Kinross Gold (KGC) 40-F 30 Mar 21 2020 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2020shares
Document and Entity Information
Document Type	40-F
Document Period End Date	Dec. 31, 2020
Entity Registrant Name	KINROSS GOLD CORP
Title of 12(b) Security	Common stock, no par value
Trading Symbol	KGC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	1,258,320,461
Entity Central Index Key	0000701818
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 1,210.9	$ 575.1
Restricted cash	13.7	15.2
Accounts receivable and other assets	122.3	137.4
Current income tax recoverable	29.9	43.2
Inventories	1,072.9	1,053.8
Current assets	2,449.7	1,824.7
Non-current assets
Property, plant and equipment	7,653.5	6,340
Goodwill	158.8	158.8
Long-term investments	113	126.2
Investment in joint venture	18.3	18.4
Other long-term assets	537.2	572.7
Deferred tax assets	2.7	35.2
Total assets	10,933.2	9,076
Current liabilities
Accounts payable and accrued liabilities	479.2	469.3
Current income tax payable	114.5	68
Current portion of long-term debt and credit facilities	499.7
Current portion of provisions	63.8	57.9
Other current liabilities	49.7	20.3
Deferred payment obligation	141.5
Current liabilities	1,348.4	615.5
Non-current liabilities
Long-term debt and credit facilities	1,424.2	1,837.4
Provisions	861.1	838.6
Long-term lease liabilities	46.3	38.9
Other long-term liabilities	102.4	108.5
Deferred tax liabilities	487.8	304.5
Total liabilities	4,270.2	3,743.4
Equity
Common share capital	4,473.7	14,926.2
Contributed surplus	10,709	242.1
Accumulated deficit	(8,562.5)	(9,829.4)
Accumulated other comprehensive income (loss)	(23.7)	(20.4)
Total common shareholders' equity	6,596.5	5,318.5
Non-controlling interests	66.5	14.1
Total equity	6,663	5,332.6
Commitments and contingencies
Subsequent events
Total liabilities and equity	$ 10,933.2	$ 9,076
Common shares
Common shares issued (shares)	1,258,320,461	1,253,765,724

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue
Metal sales	$ 4,213.4	$ 3,497.3
Cost of sales
Production cost of sales	1,725.7	1,778.9
Depreciation, depletion and amortization	842.3	731.3
Reversals of impairment charges - net	(650.9)	(361.8)
Total cost of sales	1,917.1	2,148.4
Gross profit	2,296.3	1,348.9
Other operating expense	186.5	108.5
Exploration and business development	92.5	113.5
General and administrative	117.9	135.8
Operating earnings	1,899.4	991.1
Other income - net	7.4	72.7
Finance income	4.3	7.9
Finance expense	(112.6)	(107.9)
Earnings before tax	1,798.5	963.8
Income tax expense - net	(439.8)	(246.7)
Net earnings	1,358.7	717.1
Net earnings (loss) attributable to:
Non-controlling interests	16.3	(1.5)
Common shareholders	$ 1,342.4	$ 718.6
Earnings per share attributable to common shareholders
Basic	$ 1.07	$ 0.57
Diluted	$ 1.06	$ 0.57
Weighted average number of common shares outstanding
Basic	1,257,163	1,252,316
Diluted	1,267,970	1,262,344

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net earnings	$ 1,358.7	$ 717.1
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)	0.3	49
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)	(27.7)	23.6
Cash flow hedges - reclassified out of accumulated other comprehensive income ("AOCI") (c)	24.1	5.5
Total other comprehensive income (loss), net of tax	(3.3)	78.1
Total comprehensive income	1,355.4	795.2
Attributable to non-controlling interest	16.3	(1.5)
Attributable to common shareholders	$ 1,339.1	$ 796.7

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Income tax expense, equity investments		$ 0.3
Income tax expense (recovery), cash flow hedges - effective portion	$ (12.5)	4.5
Income tax expense, cash flow hedges - reclassified out of accumulated other comprehensive income	$ 10.4	$ 3.2

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating:
Net earnings (loss)	$ 1,358.7	$ 717.1
Adjustments to reconcile net earnings to net cash provided from operating activities:
Depreciation, depletion and amortization	842.3	731.3
Reversals of impairment charges - net	(650.9)	(361.8)
Share-based compensation expense	13.7	14.3
Finance expense	112.6	107.9
Deferred tax expense	217.9	41.1
Foreign exchange losses (gains) and other	11.8	(53.2)
Reclamation expense (recovery)	6.6	(11.9)
Changes in operating assets and liabilities:
Accounts receivable and other assets	(120.9)	(64.5)
Inventories	(6.8)	53.8
Accounts payable and accrued liabilities	279	165.9
Cash flow provided from operating activities	2,064	1,340
Income taxes paid	(106.4)	(115.1)
Net cash flow provided from operating activities	1,957.6	1,224.9
Investing:
Additions to property, plant and equipment	(916.1)	(1,060.2)
Interest paid capitalized to property, plant and equipment	(47.9)	(45)
Acquisitions	(267)	(30)
Net proceeds from the sale of (additions to) long-term investments and other assets	(5.9)	71.6
Net proceeds from the sale of property, plant and equipment	8.4	31.9
Increase in restricted cash - net	(23.5)	(2.5)
Interest received and other - net	2.9	7.6
Net cash flow used in investing activities	(1,249.1)	(1,026.6)
Financing:
Proceeds from drawdown of debt	950	300
Repayment of debt	(850)	(200)
Interest paid	(63.1)	(55.6)
Payment of lease liabilities	(20.7)	(14.3)
Dividends paid to common shareholders	(75.5)
Dividends paid to non-controlling interest	(6)	(5)
Other - net	(2.4)
Net cash flow (used in) provided from financing activities	(67.7)	25.1
Effect of exchange rate changes on cash and cash equivalents	(5)	2.7
Increase in cash and cash equivalents	635.8	226.1
Cash and cash equivalents, beginning of period	575.1	349
Cash and cash equivalents, end of period	$ 1,210.9	$ 575.1

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Common share capital	Contributed surplus	Accumulated deficit	Accumulated other comprehensive income (loss)	Total accumulated deficit and accumulated other comprehensive income (loss)	Total common shareholders' equity	Non-controlling interests	Total
Balance at beginning of the period at Dec. 31, 2018	$ 14,913.4	$ 239.8	$ (10,548)	$ (98.5)			$ 20.6
Transfer from contributed surplus on exercise of restricted shares	5.3
Options exercised, including cash	7.5
Share-based compensation		14.3
Transfer of fair value of exercised options and restricted shares		(12)
Net earnings attributable to common shareholders			718.6					$ 718.6
Other comprehensive (loss) income, net of tax				78.1				78.1
Net earnings (loss) attributable to non-controlling interest							(1.5)	(1.5)
Dividends paid to non-controlling interest							(5)
Balance at end of the period at Dec. 31, 2019	14,926.2	242.1	(9,829.4)	(20.4)	$ (9,849.8)	$ 5,318.5	14.1	5,332.6
