.63%
|
|
3.61%
|
|
vii.
|
Long-term investments:
|
|
December 31, 2021
|
December 31, 2020
|
||||||||||||||
|
Fair value
|
Gains (losses) in AOCI(a)
|
Fair value
|
Gains (losses) in AOCI(a)
|
||||||||||||
Investments in an accumulated gain position
|
$
|
12.4
|
$
|
0.7
|
$
|
80.9
|
$
|
18.2
|
||||||||
Investments in an accumulated loss position
|
85.8
|
(49.3
|
)
|
32.1
|
(47.0
|
)
|
||||||||||
Net realized gains
|
-
|
2.9
|
-
|
2.9
|
||||||||||||
|
$
|
98.2
|
$
|
(45.7
|
)
|
$
|
113.0
|
$
|
(25.9
|
)
|
(a)
|
See the consolidated statements of comprehensive income and Note 7xi for details of changes in fair value recognized in OCI during the years ended December 31, 2021 and
2020.
|
viii.
|
Other long-term assets:
|
|
December 31,
|
December 31,
|
||||||
|
2021
|
2020
|
||||||
Long-term portion of ore in stockpiles and ore on leach pads(a)
|
$
|
323.8
|
$
|
309.8
|
||||
Deferred charges, net of amortization
|
7.3
|
6.0
|
||||||
Long-term receivables
|
110.8
|
124.1
|
||||||
Advances for the purchase of capital equipment
|
45.8
|
9.1
|
||||||
Restricted cash(b)
|
25.0
|
25.0
|
||||||
Unrealized fair value of derivative assets(c)
|
15.1
|
10.5
|
||||||
Other
|
63.1
|
52.7
|
||||||
|
$
|
590.9
|
$
|
537.2
|
(a)
|
Long-term portion of ore in stockpiles and ore on leach pads represents low-grade material not scheduled for processing within the next 12 months. As at December 31,
2021, long-term ore in stockpiles was at the Company’s Kupol, Paracatu and Tasiast mines, and long-term ore on leach pads was at the Company’s Fort Knox and Round Mountain mines.
|
(b)
|
See Note 12iii for details of the Tasiast loan and cash restricted for future loan payments as at December 31, 2021.
|
(c)
|
See Note 10 for details of the non-current portion of unrealized fair value of derivative assets.
|
ix.
|
Accounts payable and accrued liabilities:
|
|
December 31,
|
December 31,
|
||||||
|
2021
|
2020
|
||||||
Trade payables
|
$
|
87.8
|
$
|
89.1
|
||||
Accrued liabilities
|
270.5
|
242.8
|
||||||
Employee related accrued liabilities
|
134.4
|
147.3
|
||||||
|
$
|
492.7
|
$
|
479.2
|
x.
|
Other current liabilities:
|
|
December 31,
|
December 31,
|
||||||
|
2021
|
2020
|
||||||
Current portion of lease liabilities(a)
|
$
|
19.7
|
$
|
28.4
|
||||
Current portion of unrealized fair value of derivative liabilities(b)
|
4.0
|
21.3
|
||||||
|
$
|
23.7
|
$
|
49.7
|
(a)
|
See Note 13 for details of the current portion of lease liabilities.
|
(b)
|
See Note 10 for details of the current portion of unrealized fair value of derivative liabilities.
|
xi.
|
Accumulated other comprehensive income (loss):
|
|
Long-term Investments
|
Derivative
Contracts |
Total
|
|||||||||
Balance at December 31, 2019
|
$
|
(26.2
|
)
|
$
|
5.8
|
$
|
(20.4
|
)
|
||||
Other comprehensive income (loss) before tax
|
0.3
|
(5.7
|
)
|
(5.4
|
)
|
|||||||
Tax
|
-
|
2.1
|
2.1
|
|||||||||
Balance at December 31, 2020
|
$
|
(25.9
|
)
|
$
|
2.2
|
$
|
(23.7
|
)
|
||||
Other comprehensive income (loss) before tax
|
(19.8
|
)
|
33.6
|
13.8
|
||||||||
Tax
|
-
|
(8.9
|
)
|
(8.9
|
)
|
|||||||
Balance at December 31, 2021
|
$
|
(45.7
|
)
|
$
|
26.9
|
$
|
(18.8
|
)
|
xii.
|
Other operating expense:
|
|
Years ended December 31,
|
|||||||
|
2021
|
2020
|
||||||
Other operating expense
|
$
|
294.6
|
$
|
186.5
|
xiii.
|
Other income – net:
|
|
Years ended December 31,
|
|||||||
|
2021
|
2020
|
||||||
Insurance recoveries(a)
|
$
|
91.1
|
$
|
10.8
|
||||
Net (losses) gains on dispositions of assets
|
(9.5
|
)
|
1.2
|
|||||
Foreign exchange losses - net
|
(4.7
|
)
|
(7.3
|
)
|
||||
Net non-hedge derivative (losses) gains
|
(1.0
|
)
|
1.0
|
|||||
Other - net
|
3.3
|
1.7
|
||||||
|
$
|
79.2
|
$
|
7.4
|
(a)
|
During the year ended December 31, 2021, the Company recognized $90.0 million of initial insurance recoveries related to the Tasiast mill fire, of which $28.5 million has been received as
of December 31, 2021.
|
xiv.
|
Finance expense:
|
|
Years ended December 31,
|
|||||||
|
2021
|
2020
|
||||||
Accretion of reclamation and remediation obligations
|
$
|
(14.2
|
)
|
$
|
(23.0
|
)
|
||
Interest expense, including accretion of debt and lease liabilities(a), (b)
|
(71.5
|
)
|
(89.6
|
)
|
||||
|
$
|
(85.7
|
)
|
$
|
(112.6
|
)
|
(a)
|
During the years ended December 31, 2021 and 2020, $48.3 million and $49.1 million, respectively, of interest was capitalized to property, plant and equipment. See Note 7v.
|
(b)
|
During the years ended December 31, 2021 and 2020, accretion of lease liabilities was $3.8 million and $3.0 million, respectively.
|
xv.
|
Employee benefits expenses:
|
|
Years ended December 31,
|
|||||||
|
2021
|
2020
|
||||||
Salaries, short-term incentives, and other benefits
|
$
|
710.6
|
$
|
707.9
|
||||
Share-based payments
|
19.5
|
30.7
|
||||||
Other
|
16.4
|
16.3
|
||||||
|
$
|
746.5
|
$
|
754.9
|
8.