Transfer to (from) contributed surplus on reduction of stated capital	(10,473.4)	10,473.4
Transfer from contributed surplus on exercise of restricted shares	7.8
Options exercised, including cash	13.1
Share-based compensation		13.7
Transfer of fair value of exercised options and restricted shares		(20.2)
Net earnings attributable to common shareholders			1,342.4					1,342.4
Other comprehensive (loss) income, net of tax				(3.3)				(3.3)
Net earnings (loss) attributable to non-controlling interest							16.3	16.3
Non-controlling interest resulting from Peak acquisition							41
Funding from non-controlling interest							1.1
Dividends paid			(75.5)					(75.5)
Dividends paid to non-controlling interest							(6)
Balance at end of the period at Dec. 31, 2020	$ 4,473.7	$ 10,709	$ (8,562.5)	$ (23.7)	$ (8,586.2)	$ 6,596.5	$ 66.5	$ 6,663

DESCRIPTION OF BUSINESS AND NAT

DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2020
DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS
DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS	1. DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS Kinross Gold Corporation and its subsidiaries and joint arrangements (collectively, "Kinross" or the "Company") are engaged in gold mining and related activities, including exploration and acquisition of gold-bearing properties, extraction and processing of gold-containing ore and reclamation of gold mining properties. Kinross Gold Corporation, the ultimate parent, is a public company incorporated and domiciled in Canada with its registered office at 25 York Street, 17th floor, Toronto, Ontario, Canada, M5J 2V5. Kinross' gold production and exploration activities are carried out principally in Canada, the United States, the Russian Federation, Brazil, Chile, Ghana and Mauritania. Gold is produced in the form of doré, which is shipped to refineries for final processing. Kinross also produces and sells a quantity of silver. The Company is listed on the Toronto Stock Exchange and the New York Stock Exchange. In anticipation of and in response to the global COVID-19 pandemic, Kinross' protocols and contingency plans, which the Company began implementing in late January 2020, have mitigated impacts of the pandemic to its global portfolio. All of Kinross' mines continued production during the year ended December 31, 2020, as the Company's ongoing response to the COVID-19 pandemic continued to maintain the safety of its global workforce and host communities while mitigating operational impacts. However, COVID-19 did partially affect overall performance, productivity rates and costs, mainly as a result of global travel constraints and the implementation of enhanced safety protocols and measures at all mines and projects. The consolidated financial statements of the Company for the year ended December 31, 2020 were authorized for issue in accordance with a resolution of the Board of Directors on February 10, 2021.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2020
BASIS OF PRESENTATION
BASIS OF PRESENTATION	2. BASIS OF PRESENTATION These consolidated financial statements for the year ended December 31, 2020 (“financial statements”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. These financial statements were prepared on a going concern basis under the historical cost method except for certain financial assets and liabilities which are measured at fair value. The Company's significant accounting policies are presented in Note 3 and have been consistently applied in each of the periods presented other than as noted in Note 4. Significant accounting estimates, judgments and assumptions used or exercised by management in the preparation of these financial statements are presented in Note 5.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES i. Principles of consolidation The significant mining properties and entities of Kinross are listed below. All operating activities involve gold mining and exploration. Each of the significant entities has a December 31 year-end. As at December 31, December 31, Entity Property/ Segment Location 2020 2019 Subsidiaries: (Consolidated) Fairbanks Gold Mining, Inc. Fort Knox USA 100 % 100 % Kinross Brasil Mineração S.A. ("KBM") Paracatu Brazil 100 % 100 % Compania Minera Maricunga ("CMM") Maricunga and Lobo-Marte Chile 100 % 100 % Compania Minera Mantos de Oro ("MDO") La Coipa / Corporate and Other Chile 100 % 100 % Echo Bay Minerals Company Kettle River - Buckhorn / Corporate and Other USA 100 % 100 % Chukotka Mining and Geological Company Kupol Russian 100 % 100 % Northern Gold LLC Dvoinoye/ Kupol Russian 100 % 100 % Tasiast Mauritanie Ltd. S.A. Tasiast Mauritania 100 % 100 % Chirano Gold Mines Ltd. (a) Chirano Ghana 90 % 90 % KG Mining (Bald Mountain) Inc. ("KGBM") Bald Mountain USA 100 % 100 % Round Mountain Gold Corporation / KG Mining (Round Mountain) Inc. Round Mountain USA 100 % 100 % Udinsk Gold LLC (b) Chulbatkan / Corporate and Other Russian Federation 100 % — Peak Gold, LLC (c) ("Peak") Peak / Corporate and Other USA 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 development project, in Russia. See Note 6i. (c) On September 30, 2020, the Company acquired a 70% interest in the Peak project in Alaska. See Note 6ii. (a) Subsidiaries Subsidiaries are entities controlled by the Company. Control exists when an investor is exposed, or has rights, to variable returns from its involvement with an investee and has the ability to affect those returns through its power over the investee. Subsidiaries are included in the consolidated financial statements from the date control is obtained until the date control ceases. Where the Company’s interest in a subsidiary is less than 100%, the Company recognizes non-controlling interests. All intercompany balances, transactions, income, expenses, profits and losses, including unrealized gains and losses have been eliminated on consolidation. (b) Joint Arrangements The Company conducts a portion of its business through joint arrangements where the parties are bound by contractual arrangements establishing joint control and requiring unanimous consent of each of the parties regarding those activities that significantly affect the returns of the arrangement. The Company’s interest in a joint arrangement is classified as either a joint operation or a joint venture depending on its rights and obligations in the arrangement. In a joint operation, the Company has rights to its share of the assets, and obligations for its share of the liabilities, of the joint arrangement, while in a joint venture, the Company has rights to its share of the net assets of the joint arrangement. For a joint operation, the Company recognizes in the consolidated financial statements, its share of the assets, liabilities, revenue, and expenses of the joint arrangement, while for a joint venture, the Company recognizes its investment in the joint arrangement using the equity method of accounting. (c) Associates Associates are entities, including unincorporated entities such as partnerships, over which the Company has significant influence and that are neither subsidiaries nor interests in joint arrangements. Significant influence is the ability to participate in the financial and operating policy decisions of the investee without having control or joint control over those policies. In general, significant influence is presumed to exist when the Company has between 20% and 50% of voting power. Significant influence may also be evidenced by factors such as the Company’s representation on the board of directors, participation in policy-making of the investee, material transactions with the investee, interchange of managerial personnel, or the provision of essential technical information. Associates are equity accounted for from the effective date of commencement of significant influence to the date that the Company ceases to have significant influence. Results of associates are equity accounted for using the results of their most recent annual financial statements or interim financial statements, as applicable. Losses from associates are recognized in the consolidated financial statements until the interest in the associate is written down to nil. Thereafter, losses are recognized only to the extent that the Company is committed to providing financial support to such associates. The carrying value of the investment in an associate represents the cost of the investment, including goodwill, a share of the post-acquisition retained earnings and losses, AOCI and any impairment losses. At the end of each reporting period, the Company assesses whether there is any objective evidence that its investments in associates are impaired. ii. Functional and presentation currency The functional and presentation currency of the Company is the United States dollar. Transactions denominated in foreign currencies are translated into the United States dollar as follows: · 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. When the gain or loss on certain non-monetary items, such as long-term investments classified as and measured at FVOCI, is recognized in other comprehensive income (“OCI”), the related translation differences are also recognized in OCI. iii. Cash and cash equivalents Cash and cash equivalents include cash and highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is cash held in banks or in escrow that is not available for general corporate use. Cash and cash equivalents, and restricted cash are classified as and measured at amortized cost. iv. Short-term investments Short-term investments include short-term money market instruments with terms to maturity at the date of acquisition of between three and twelve months. The carrying value of short-term investments is equal to cost and accrued interest. Short-term investments are classified as and measured at amortized cost. v. Long-term investments Investments in entities that are not subsidiaries, joint operations, joint ventures or investments in associates are designated as financial assets at FVOCI. These equity investments are measured at fair value on acquisition and at each reporting date, with all realized and unrealized gains and losses recorded permanently in AOCI. vi. Inventories Inventories consisting of metal in circuit ore, metal in-process and finished metal are valued at the lower of cost or net realizable value (“NRV”). NRV is calculated as the difference between the prevailing and long-term metal price estimates, and estimated costs to complete production into a saleable form and estimated costs to sell. Metal in circuit is comprised of ore in stockpiles and ore on heap leach pads. Ore in stockpiles is coarse ore that has been extracted from the mine and is available for further processing. Costs are added to stockpiles based on the current mining cost per tonne and removed at the average cost per tonne. Costs are added to ore on the heap leach pads based on current mining costs and removed from the heap leach pads as ounces are recovered, based on the average cost per recoverable ounce of gold on the leach pad. Ore in stockpiles not expected to be processed in the next twelve months is classified as long-term. The quantities of recoverable gold placed on the leach pads are reconciled by comparing the grades of ore placed on the leach pads to the quantities of gold actually recovered (metallurgical balancing); however, the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and the engineering estimates are refined based on actual results over time. Variances between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write downs to NRV are accounted for on a prospective basis. The ultimate actual recovery of gold from a leach pad will not be known until the leaching process has concluded. In the event that the Company determines, based on engineering estimates, that a quantity of gold contained in ore on leach pads is to be recovered over a period exceeding twelve months, that portion is classified as long-term. In-process inventories represent materials that are in the process of being converted to a saleable product. Materials and supplies are valued at the lower of average cost and NRV. Write-downs of inventory are recognized in the consolidated statement of operations in the current period. The Company reverses inventory write downs in the event that there is a subsequent increase in NRV. vii. Borrowing costs Borrowing costs are generally expensed as incurred except where they relate to the financing of qualifying assets that require a substantial period of time to get ready for their intended use. Qualifying assets include the cost of developing mining properties and constructing new facilities. Borrowing costs related to qualifying assets are capitalized up to the date when the asset is ready for its intended use. Where funds are borrowed specifically to finance a project, the amount capitalized represents the actual borrowing costs incurred net of any investment income earned on the investment of those