|
IMPAIRMENT CHARGES (REVERSALS) AND ASSET DERECOGNITION – NET
|
|
Years ended December 31,
|
|||||||
|
2021
|
2020
|
||||||
Inventories (i)
|
$
|
95.2
|
$
|
38.1
|
||||
Property, plant and equipment (ii)
|
49.3
|
(689.0
|
)
|
|||||
|
$
|
144.5
|
$
|
(650.9
|
)
|
i.
|
Inventories
|
ii.
|
Property, plant and equipment
|
•
|
estimated 2021, 2022 and long-term gold prices of $1,700, $1,700, and $1,500 per ounce, respectively, and short-term and long-term silver prices of $20 per ounce;
|
•
|
estimated short-term and long-term oil prices of $55 per barrel;
|
•
|
real discount rates of between 4.49% and 6.82%.
|
9.
|
INVESTMENT IN JOINT VENTURE
|
|
December 31,
|
December 31,
|
||||||
|
2021
|
2020
|
||||||
Investment in joint venture - Puren
|
$
|
7.1
|
$
|
18.3
|
10.
|
FAIR VALUE MEASUREMENT
|
(a)
|
Recurring fair value measurement:
|
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Aggregate
Fair Value |
||||||||||||
Equity investments at FVOCI
|
$
|
98.2
|
$
|
-
|
$
|
-
|
$
|
98.2
|
||||||||
Derivative contracts:
|
||||||||||||||||
Foreign currency forward and collar contracts
|
-
|
(4.5
|
)
|
-
|
(4.5
|
)
|
||||||||||
Energy swap contracts
|
-
|
40.4
|
-
|
40.4
|
||||||||||||
Total return swap contracts
|
-
|
1.7
|
-
|
1.7
|
||||||||||||
|
$
|
98.2
|
$
|
37.6
|
$
|
-
|
$
|
135.8
|
|
December 31, 2021
|
December 31, 2020
|
||||||||||||||
|
Asset / (Liability)
Fair Value
|
AOCI
|
Asset / (Liability)
Fair Value
|
AOCI
|
||||||||||||
Currency contracts
|
||||||||||||||||
Foreign currency forward and collar contracts(a) (i)
|
$
|
(4.5
|
)
|
$
|
(3.5
|
)
|
$
|
(4.3
|
)
|
$
|
(2.5
|
)
|
||||
|
||||||||||||||||
Commodity contracts
|
||||||||||||||||
Energy swap contracts(b) (ii)
|
40.4
|
30.4
|
7.6
|
4.7
|
||||||||||||
|
||||||||||||||||
Other contracts
|
||||||||||||||||
Total return swap contracts (iii)
|
1.7
|
-
|
(11.0
|
)
|
-
|
|||||||||||
|
||||||||||||||||
|
||||||||||||||||
Total all contracts
|
$
|
37.6
|
$
|
26.9
|
$
|
(7.7
|
)
|
$
|
2.2
|
|||||||
|
||||||||||||||||
Unrealized fair value of derivative assets
|
||||||||||||||||
Current
|
$
|
30.0
|
$
|
6.5
|
||||||||||||
Non-current
|
15.1
|
10.5
|
||||||||||||||
|
$
|
45.1
|
$
|
17.0
|
||||||||||||
Unrealized fair value of derivative liabilities
|
||||||||||||||||
Current
|
$
|
(4.0
|
)
|
$
|
(21.3
|
)
|
||||||||||
Non-current
|
(3.5
|
)
|
(3.4
|
)
|
||||||||||||
|
$
|
(7.5
|
)
|
$
|
(24.7
|
)
|
||||||||||
Total net fair value
|
$
|
37.6
|
$
|
(7.7
|
)
|
(a)
|
Of the total amount recorded in AOCI at December 31, 2021, $(1.1) million will be reclassified out of AOCI within the next 12 months as a result of settling the
contracts.
|
(b)
|
Of the total amount recorded in AOCI at December 31, 2021, $19.1 million will be reclassified out of AOCI within the next 12 months as a result of settling the
contracts.
|
(i)
|
Foreign currency forward and collar contracts
|
Foreign currency
|
2022
|
2023
|
2024
|
|||||||||
Brazilian real zero cost collars (in millions of U.S. dollars)
|
$
|
105.6
|
$
|
68.4
|
$
|
27.6
|
||||||
Average put strike (Brazilian real)
|
4.79
|
5.13
|
5.55
|
|||||||||
Average call strike (Brazilian real)
|
6.78
|
7.34
|
9.01
|
|||||||||
Canadian dollar forward buy contracts (in millions of U.S. dollars)
|
$
|
50.4
|
$
|
15.0
|
$
|
-
|
||||||
Average rate (Canadian dollar)
|
1.31
|
1.29
|
-
|
|||||||||
Chilean peso zero cost collars (in millions of U.S. dollars)
|
$
|
63.6
|
$
|
42.0
|
$
|
-
|
||||||
Average put strike (Chilean peso)
|
760
|
810
|
-
|
|||||||||
Average call strike (Chilean peso)
|
992
|
1,040
|
-
|
|||||||||
Russian rouble zero cost collars (in millions of U.S. dollars)
|
$
|
46.8
|
$
|
33.6
|
$
|
9.0
|
||||||
Average put strike (Russian rouble)
|
74.5
|
76.2
|
80.0
|
|||||||||
Average call strike (Russian rouble)
|
97.5
|
99.2
|
104.6
|
•
|
$93.6 million of Brazilian real zero cost collars, maturing from 2022 to 2024, with average put and call strikes of 5.29 and 7.78, respectively;
|
•
|
$53.4 million of Canadian dollar forward buy contracts, maturing from 2022 to 2023, at an average rate of 1.28;
|
•
|
$105.6 million of Chilean peso zero cost collars, maturing from 2022 to 2023, with average put and call strikes of 780 and 1,011, respectively; and
|
•
|
$33.0 million of Russian rouble zero cost collars, maturing from 2022 to 2024, with average put and call strikes of 75.7 and 97.5, respectively.
|
•
|
Brazilian real zero cost collar contracts – unrealized loss of $3.8 million (December 31, 2020 - $5.8 million loss);
|
•
|
Canadian dollar forward buy contracts – unrealized gain of $1.3 million (December 31, 2020 - $2.2 million gain);
|
•
|
Chilean peso zero cost collar contracts – unrealized loss of $1.4 million (December 31, 2020 - $nil); and
|
•
|
Russian rouble zero cost collar contracts – unrealized gain of $0.4 million (December 31, 2020 - $1.1 million gain).
|
(ii)
|
Energy swap contracts
|
Energy
|
2022
|
2023
|
2024
|
|||||||||
WTI oil swap contracts (barrels)
|
1,056,600
|
565,200
|
-
|
|||||||||
Average price ($/barrel)
|
$
|
48.13
|
$
|
39.58
|
$
|
-
|
•
|
234,000 barrels of WTI oil swap contracts at an average rate of $69.16 per barrel maturing in 2022.
|
•
|
WTI oil swap contracts – unrealized gain of $30.4 million (December 31, 2020 - $4.7 million gain).
|
(iii)
|
Total return swap contracts
|
(b)
|
Fair value measurements related to non-financial assets:
|
(c)
|
Fair value of financial assets and liabilities not measured and recognized at fair value:
|
11.
|
CAPITAL AND FINANCIAL RISK MANAGEMENT
|
i.
|
Capital management
|
•
|
Ensure the Company has sufficient cash available to support the mining, exploration, and other areas of the business in any gold price environment;
|
•
|
Ensure the Company has the capital and capacity to support a long-term growth strategy;
|
•
|
Provide investors with a superior rate of return on their invested capital;
|
•
|
Ensure compliance with all bank covenant ratios; and
|
•
|
Minimize counterparty credit risk.
|
|
December 31,
|
December 31,
|
||||||
|
2021
|
2020
|
||||||
Long-term debt and credit facilities
|
$
|
1,589.9
|
$
|
1,424.2
|
||||
Current portion of long-term debt and credit facilities
|
40.0
|
499.7
|
||||||
Total debt
|
$
|
1,629.9
|
$
|
1,923.9
|
||||
Common shareholders' equity
|
$
|
6,580.9
|
$
|
6,596.5
|
||||
Total debt / total debt and common shareholders' equity ratio
|
19.9%
|
|
22.6%
|
|
||||
Company target
|
0 – 30%
|
|
0 – 30%
|
|
ii.
|
Gold and silver price risk management
|
iii.
|
Currency risk management
|
|
10% strengthening in
U.S. dollar |
10% weakening in
U.S. dollar |
||||||||||
|
Foreign currency net working capital
|
Effect on earnings before taxes, gain (loss)(a)
|
Effect on earnings before taxes, gain (loss)(a)
|
|||||||||
Canadian dollar
|
$
|
(40.0
|
)
|
$
|
3.6
|
$
|
(4.4
|
)
|
||||
Brazilian real
|
$
|
(131.3
|
)
|
$
|
11.9
|
$
|
(14.6
|
)
|
||||
Chilean peso
|
$
|
25.7
|
$
|
(2.3
|
)
|
$
|
2.9
|
|||||
Russian rouble
|
$
|
25.5
|
$
|
(2.3
|
)
|
$
|
2.8
|
|||||
Mauritanian ouguiya
|
$
|
(4.3
|
)
|
$
|
0.4
|
$
|
(0.5
|
)
|
||||
Ghanaian cedi
|
$
|
3.9
|
$
|
(0.4
|
)
|
$
|
0.4
|
|||||
Other(b)
|
$
|
(2.6
|
)
|
$
|
0.3
|
$
|
(0.4
|
)
|
(a)
|
As described in Note 3ii, the Company translates its monetary assets and liabilities into U.S. dollars at the rates of exchange at the consolidated balance sheet dates.
Gains and losses on translation of foreign currencies are included in earnings.
|
(b)
|
Includes Euro, Swedish Krona, British pound, Australian dollar and South African rand.
|
|
10% strengthening in
U.S. dollar |
10% weakening in
U.S. dollar |
||||||
|
Effect on OCI before
taxes, (loss)(a) |
Effect on OCI before
taxes, gain(a) |
||||||
Canadian dollar
|
$
|
(6.1
|
)
|
$
|
7.4
|
|||
Brazilian real
|
$
|
(6.8
|
)
|
$
|
7.5
|
|||
Chilean peso
|
$
|
(4.4
|
)
|
$
|
4.8
|
|||
Russian rouble
|
$
|
(3.7
|
)
|
$
|
5.5
|
(a)
|
Upon maturity of these contracts, the amounts in OCI before taxes will reverse against hedged items that the contracts relate to, which may be to
earnings or property, plant and equipment.
|
iv.
|
Energy price risk
|
|
10% increase in
price |
10% decrease in
price |
||||||
|
Effect on OCI before
taxes, gain(a) |
Effect on OCI before
taxes, (loss)(a) |
||||||
WTI oil
|
$
|
11.3
|
$
|
(11.3
|
)
|
(a)
|
Upon maturity of these contracts, the amounts in OCI before taxes will reverse against hedged items that the contracts relate to, which may be to earnings or property,
plant and equipment.
|
v.
|
Liquidity risk
|
|
2022
|
2023-2026
|
2027+
|
|
||||||||||||
|
Total
|
Within 1 year(b)
|
2 to 5 years
|
More than 5 years
|
||||||||||||
Long-term debt(a)
|
$
|
2,251.9
|
$
|
121.6
|
$
|
1,025.5
|
$
|
1,104.8
|
(a)
|
Includes the full face value of the senior notes, drawdowns on the revolving credit facility, Tasiast loan, and estimated interest.
|
(b)
|
Represents estimated interest on the senior notes, revolving credit facility and Tasiast loan, due within the next 12 months.
|
vi.
|
Credit risk management
|
12.
|
LONG-TERM DEBT AND CREDIT FACILITIES
|
|
|
||||||||||||||||||||||||||||
|
|
December 31, 2021
|
December 31, 2020
|
||||||||||||||||||||||||||
|
|
Interest Rates
|
Nominal Amount
|
Deferred Financing Costs
|
Carrying Amount(a)
|
Fair
Value(b) |
Carrying Amount(a)
|
Fair
Value(b) |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
Senior notes
|
(i)
|
4.50%-6.875%
|
|
$
|
1,248.2
|
$
|
(6.3
|
)
|
$
|
1,241.9
|
$
|
1,432.7
|
$
|
1,739.8
|
$
|
1,999.5
|
|||||||||||||
Revolving credit facility
|
(ii)
|
LIBOR plus 1.45%
|
200.0
|
-
|
$
|
200.0
|
200.0
|
-
|
-
|
||||||||||||||||||||
Tasiast loan
|
(iii)
|
LIBOR plus 4.380%
|
200.0
|
(12.0
|
)
|
$
|
188.0
|
200.0
|
184.1
|
200.0
|
|||||||||||||||||||
Total long-term and current debt
|
$
|
1,648.2
|
$
|
(18.3
|
)
|
$
|
1,629.9
|
$
|
1,832.7
|
$
|
1,923.9
|
$
|
2,199.5
|
||||||||||||||||
Less: current portion
|
|
(40.0
|
)
|
-
|
(40.0
|
)
|
-
|
(499.7
|
)
|
(509.3
|
)
|
||||||||||||||||||
Long-term debt and credit facility
|
$
|
1,608.2
|
$
|
(18.3
|
)
|
$
|
1,589.9
|
$
|
1,832.7
|
$
|
1,424.2
|
$
|
1,690.2
|
(a)
|
Includes transaction costs on senior notes and Tasiast loan financings.