borrowings. Where the funds used to finance a project form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to relevant general borrowings of the Company during the period. viii. Business combinations A business combination is a transaction or other event in which control over one or more businesses is obtained. For the year ended December 31, 2019, a business was defined as an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits. A business consisted of inputs and processes applied to those inputs that have the ability to create outputs that provided a return to the Company and its shareholders. A business did not need to include all of the inputs and processes that were used by the acquiree to produce outputs if the business could be integrated with the inputs and processes of the Company to continue to produce outputs. Effective January 1, 2020, a business is defined as an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing goods and services to customers, generating investment income (such as dividends or interest) or generating other income from ordinary activities. In determining whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to contribute to the creation of outputs. If the integrated set of activities and assets is in the exploration and development stage, and thus, may not have outputs, the Company considers other factors to determine whether the set of activities and assets is a business. Those factors include, but are not limited to, whether the set of activities and assets: · 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. Not all of the above factors need to be present for a particular integrated set of activities and assets in the development stage to qualify as a business. The Company also has an option to apply a 'concentration test' that permits a simplified assessment of whether an acquired set of activities and assets is not a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the concentration test is met, and the transaction is determined not to be a business combination. Business acquisitions are accounted for using the acquisition method whereby acquired assets and liabilities are recorded at fair value as of the date of acquisition with the excess of the purchase consideration over such fair value being recorded as goodwill and allocated to cash generating units (“CGUs”). Non-controlling interest in an acquisition may be measured at either fair value or at the non-controlling interest’s proportionate share of the fair value of the acquiree’s net identifiable assets. If the fair value of the net assets acquired exceeds the purchase consideration, the difference is recognized immediately as a gain in the consolidated statement of operations. Where a business combination is achieved in stages, previously held equity interests in the acquiree are re-measured at their acquisition-date fair value and any resulting gain or loss is recognized in the consolidated statement of operations. Acquisition related costs are expensed during the period in which they are incurred, except for the cost of debt or equity instruments issued in relation to the acquisition which is included in the carrying amount of the related instrument. Certain fair values may be estimated at the acquisition date pending confirmation or completion of the valuation process. Where provisional values are used in accounting for a business combination, they are adjusted retrospectively in subsequent periods. However, the measurement period will not exceed one year from the acquisition date. If the assets acquired are not a business, the transaction is accounted for as an asset acquisition. ix. Goodwill Business acquisitions are accounted for using the acquisition method whereby acquired assets and liabilities are recorded at fair value as of the date of acquisition with the excess of any acquisition amount over such fair value being recorded as goodwill and allocated to CGUs. CGUs are the smallest identifiable group of assets, liabilities and associated goodwill that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Each individual mineral property that is an operating or development stage mine is typically a CGU. Goodwill arises principally because of the following factors: (1) the going concern value of the Company’s capacity to sustain and grow by replacing and augmenting mineral reserves through completely new discoveries; (2) the ability to capture buyer-specific synergies arising upon a transaction; (3) the optionality (real option value associated with the portfolio of acquired mines as well as each individual mine) to develop additional higher-cost mineral reserves, to intensify efforts to develop the more promising acquired properties and to reduce efforts at developing the less promising acquired properties in the future (this optionality may result from changes in the overall economics of an individual mine or a portfolio of mines, largely driven by changes in the gold price); and (4) the requirement to record a deferred tax liability for the difference between the assigned values and the tax bases of the assets acquired and liabilities assumed in a business combination. x. Exploration and evaluation (“E&E”) costs E&E costs are those costs required to find a mineral property and determine its commercial viability. E&E costs include costs to establish an initial mineral resource and determine whether inferred mineral resources can be upgraded to measured and indicated mineral resources and whether measured and indicated mineral resources can be converted to proven and probable reserves. E&E costs consist of: · 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. Project costs in relation to these activities are expensed as incurred until such time as the Company expects that mineral resources will be converted to mineral reserves within a reasonable period. Thereafter, costs for the project are capitalized prospectively as capitalized E&E costs in property, plant and equipment. The Company also recognizes E&E costs as assets when acquired as part of a business combination, or asset purchase. These assets are recognized at fair value. Acquired E&E costs consist of the fair value of: · estimated potential ounces, and · exploration properties. Acquired or capitalized E&E costs for a project are classified as such until the project demonstrates technical feasibility and commercial viability. Upon demonstrating technical feasibility and commercial viability, and subject to an impairment analysis, capitalized E&E costs are transferred to capitalized development costs within property, plant and equipment. Technical feasibility and commercial viability generally coincides with the establishment of proven and probable mineral reserves; however, this determination may be impacted by management’s assessment of certain modifying factors including: legal, environmental, social and governmental factors. xi. Property, plant and equipment Property, plant and equipment are recorded at cost and carried net of accumulated depreciation, depletion and amortization and accumulated impairment losses. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, the estimate of reclamation and remediation costs, and, for qualifying assets, capitalized borrowing costs. Costs to acquire mineral properties are capitalized and represent the property’s fair value at the time it was acquired, either as an individual asset purchase or as part of a business combination. Interest expense attributable to the cost of developing mining properties and to constructing new facilities is capitalized until assets are ready for their intended use. Acquired or capitalized E&E costs may be included within mineral interests in development and operating properties or pre-development properties depending upon the nature of the property to which the costs relate. Repairs and maintenance costs are expensed as incurred. However, expenditures on major maintenance rebuilds or overhauls are capitalized when it is probable that the expenditures will extend the productive capacity or useful life of an asset. (a) Asset categories The Company categorizes property, plant and equipment based on the type of asset and/or the stage of operation or development of the property. Land, plant and equipment includes land, mobile and stationary equipment, and refining and processing facilities for all properties regardless of their stage of development or operation. Mineral interests consist of: · 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 For plant and other facilities, stripping costs, reclamation and remediation costs, production stage mineral interests and plant expansion costs, the Company uses the units-of-production (“UOP”) method for determining depreciation, depletion and amortization, net of residual value. The expected useful lives used in the UOP calculations are determined based on the facts and circumstances associated with the mineral interest. The Company evaluates the proven and probable reserves at least on an annual basis and adjusts the UOP calculation to correspond with the changes in reserves. The expected useful life used in determining UOP does not exceed the estimated life of the ore body based on recoverable ounces to be mined from estimated proven and probable reserves. Any changes in estimates of useful lives are accounted for prospectively from the date of the change. Stripping and other costs incurred in a pit expansion are capitalized and amortized using the UOP method based on recoverable ounces to be mined from estimated proven and probable reserves contained in the pit expansion. Land is not depreciated. Mobile and other equipment are generally depreciated, net of residual value, using the straight-line method, over the estimated useful life of the asset. Useful lives for mobile and other equipment range from 2 to 10 years, but do not exceed the related estimated mine life based on proven and probable reserves. The Company reviews useful lives and estimated residual values of its property, plant and equipment annually. Acquired or capitalized E&E costs and assets under construction are not depreciated. These assets are depreciated when they are ready for their intended use. (c) Derecognition The carrying amount of an item of property, plant and equipment is derecognized on disposal of the asset or when no future economic benefits are expected to accrue to the Company from its continued use. Any gain or loss arising on derecognition is included in the consolidated statement of operations in the period in which the asset is derecognized. The gain or loss is determined as the difference between the carrying value and the net proceeds on the sale of the assets, if any, at the time of disposal. xii. Valuation of Goodwill and Long-lived Assets Goodwill is tested for impairment on an annual basis as at December 31, and at any other time if events or changes in circumstances indicate that the recoverable amount of a CGU containing goodwill has been reduced below its carrying amount. The carrying value of property, plant and equipment is reviewed each reporting period to determine whether there is any indication of impairment or reversal of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. In addition, capitalized E&E costs are assessed for impairment upon demonstrating the technical feasibility and commercial viability of a project. For such non-current assets, the recoverable amount is determined for an individual asset unless the asset does not generate cash inflows that are independent of those generated from other assets or groups of assets, in which case, the individual assets are grouped together into CGUs for impairment testing purposes. If the carrying amount of the CGU or asset exceeds its recoverable amount, an impairment is considered to exist and an impairment loss is recognized in the consolidated statement of operations to reduce the CGU or asset's carrying value to its recoverable amount. For property, plant and equipment and other long-lived assets, a previously recognized impairment loss is reversed if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited to the carrying value that would have been determined, net of any applicable depreciation, had no impairment charge been recognized previously. The recoverable amount of a CGU or asset is the higher of its fair value less cost of disposal and its value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between knowledgeable and willing parties. Fair value for mineral assets is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion prospects, and its eventual disposal, using assumptions that an independent market participant may take into account. These cash flows are discounted by an appropriate discount rate to arrive at a net present value or net asset value (“NAV”) of the asset. Value in use is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal. Value in use is determined by applying assumptions specific to the Company’s continued use of the asset and does not take into