|
(b)
|
The fair value of senior notes is primarily determined using quoted market determined variables. See Note 10(c).
|
|
2022
|
2023
|
2024
|
2025
|
2026
|
2027 and thereafter
|
Total
|
|||||||||||||||||||||
Senior notes
|
$
|
-
|
$
|
-
|
$
|
500.0
|
$
|
-
|
$
|
-
|
$
|
750.0
|
$
|
1,250.0
|
||||||||||||||
Revolving credit facility
|
-
|
-
|
-
|
-
|
200.0
|
-
|
200.0
|
|||||||||||||||||||||
Tasiast loan
|
40.0
|
36.0
|
32.0
|
4.0
|
16.0
|
72.0
|
200.0
|
|||||||||||||||||||||
Total debt payable
|
$
|
40.0
|
$
|
36.0
|
$
|
532.0
|
$
|
4.0
|
$
|
216.0
|
$
|
822.0
|
$
|
1,650.0
|
(i)
|
Senior notes
|
(ii)
|
Revolving credit facility
|
Type of credit
|
|
Revolving credit facility
|
LIBOR plus 1.45%
|
Letters of credit
|
0.967-1.45%
|
Standby fee applicable to unused availability
|
0.290%
|
(iii)
|
Tasiast loan
|
(iv)
|
Other
|
(v)
|
Changes in liabilities arising from financing activities
|
|
Long-term debt
and credit facilities
|
Lease liabilities
|
Accrued interest payable(a)
|
Total
|
||||||||||||
Balance as at January 1, 2021
|
$
|
1,923.9
|
$
|
74.7
|
$
|
33.7
|
$
|
2,032.3
|
||||||||
Changes from financing cash flows
|
||||||||||||||||
Debt issued
|
200.0
|
-
|
-
|
200.0
|
||||||||||||
Debt repayments
|
(500.0
|
)
|
-
|
-
|
(500.0
|
)
|
||||||||||
Interest paid
|
-
|
-
|
(46.9
|
)
|
(46.9
|
)
|
||||||||||
Payment of lease liabilities
|
-
|
(33.8
|
)
|
-
|
(33.8
|
)
|
||||||||||
|
1,623.9
|
40.9
|
(13.2
|
)
|
1,651.6
|
|||||||||||
Other changes
|
||||||||||||||||
Interest expense and accretion
|
$
|
-
|
$
|
3.8
|
$
|
67.7
|
$
|
71.5
|
||||||||
Capitalized interest
|
-
|
-
|
48.3
|
48.3
|
||||||||||||
Capitalized interest paid
|
-
|
-
|
(51.1
|
)
|
(51.1
|
)
|
||||||||||
Additions of lease liabilities
|
-
|
10.2
|
-
|
10.2
|
||||||||||||
Other
|
6.0
|
(0.1
|
)
|
(26.4
|
)
|
(20.5
|
)
|
|||||||||
|
6.0
|
13.9
|
38.5
|
58.4
|
||||||||||||
Balance as at December 31, 2021
|
$
|
1,629.9
|
$
|
54.8
|
$
|
25.3
|
$
|
1,710.0
|
(a)
|
Included in Accounts payable and accrued liabilities.
|
|
Long-term debt
and credit facilities
|
Lease liabilities
|
Accrued interest payable(a)
|
Total
|
||||||||||||
Balance as at January 1, 2020
|
$
|
1,837.4
|
$
|
54.9
|
$
|
33.3
|
$
|
1,925.6
|
||||||||
Changes from financing cash flows
|
||||||||||||||||
Debt issued
|
950.0
|
-
|
-
|
950.0
|
||||||||||||
Debt repayments
|
(850.0
|
)
|
-
|
-
|
(850.0
|
)
|
||||||||||
Interest paid
|
-
|
-
|
(63.1
|
)
|
(63.1
|
)
|
||||||||||
Payment of lease liabilities
|
-
|
(20.7
|
)
|
-
|
(20.7
|
)
|
||||||||||
|
1,937.4
|
34.2
|
(29.8
|
)
|
1,941.8
|
|||||||||||
Other changes
|
||||||||||||||||
Interest expense and accretion
|
$
|
-
|
$
|
3.0
|
$
|
86.6
|
$
|
89.6
|
||||||||
Capitalized interest
|
-
|
-
|
49.1
|
49.1
|
||||||||||||
Capitalized interest paid
|
-
|
-
|
(47.9
|
)
|
(47.9
|
)
|
||||||||||
Additions of lease liabilities
|
-
|
38.2
|
-
|
38.2
|
||||||||||||
Other
|
(13.5
|
)
|
(0.7
|
)
|
(24.3
|
)
|
(38.5
|
)
|
||||||||
|
(13.5
|
)
|
40.5
|
63.5
|
90.5
|
|||||||||||
Balance as at December 31, 2020
|
$
|
1,923.9
|
$
|
74.7
|
$
|
33.7
|
$
|
2,032.3
|
(a)
|
Included in Accounts payable and accrued liabilities.
|
13.
|
LEASES
|
|
December 31,
|
December 31,
|
||||||
|
2021
|
2020
|
||||||
Current portion of lease liabilities
|
$
|
19.7
|
$
|
28.4
|
||||
Long-term lease liabilities
|
35.1
|
46.3
|
||||||
|
$
|
54.8
|
$
|
74.7
|
|
2022
|
2023-2026
|
2027+
|
|
||||||||||||
|
Total
|
Within 1 year
|
1 to 5 years
|
More than 5 years
|
||||||||||||
Lease liabilities
|
$
|
62.8
|
$
|
21.7
|
$
|
30.1
|
$
|
11.0
|
|
December 31,
|
December 31,
|
||||||
|
2021
|
2020
|
||||||
Leases with a term of 12 months or less
|
$
|
6.5
|
$
|
4.8
|
||||
Leases of low-value assets
|
0.3
|
0.1
|
||||||
Leases with variable lease payments
|
36.5
|
31.2
|
||||||
|
$
|
43.3
|
$
|
36.1
|
14.
|
PROVISIONS
|
|
Reclamation and remediation obligations (i)
|
Other
|
Total
|
|||||||||
Balance at January 1, 2021
|
$
|
896.1
|
$
|
28.8
|
$
|
924.9
|
||||||
Additions
|
23.0
|
48.5
|
71.5
|
|||||||||
Reductions
|
(40.7
|
)
|
(6.4
|
)
|
(47.1
|
)
|
||||||
Reclamation spending
|
(25.7
|
)
|
-
|
(25.7
|
)
|
|||||||
Accretion
|
14.2
|
-
|
14.2
|
|||||||||
Reclamation expense
|
0.1
|
-
|
0.1
|
|||||||||
Balance at December 31, 2021
|
$
|
867.0
|
$
|
70.9
|
$
|
937.9
|
||||||
|
||||||||||||
Current portion
|
41.9
|
48.1
|
90.0
|
|||||||||
Non-current portion
|
825.1
|
22.8
|
847.9
|
|||||||||
|
$
|
867.0
|
$
|
70.9
|
$
|
937.9
|
(i)
|
Reclamation and remediation obligations
|
15.
|
COMMON SHARE CAPITAL
|
|
Year ended December 31, 2021
|
Year ended December 31, 2020
|
||||||||||||||
|
Number of shares
|
Amount
|
Number of shares
|
Amount
|
||||||||||||
|
(000's)
|
(000's)
|
||||||||||||||
Common shares
|
||||||||||||||||
Balance at January 1,
|
1,258,320
|
$
|
4,473.7
|
1,253,766
|
$
|
14,926.2
|
||||||||||
Transfer to contributed surplus on reduction of stated capital(a)
|
-
|
-
|
-
|
(10,473.4
|
)
|
|||||||||||
Repurchase and cancellation of shares (ii)
|
(17,608
|
)
|
(62.9
|
)
|
-
|
-
|
||||||||||
Issued under share option and restricted share plans
|
3,621
|
16.9
|
4,554
|
20.9
|
||||||||||||
Balance at end of period
|
1,244,333
|
$
|
4,427.7
|
1,258,320
|
$
|
4,473.7
|
||||||||||
|
||||||||||||||||
Total common share capital
|
$
|
4,427.7
|
$
|
4,473.7
|
(a)
|
Effective as of May 6, 2020, the shareholders of the Company approved a resolution to reduce the stated capital account of the common shares, with a
resulting addition to contributed surplus.
|
i.
|
Dividends on common shares
|
|
Per share
|
Total amount paid
|
||||||
Dividends declared and paid during the periods:
|
||||||||
Three months ended March 31, 2021
|
$
|
0.03
|
$
|
37.8
|
||||
Three months ended June 30, 2021
|
0.03
|
37.9
|
||||||
Three months ended September 30, 2021
|
0.03
|
37.8
|
||||||
Three months ended December 31, 2021
|
0.03
|
37.6
|
||||||
Total
|
$
|
151.1
|
ii.
|
Repurchase and cancellation of common shares
|
16.
|
SHARE-BASED PAYMENTS
|
|
Years ended December 31,
|
|||||||
|
2021
|
2020
|
||||||
Share option plan expense (i)
|
$
|
0.3
|
$
|
1.0
|
||||
Restricted share unit plan expense, including restricted performance shares (ii)
|
19.2
|
29.7
|
||||||
Deferred share units expense (iii)
|
1.4
|
1.3
|
||||||
Employer portion of employee share purchase plan (iv)
|
2.8
|
2.4
|
||||||
Total share-based compensation expense
|
$
|
23.7
|
$
|
34.4
|
(i)
|
Share option plan
|
|
2021
|
2020
|
||||||||||||||
|
Number of options (000's)
|
Weighted average exercise price (CDN$/option)
|
Number of options (000's)
|
Weighted average exercise price (CDN$/option)
|
||||||||||||
Balance at January 1
|
5,601
|
$
|
4.68
|
10,170
|
$
|
5.16
|
||||||||||
Exercised
|
(1,624
|
)
|
5.13
|
(2,566
|
)
|
4.90
|
||||||||||
Forfeited
|
(213
|
)
|
4.97
|
(808
|
)
|
5.02
|
||||||||||
Expired
|
-
|
-
|
(1,195
|
)
|
8.03
|
|||||||||||
Outstanding at end of period
|
3,764
|
$
|
4.47
|
5,601
|
$
|
4.68
|
||||||||||
Exercisable at end of period
|
3,273
|
$
|
4.47
|
3,813
|
$
|
4.68
|
Options outstanding
|
Options exercisable
|
|||||||||||||||||||||||||||||
|
Number of options
|
Weighted average exercise price
|
Weighted average remaining contractual life
|
Number of options
|
Weighted average exercise price
|
Weighted average remaining contractual life
|
||||||||||||||||||||||||
Exercise price range in CDN$: |
(000’s)
|
(CDN$)
|
(years)
|
(000’s)
|
(CDN$)
|
(years)
|
||||||||||||||||||||||||
$ |
3.73
|
$ |
4.25
|
1,335
|
3.87
|
0.53
|
1,335
|
3.89
|
0.53
|
|||||||||||||||||||||
4.26
|
4.75
|
1,078
|
4.58
|
3.89
|
587
|
4.59
|
3.97
|
|||||||||||||||||||||||
4.76
|
5.06
|
1,351
|
4.98
|
2.72
|
1,351
|
4.99
|
2.72
|
|||||||||||||||||||||||
3,764
|
$
|
4.47
|
2.28
|
3,273
|
$
|
4.47
|
2.05
|
(ii)
|
Restricted share plans
|
(a)
|
Restricted share units
|
|
2021
|
2020
|
||||||||||||||
|
Number of units (000's)
|
Weighted average fair value (CDN$/unit)
|
Number of units (000's)
|
Weighted average fair value (CDN$/unit)
|
||||||||||||
Balance at January 1
|
6,475
|
$
|
5.86
|
8,512
|
$
|
4.68
|
||||||||||
Granted
|
3,017
|
8.80
|
3,106
|
7.42
|
||||||||||||
Reinvested
|
175
|
6.82
|
-
|
-
|
||||||||||||
Redeemed
|
(3,748
|
)
|
5.36
|
(4,199
|
)
|
4.78
|
||||||||||
Forfeited
|
(626
|
)
|
6.84
|
(944
|
)
|
5.17
|
||||||||||
Outstanding at end of period
|
5,293
|
$
|
7.81
|
6,475
|
$
|
5.86
|
(b)
|
Restricted performance share units
|
|
2021
|
2020
|
||||||||||||||
|
Number of units (000's)
|
Weighted average fair value (CDN$/unit)
|
Number of units (000's)
|
Weighted average fair value (CDN$/unit)
|
||||||||||||
Balance at January 1
|
4,459
|
$
|
5.95
|
4,937
|
$
|
5.16
|
||||||||||
Granted
|
1,378
|
8.37
|
1,436
|
7.76
|
||||||||||||
Reinvested
|
77
|
6.90
|
-
|
-
|
||||||||||||
Redeemed
|
(1,739
|
)
|
4.92
|
(1,575
|
)
|
5.32
|
||||||||||
Forfeited
|
(394
|
)
|
6.66
|
(339
|
)
|
5.02
|
||||||||||
Outstanding at end of period
|
3,781
|
$
|
7.25
|
4,459
|
$
|
5.95
|
(iii)
|
Deferred share unit plan
|
|
Years ended December 31,
|
|||||||
|
2021
|
2020
|
||||||
DSUs granted (000's)
|
234
|
203
|
||||||
Weighted average grant-date fair value (CDN$/ unit)
|
$
|
7.55
|
$
|
8.66
|
(iv)
|
Employee share purchase plan
|
17.