account assumptions of significant future enhancements of an asset’s performance or capacity to which the Company is not committed. Estimates of expected future cash flows reflect estimates of future revenues, cash costs of production and capital expenditures contained in the Company’s long-term life of mine (“LOM”) plans, which are updated for each CGU on an annual basis. xiii. Leases Right-of-use assets and lease liabilities are recognized at the commencement date of a lease. Lease liabilities are initially measured at the present value of lease payments to be paid after the lease’s commencement date, discounted using the interest rate implicit in the lease, or if not readily determinable, the Company's incremental borrowing rate. Right-of-use assets are initially measured at cost, which consists of the initial amount of the lease liability adjusted for any lease payments made on or before the lease’s commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle or restore the leased asset, less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the useful life of the asset or the term of the lease. If a purchase option is expected to be exercised, the asset is amortized over its useful life. Lease liabilities are subsequently measured at amortized cost using the effective interest method and are re-measured if and when there is a change in future lease payments arising from a change in an index or rate, or if and when there is a change in the assessment of whether a purchase, extension or termination option is likely to be exercised. Lease payments for short-term leases, which have a lease term of 12 months or less, leases of low-value assets, which have an underlying asset value, when new, of $5,000 or less, as well as leases with variable lease payments are recognized as an expense over the term of such leases. xiv. Financial instruments and hedging activity (a) Financial instrument classification and measurement Financial assets are classified according to their contractual cash flow characteristics and the business models under which they are held. On initial recognition, a financial asset is classified as: amortized cost, fair value through profit and loss (“FVPL”) or FVOCI. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as FVPL: · 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. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to measure the investment at FVOCI whereby changes in the investment’s fair value (realized and unrealized) will be recognized permanently in OCI with no reclassification to profit or loss. The election is made on an investment-by-investment basis. All financial assets not classified as amortized cost or FVOCI are classified as and measured at FVPL. This includes all derivative assets. On initial recognition, a financial asset that otherwise meets the requirements to be measured at amortized cost or FVOCI may be irrevocably designated as FVPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial instruments are measured on initial recognition at fair value, plus, in the case of financial instruments other than those classified as FVPL, directly attributable transaction costs. Measurement of financial assets in subsequent periods depends on whether the financial asset has been classified as amortized cost, FVPL or FVOCI. Measurement of financial liabilities subsequent to initial recognition depends on whether they are classified as amortized cost or FVPL. Financial assets and financial liabilities classified as amortized cost are measured subsequent to initial recognition using the effective interest method. Loss allowances for ‘expected credit losses’ are recognized on financial assets measured at amortized cost, contract assets and investments in debt instruments measured at FVOCI, but not to equity investments. A loss event is not required to have occurred before a credit loss is recognized. The Company has classified and measured its financial instruments as described below: · 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 The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. Hedge effectiveness is assessed based on the degree to which the cash flows from the derivative contracts are expected to offset the cash flows of the underlying position or transaction being hedged. At the time of inception of the hedge and on an ongoing basis, the Company assesses whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Derivative contracts that have been designated as cash flow hedges have been entered into in order to effectively establish prices for future production of metals, to hedge exposure to exchange rate fluctuations of foreign currency denominated settlement of capital and operating expenditures, to establish prices for future purchases of energy or to hedge exposure to interest rate fluctuations. Unrealized gains or losses arising from changes in the fair value of these contracts are recorded in OCI, net of tax, and are included in earnings when the underlying hedged transaction, identified at the contract inception, is completed, unless such hedged transaction results in the recognition of a non-financial asset. Any ineffective portion of a hedge relationship is recognized immediately in earnings. The Company matches the realized gains or losses on contracts designated as cash flow hedges with the hedged expenditures at the maturity of the contracts. When derivative contracts designated as cash flow hedges have been terminated or cease to be effective prior to maturity and no longer qualify for hedge accounting, any gains or losses recorded in OCI up until the time the contracts

CHANGES IN SIGNIFICANT ACCOUNTI

CHANGES IN SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
CHANGES IN SIGNIFICANT ACCOUNTING POLICIES
CHANGES IN SIGNIFICANT ACCOUNTING POLICIES	4. CHANGES IN SIGNIFICANT ACCOUNTING POLICIES Effective January 1, 2020, the Company adopted amendments to IFRS 3, which amended the definition of a business. This amended definition requires a business to include an input and a substantive process that together significantly contribute to the ability to create outputs. The definition of ‘outputs’ was amended to focus on goods and services provided to customers, generating investment income and other income, and it excludes returns in the form of lower costs and economic benefits. See Note 3viii for details of the accounting policy. These amendments were applied to the acquisitions of the Chulbatkan license and 70% interest in the Peak project. See Note 6.