|
EARNINGS PER SHARE
|
|
Years ended December 31,
|
|||||||
(Number of common shares in thousands)
|
2021
|
2020
|
||||||
Basic weighted average shares outstanding:
|
1,259,059
|
1,257,163
|
||||||
Weighted average shares dilution adjustments:
|
||||||||
Stock options(a)
|
1,942
|
3,218
|
||||||
Restricted share units
|
3,203
|
2,929
|
||||||
Restricted performance share units
|
4,942
|
4,660
|
||||||
Diluted weighted average shares outstanding
|
1,269,146
|
1,267,970
|
||||||
|
||||||||
Weighted average shares dilution adjustments - exclusions:(b)
|
||||||||
Stock options(a)
|
-
|
165
|
||||||
Restricted share units
|
-
|
-
|
||||||
Restricted performance share units
|
-
|
-
|
(a)
|
Dilutive stock options were determined using the Company’s average share price for the year. For the years ended December 31, 2021 and 2020, the average share price used was $6.56 and
$7.00, respectively.
|
(b)
|
These adjustments were excluded as they are anti-dilutive.
|
18.
|
INCOME TAX EXPENSE
|
|
Years ended December 31,
|
|||||||
|
2021
|
2020
|
||||||
|
||||||||
Current tax expense
|
||||||||
Current period
|
$
|
264.5
|
$
|
297.7
|
||||
Settlement or adjustment for prior periods
|
49.9
|
(75.8
|
)
|
|||||
|
||||||||
Deferred tax expense
|
||||||||
Origination and reversal of temporary differences
|
(136.0
|
)
|
334.6
|
|||||
Change in unrecognized deferred tax assets
|
72.3
|
(116.7
|
)
|
|||||
Total tax expense
|
$
|
250.7
|
$
|
439.8
|
|
2021
|
2020
|
||||||
Combined statutory income tax rate
|
26.5%
|
|
26.5%
|
|
||||
|
||||||||
Increase (decrease) resulting from:
|
||||||||
Mining taxes
|
0.2%
|
|
1.7%
|
|
||||
Percentage of depletion
|
(0.4%
|
)
|
(0.9%
|
)
|
||||
Difference in foreign tax rates and foreign exchange on deferred income taxes within income tax expense
|
4.7%
|
|
5.5%
|
|
||||
Change in unrecognized deferred tax assets
|
7.5%
|
|
(0.4%
|
)
|
||||
True-up of prior provisions to tax filings
|
(1.1%
|
)
|
-
|
|||||
Income not subject to tax
|
(0.1%
|
)
|
(0.7%
|
)
|
||||
Effect of non-taxable impairment reversals
|
-
|
(6.9%
|
)
|
|||||
Accounting expenses disallowed for tax
|
6.3%
|
|
1.7%
|
|
||||
Taxes on repatriation of foreign earnings
|
1.2%
|
|
0.1%
|
|
||||
Impact of CARES Act
|
-
|
(1.4%
|
)
|
|||||
Settlement of prior period taxes
|
11.1%
|
|
0.5%
|
|
||||
Other
|
(2.5%
|
)
|
(1.2%
|
)
|
||||
Effective tax rate
|
53.4%
|
|
24.5%
|
|
i.
|
Deferred income tax
|
|
December 31,
2021 |
December 31,
2020 |
||||||
Deferred tax assets
|
||||||||
Accrued expenses and other
|
$
|
49.0
|
$
|
51.1
|
||||
Property, plant and equipment
|
1.8
|
5.2
|
||||||
Reclamation and remediation obligations
|
118.6
|
123.3
|
||||||
Inventory capitalization
|
20.6
|
20.8
|
||||||
Losses
|
90.8
|
54.4
|
||||||
|
280.8
|
254.8
|
||||||
Deferred tax liabilities
|
||||||||
Accrued expenses and other
|
1.3
|
2.4
|
||||||
Property, plant and equipment
|
662.7
|
677.5
|
||||||
Inventory capitalization
|
47.1
|
60.0
|
||||||
Deferred tax liabilities - net
|
$
|
430.3
|
$
|
485.1
|
|
December 31,
2021 |
December 31,
2020 |
||||||
Balance at the beginning of the period
|
$
|
485.1
|
$
|
269.3
|
||||
Recognized in the statement of operations
|
(63.7
|
)
|
217.9
|
|||||
Recognized in OCI
|
8.9
|
(2.1
|
)
|
|||||
Balance at the end of the period
|
$
|
430.3
|
$
|
485.1
|
ii.
|
Unrecognized deferred tax assets and liabilities
|
|
December 31,
2021 |
December 31,
2020 |
||||||
Deductible temporary differences
|
$
|
572.0
|
$
|
535.2
|
||||
Tax losses
|
$
|
363.9
|
$
|
394.1
|
iii.
|
Non-capital losses (not recognized)
|
Country
|
Type
|
Amount
|
Expiry Date
|
||||||
Canada
|
Net operating losses
|
$
|
1,053.6
|
2027 - 2041
|
|||||
United States(a)
|
Net operating losses
|
37.6
|
2022 - 2040
|
||||||
Chile
|
Net operating losses
|
130.2
|
No expiry
|
||||||
Brazil
|
Net operating losses
|
1.6
|
No expiry
|
||||||
Russia
|
Net operating losses
|
24.7
|
No expiry
|
||||||
Mauritania
|
Net operating losses
|
4.8
|
2022 - 2026
|
||||||
Barbados
|
Net operating losses
|
144.6
|
2023 - 2027
|
||||||
Luxembourg
|
Net operating losses
|
77.2
|
Various
|
||||||
Other
|
Net operating losses
|
89.1
|
Various
|
(a)
|
Utilization of the United States loss carry forwards will be limited in any year as a result of the previous changes in ownership.
|
19.
|
SEGMENTED INFORMATION
|
i.
|
Operating segments
|
|
Operating segments
|
Non-operating segments(a)
|
||||||||||||||||||||||||||||||||||
Year ended December 31, 2021:
|
Fort Knox
|
Round Mountain
|
Bald Mountain
|
Paracatu
|
Kupol
|
Tasiast
|
Chirano
|
Corporate and other(b),(c)
|
Total
|
|||||||||||||||||||||||||||
Revenue
|
||||||||||||||||||||||||||||||||||||
Metal sales
|
$
|
473.3
|
466.6
|
352.1
|
987.9
|
862.8
|
314.7
|
267.0
|
5.0
|
$
|
3,729.4
|
|||||||||||||||||||||||||
Cost of sales
|
||||||||||||||||||||||||||||||||||||
Production cost of sales
|
267.2
|
235.9
|
177.5
|
412.1
|
306.2
|
123.6
|
201.6
|
2.0
|
1,726.1
|
|||||||||||||||||||||||||||
Depreciation, depletion and amortization
|
109.8
|
65.2
|
195.9
|
180.6
|
70.5
|
136.9
|
73.0
|
9.0
|
840.9
|
|||||||||||||||||||||||||||
Impairment charges and asset derecognition
|
-
|
-
|
144.5
|
-
|
-
|
-
|
-
|
-
|
144.5
|
|||||||||||||||||||||||||||
Total cost of sales
|
377.0
|
301.1
|
517.9
|
592.7
|
376.7
|
260.5
|
274.6
|
11.0
|
2,711.5
|
|||||||||||||||||||||||||||
Gross profit (loss)
|
$
|
96.3
|
165.5
|
(165.8
|
)
|
395.2
|
486.1
|
54.2
|
(7.6
|
)
|
(6.0
|
)
|
$
|
1,017.9
|
||||||||||||||||||||||
Other operating expense
|
0.7
|
51.3
|
1.7
|
9.9
|
26.7
|
116.9
|
0.9
|
86.5
|
294.6
|
|||||||||||||||||||||||||||
Exploration and business development
|
3.7
|
5.6
|
7.2
|
0.9
|
16.7
|
4.3
|
11.9
|
82.8
|
133.1
|
|||||||||||||||||||||||||||
General and administrative
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
126.6
|
126.6
|
|||||||||||||||||||||||||||
Operating earnings (loss)
|
$
|
91.9
|
108.6
|
(174.7
|
)
|
384.4
|
442.7
|
(67.0
|
)
|
(20.4
|
)
|
(301.9
|
)
|
$
|
463.6
|
|||||||||||||||||||||
Other income - net
|
79.2
|
|||||||||||||||||||||||||||||||||||
Finance income
|
12.3
|
|||||||||||||||||||||||||||||||||||
Finance expense
|
(85.7
|
)
|
||||||||||||||||||||||||||||||||||
Earnings before tax
|
$
|
469.4
|
|
Operating segments
|
Non-operating segments(a)
|
||||||||||||||||||||||||||||||||||
Year ended December 31, 2020:
|
Fort Knox
|
Round Mountain
|
Bald Mountain
|
Paracatu
|
Kupol
|
Tasiast
|
Chirano
|
Corporate and other(b),(c)
|
Total
|
|||||||||||||||||||||||||||
Revenue
|
||||||||||||||||||||||||||||||||||||
Metal sales
|
$
|
422.9
|
565.5
|
330.5
|
960.7
|
904.6
|
718.0
|
295.1
|
16.1
|
$
|
4,213.4
|
|||||||||||||||||||||||||
Cost of sales
|
||||||||||||||||||||||||||||||||||||
Production cost of sales
|
251.3
|
219.6
|
155.9
|
358.9
|
304.5
|
235.7
|
196.1
|
3.7
|
1,725.7
|
|||||||||||||||||||||||||||
Depreciation, depletion and amortization
|
97.2
|
49.6
|
128.3
|
183.5
|
123.5
|
191.8
|
58.2
|
10.2
|
842.3
|
|||||||||||||||||||||||||||
(Reversals of) impairment charges - net
|
-
|
-
|
-
|
-
|
27.8
|
(289.2
|
)
|
(204.5
|
)
|
(185.0
|
)
|
(650.9
|
)
|
|||||||||||||||||||||||
Total cost of sales
|
348.5
|
269.2
|
284.2
|
542.4
|
455.8
|
138.3
|
49.8
|
(171.1
|
)
|
1,917.1
|
||||||||||||||||||||||||||
Gross profit
|
$
|
74.4
|
296.3
|
46.3
|
418.3
|
448.8
|
579.7
|
245.3
|
187.2
|
$
|
2,296.3
|
|||||||||||||||||||||||||
Other operating expense (income)
|
2.6
|
3.9
|
5.2
|
11.3
|
32.5
|
73.4
|
(2.2
|
)
|
59.8
|
186.5
|
||||||||||||||||||||||||||
Exploration and business development
|
4.8
|
5.6
|
6.5
|
-
|
5.8
|
2.0
|
9.4
|
58.4
|
92.5
|
|||||||||||||||||||||||||||
General and administrative
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
117.9
|
117.9
|
|||||||||||||||||||||||||||
Operating earnings (loss)
|
$
|
67.0
|
286.8
|
34.6
|
407.0
|
410.5
|
504.3
|
238.1
|
(48.9
|
)
|
$
|
1,899.4
|
||||||||||||||||||||||||
Other income - net
|
7.4
|
|||||||||||||||||||||||||||||||||||
Finance income
|
4.3
|
|||||||||||||||||||||||||||||||||||
Finance expense
|
(112.6
|
)
|
||||||||||||||||||||||||||||||||||
Earnings before tax
|
$
|
1,798.5
|
|
Operating segments
|
Non-operating segments(a)
|
||||||||||||||||||||||||||||||||||
|
Fort Knox
|
Round Mountain
|
Bald Mountain
|
Paracatu
|
Kupol
|
Tasiast
|
Chirano
|
Corporate and other(b)
|
Total
|
|||||||||||||||||||||||||||
Property, plant and equipment at:
|
||||||||||||||||||||||||||||||||||||
December 31, 2021
|
$
|
429.5
|
829.3
|
392.4
|
1,665.2
|
244.0
|
2,406.4
|
309.2
|
1,341.7
|
$
|
7,617.7
|
|||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Total assets at:
|
||||||||||||||||||||||||||||||||||||
December 31, 2021
|
$
|
749.8
|
1,074.4
|
586.5
|
2,016.6
|
752.3
|
2,911.5
|
406.7
|
1,930.3
|
$
|
10,428.1
|
|||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Capital expenditures for year ended December 31, 2021(d)
|
$
|
126.7
|
140.7
|
40.1
|
112.6
|
26.6
|
320.6
|
47.8
|
205.5
|
$
|
1,020.6
|
|
Operating segments
|
Non-operating segments(a)
|
||||||||||||||||||||||||||||||||||
|
Fort Knox
|
Round Mountain
|
Bald Mountain
|
Paracatu
|
Kupol
|
Tasiast
|
Chirano
|
Corporate and other(b)
|
Total
|
|||||||||||||||||||||||||||
Property, plant and equipment at:
|
||||||||||||||||||||||||||||||||||||
December 31, 2020
|
$
|
488.7
|
774.6
|
635.7
|
1,718.8
|
271.2
|
2,277.3
|
332.7
|
1,154.5
|
$
|
7,653.5
|
|||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Total assets at:
|
||||||||||||||||||||||||||||||||||||
December 31, 2020
|
$
|
719.7
|
1,028.0
|
857.1
|
2,226.3
|
896.9
|
2,699.8
|
429.8
|
2,075.6
|
$
|
10,933.2
|
|||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Capital expenditures for year ended December 31, 2020(d)
|
$
|
150.1
|
180.6
|
129.1
|
161.3
|
32.9
|
302.2
|
23.4
|
82.3
|
$
|
1,061.9
|
(a)
|
Non-operating segments include development and pre-development properties.