SIGNIFICANT JUDGMENTS, ESTIMATE

SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS	12 Months Ended
	Dec. 31, 2020
SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS
SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS	5. SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the Company’s financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continually evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. i. Significant Judgments in Applying Accounting Policies The areas which require management to make significant judgments in applying the Company’s accounting policies in determining carrying values include, but are not limited to: (a) Mineral Reserves and Mineral Resources The information relating to the geological data on the size, depth and shape of the ore body requires complex geological judgments to interpret the data. Changes in the proven and probable mineral reserves or measured and indicated and inferred mineral resources estimates may impact the carrying value of property, plant and equipment, goodwill, reclamation and remediation obligations, recognition of deferred tax amounts and depreciation, depletion and amortization. (b) Depreciation, depletion and amortization Significant judgment is involved in the determination of useful lives and residual values for the computation of depreciation, depletion and amortization and no assurance can be given that actual useful lives and residual values will not differ significantly from current assumptions. (c) Taxes The Company is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the provision for income taxes, due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. ii. Significant Accounting Estimates and Assumptions The areas which require management to make significant estimates and assumptions in determining carrying values include, but are not limited to: (a) Mineral Reserves and Mineral Resources Proven and probable mineral reserves are the economically mineable parts of the Company’s measured and indicated mineral resources demonstrated by at least a preliminary feasibility study. The Company estimates its proven and probable mineral reserves and measured and indicated and inferred mineral resources based on information compiled by appropriately qualified persons. The estimation of future cash flows related to proven and probable mineral reserves is based upon factors such as estimates of commodity prices, foreign exchange rates, future capital requirements and production costs along with geological assumptions and judgments made in estimating the size and grade of the ore body. Changes in the proven and probable mineral reserves or measured and indicated and inferred mineral resources estimates may impact the carrying value of property, plant and equipment, goodwill, reclamation and remediation obligations, recognition of deferred tax amounts and depreciation, depletion and amortization. (b) Purchase Price Allocation Applying the acquisition method to business combinations requires each identifiable asset and liability to be measured at its acquisition-date fair value. The excess, if any, of the fair value of consideration over the fair value of the net identifiable assets acquired is recognized as goodwill. The determination of the acquisition-date fair values often requires management to make assumptions and estimates about future events. The assumptions and estimates relating to determining the fair value of property, plant and equipment acquired generally require a high degree of judgment, and include estimates of mineral reserves acquired, future metal prices and discount rates. Changes in any of the assumptions or estimates used in determining the fair value of acquired assets and liabilities could affect the amounts assigned to assets, liabilities and goodwill in the purchase price allocation. (c) Depreciation, depletion and amortization Plants and other facilities used directly in mining activities are depreciated using the UOP method over a period not to exceed the estimated life of the ore body based on recoverable ounces to be mined from proven and probable reserves. Mobile and other equipment is generally depreciated, net of residual value, on a straight-line basis, over the useful life of the equipment but does not exceed the related estimated life of the mine based on proven and probable reserves. The calculation of the UOP rate, and therefore the annual depreciation, depletion and amortization expense, could be materially affected by changes in the underlying estimates. Changes in estimates can be the result of actual future production differing from current forecasts of future production, expansion of mineral reserves through exploration activities, differences between estimated and actual costs of mining and differences in gold price used in the estimation of mineral reserves. (d) Valuation of goodwill and long-lived assets The assessment of fair values, including those of the CGUs for purposes of testing goodwill for potential impairment and long-lived assets for potential impairment or reversal of impairment, require the use of estimates and assumptions for recoverable production, future capital requirements and operating performance, as contained in the Company’s LOM plans, as well as future and long-term commodity prices, discount rates, NAV multiples, and foreign exchange rates. Changes in any of the assumptions or estimates used in determining the fair value of goodwill or other long-lived assets could impact the impairment analysis. The Company’s LOM plans are based on detailed research, analysis and modeling to maximize the NAV of each CGU. As such, these plans consider the optimal level of investment, overall production levels and sequence of extraction taking into account all relevant characteristics of the ore body, including waste to ore ratios, ore grades, haul distances, chemical and metallurgical properties impacting process recoveries, capacities of available extraction, haulage and processing equipment, and other factors. Therefore, the LOM plan is an appropriate basis for forecasting production output in each future year and the related production costs and capital expenditures. The LOM plans have been determined using cash flow projections from financial budgets approved by senior management covering a 4 year to 17 year period. Projected future revenues reflect the forecast future production levels at each of the Company’s CGUs as detailed in the LOM plans. These forecasts may include the production of mineralized material that does not currently qualify for inclusion in mineral reserve or mineral resource classification. This is consistent with the methodology used to measure value beyond proven and probable reserves when allocating the purchase price of a business combination to acquired mining assets. The fair value arrived at as described above, is the Company’s estimate of fair value for accounting purposes and is not a “preliminary assessment” as defined in Canadian Securities Administrators’ National Instrument 43-101 “Standards of Disclosure for Mineral Projects”. Projected future revenues also reflect the Company’s estimates of future metals prices, which are determined based on current prices, forward prices and forecasts of future prices prepared by industry analysts. These estimates often differ from current price levels, but the methodology used is consistent with how a market participant would assess future metals prices. For the 2020 annual analysis, 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 were used. For the 2019 annual analysis, estimated short-term and long-term prices of gold and silver of $1,400 per ounce and $17.50 per ounce, respectively, were used. The Company’s estimates of future cash costs of production and capital expenditures are based on the LOM plans for each CGU. Costs incurred in currencies other than the U.S. dollar are translated to U.S. dollar equivalents based on long-term forecasts of foreign exchange rates, on a currency by currency basis, obtained from independent sources of economic data. Oil prices are a significant component