|
(b)
|
Corporate and other includes corporate, shutdown and other non-operating assets (including Chulbatkan, Kettle River-Buckhorn, La Coipa, Lobo-Marte, Manh Choh, and
Maricunga).
|
(c)
|
Corporate and other includes metal sales and operating losses of Maricunga of $5.0 million and $(17.8) million, respectively, for the year ended December 31, 2021
($16.1 million and $(12.5) million, respectively, for the year ended December 31, 2020) as Maricunga continues to sell its remaining finished metals inventories after transitioning all processing activities to care and maintenance in 2019.
|
(d)
|
Segment capital expenditures are presented on an accrual basis and include capitalized interest. Additions to property, plant and equipment in the consolidated
statements of cash flows are presented on a cash basis.
|
ii.
|
Geographic segments
|
|
Metal sales
|
Property, plant and equipment
|
||||||||||||||
|
Years ended December 31,
|
As at December 31,
|
||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Geographic information(a)
|
||||||||||||||||
United States
|
$
|
1,292.0
|
$
|
1,318.9
|
$
|
1,818.5
|
$
|
2,043.7
|
||||||||
Russian Federation
|
862.8
|
904.6
|
$
|
616.1
|
604.0
|
|||||||||||
Brazil
|
987.9
|
960.7
|
1,672.7
|
1,721.5
|
||||||||||||
Chile
|
5.0
|
16.1
|
779.9
|
653.5
|
||||||||||||
Mauritania
|
314.7
|
718.0
|
2,419.9
|
2,289.2
|
||||||||||||
Ghana
|
267.0
|
295.1
|
310.6
|
341.6
|
||||||||||||
Total
|
$
|
3,729.4
|
$
|
4,213.4
|
$
|
7,617.7
|
$
|
7,653.5
|
(a)
|
Geographic location is determined based on location of the mining assets.
|
iii.
|
Significant customers
|
Year ended December 31, 2021:
|
Fort Knox
|
Round Mountain
|
Bald Mountain
|
Paracatu
|
Kupol
|
Tasiast
|
Chirano
|
Corporate and other(a)
|
Total
|
|||||||||||||||||||||||||||||
Customer
|
||||||||||||||||||||||||||||||||||||||
1
|
$
|
29.9
|
59.9
|
51.5
|
72.7
|
128.8
|
63.7
|
50.3
|
1.2
|
458.0
|
||||||||||||||||||||||||||||
2
|
63.1
|
22.5
|
44.4
|
112.4
|
57.9
|
108.3
|
44.1
|
-
|
452.7
|
|||||||||||||||||||||||||||||
3
|
95.3
|
83.2
|
38.2
|
180.2
|
-
|
-
|
-
|
0.9
|
397.8
|
|||||||||||||||||||||||||||||
4
|
4.7
|
28.9
|
34.9
|
49.0
|
122.6
|
55.5
|
81.9
|
-
|
377.5
|
|||||||||||||||||||||||||||||
$
|
1,686.0
|
|||||||||||||||||||||||||||||||||||||
% of total metal sales
|
45.2%
|
|
(a)
|
The Corporate and other segment includes metal sales for Maricunga for the year ended December 31, 2021.
|
Year ended December 31, 2020:
|
Fort Knox
|
Round Mountain
|
Bald Mountain
|
Paracatu
|
Kupol
|
Tasiast
|
Chirano
|
Corporate and other(a)
|
Total
|
|||||||||||||||||||||||||||||
Customer
|
||||||||||||||||||||||||||||||||||||||
1
|
$
|
36.1
|
83.7
|
48.3
|
109.4
|
100.6
|
233.1
|
36.8
|
0.6
|
648.6
|
||||||||||||||||||||||||||||
2
|
17.6
|
22.9
|
14.9
|
54.3
|
225.5
|
109.3
|
54.0
|
-
|
498.5
|
|||||||||||||||||||||||||||||
3
|
73.1
|
81.6
|
43.7
|
121.5
|
-
|
45.0
|
61.9
|
1.7
|
428.5
|
|||||||||||||||||||||||||||||
$
|
1,575.6
|
|||||||||||||||||||||||||||||||||||||
% of total metal sales
|
37.4%
|
|
(a)
|
The Corporate and other segment includes metal sales for Maricunga for the year ended December 31, 2020.
|
20.
|
COMMITMENTS AND CONTINGENCIES
|
i.
|
Commitments
|
ii.
|
Contingencies
|
21.
|
RELATED PARTY TRANSACTIONS
|
|
Years ended December 31,
|
|||||||
|
2021
|
2020
|
||||||
Cash compensation - salaries, short-term incentives, and other benefits
|
$
|
8.2
|
$
|
7.4
|
||||
Long-term incentives, including share-based payments
|
6.8
|
8.8
|
||||||
Termination and post-retirement benefits
|
1.3
|
1.1
|
||||||
Total compensation paid to key management personnel
|
$
|
16.3
|
$
|
17.3
|
22.
|
SUBSEQUENT EVENT
|