of cash costs of production and are estimated based on the current price, forward prices, and forecasts of future prices from third party sources. For the 2020 annual analysis, estimated short-term and long-term oil prices of $55 per barrel were used. For the 2019 annual analysis, estimated short-term and long-term oil prices of $60 per barrel were used. The discount rate applied to present value the net future cash flows is based on a real weighted average cost of capital by country to account for geopolitical risk. For the 2020 annual analysis, real discount rates of between 3.61% and 6.82% were used for the CGUs tested. For the CGUs tested in the 2019 annual analysis, real discount rates of between 3.33% and 6.97% were used. Since public gold companies typically trade at a market capitalization that is based on a multiple of their underlying NAV, a market participant would generally apply a NAV multiple when estimating the fair value of a gold mining property. Consequently, where applicable, the Company estimates the fair value of each CGU by applying a market NAV multiple to the NAV of each CGU. When selecting NAV multiples to arrive at fair value, the Company considered the trading prices and NAV estimates of comparable gold mining companies as at December 31, 2020 in respect of the fair value determinations at that date, which ranged from 0.4 to 1.5. NAV multiples observed at December 31, 2019 were in the range of 0.8 to 1.7.The selected ranges of multiples applied to each CGU, which may be different from the ranges noted above, took into consideration, among other factors: expected production growth in the near term; average cash costs over the life of the mine; potential remaining mine life; and stage of development of the asset. (e) Inventories Expenditures incurred, and depreciation, depletion and amortization of assets used in mining and processing activities are deferred and accumulated as the cost of ore in stockpiles, ore on leach pads, in-process and finished metal inventories. These deferred amounts are carried at the lower of average cost or NRV. Write-downs, and subsequent reversals thereof, of ore in stockpiles, ore on leach pads, in-process and finished metal inventories resulting from NRV impairments are reported as a component of current period costs. The primary factors that influence the need to record write-downs and related reversals include prevailing and long-term metal prices and prevailing costs for production inputs such as labour, fuel and energy, materials and supplies, as well as realized ore grades and actual production levels. Costs are attributed to the leach pads based on current mining costs, including applicable depreciation, depletion and amortization relating to mining operations incurred up to the point of placing the ore on the pad. Costs are removed from the leach pad based on the average cost per recoverable ounce of gold on the leach pad as the gold is recovered. Estimates of recoverable gold on the leach pads are calculated from the quantities of ore placed on the pads, the grade of ore placed on the leach pads and an estimated percentage of recovery. Timing and ultimate actual recovery of gold contained on leach pads can vary significantly from the estimates. The quantities of recoverable gold placed on the leach pads are reconciled to the quantities of gold actually recovered (metallurgical balancing), by comparing the grades of ore placed on the leach pads to actual ounces recovered. The nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and the engineering estimates are refined based on actual results over time. The ultimate actual recovery of gold from a pad will not be known until the leaching process is completed. The allocation of costs to ore in stockpiles, ore on leach pads and in-process inventories and the determination of NRV involve the use of estimates. There is a high degree of judgment in estimating future costs, future production levels, forecasted usage of supplies inventory, proven and probable reserves estimates, gold and silver prices, and the ultimate estimated recovery for ore on leach pads. There can be no assurance that actual results will not differ significantly from estimates used in the determination of the carrying value of inventories. (f) Provision for reclamation and remediation The Company assesses its provision for reclamation and remediation on an annual basis or when new material information becomes available. Mining and exploration activities are subject to various laws and regulations governing the protection of the environment. In general, these laws and regulations are continually changing and the Company has made, and intends to make in the future, expenditures to comply with such laws and regulations. Accounting for reclamation and remediation obligations requires management to make estimates of the future costs the Company will incur to complete the reclamation and remediation work required to comply with existing laws and regulations at each mining operation. Actual costs incurred may differ from those amounts estimated. Also, future changes to environmental laws and regulations could increase the extent of reclamation and remediation work required to be performed by the Company. Increases in future costs could materially impact the amounts charged to operations for reclamation and remediation. The provision represents management’s best estimate of the present value of the future reclamation and remediation obligation. The actual future expenditures may differ from the amounts currently provided. (g) Deferred taxes The Company recognizes the deferred tax benefit related to deferred income and resource tax assets to the extent recovery is probable. Assessing the recoverability of deferred income tax assets requires management to make estimates of future taxable profit. To the extent that future cash flows and taxable profit differ significantly from estimates, the ability of the Company to realize the net deferred tax assets recorded at the balance sheet date could be impacted. In addition, future changes in tax laws could limit the ability of the Company to obtain tax deductions in future periods from deferred income and resource tax assets. (h) Contingencies Due to the size, complexity and nature of the Company’s operations, various legal and tax matters are outstanding from time to time. Contingencies can be possible assets or liabilities arising from past events which, by their nature, will only be resolved when one or more future events not wholly within our control occur or fail to occur. The assessment of such contingencies involves the use of significant judgment and estimates. In the event that management’s estimate of the future resolution of these matters changes, the Company will recognize the effects of the changes in its consolidated financial statements on the date such changes occur.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	12 Months Ended
	Dec. 31, 2020
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS	6. ACQUISITIONS AND DISPOSITIONS i. Acquisition of Chulbatkan license On July 31, 2019, the Company announced an agreement to acquire the Chulbatkan license, containing the Udinsk development project, located in Khabarovsk Krai, Far East Russia, from N-Mining Limited (“N-Mining”), for total fixed consideration of $283.0 million. In addition, N-Mining is entitled to receive an economic participation equivalent to a 1.5% Net Smelter Return (“NSR”) royalty on future production from this Chulbatkan license, as well as $50 per ounce of future proven and probable reserves beyond the first 3.25 million of declared proven and probable ounces. Kinross will retain the right to buy-back one-third of the 1.5% NSR royalty for $10 million, subject to certain gold price related adjustments, at any time within 24 months of closing. On January 16, 2020, the Company closed the acquisition. In accordance with an amended acquisition agreement, the first installment of $141.5 million, representing 50% of the $283.0 million fixed purchase price, plus ordinary course net working capital adjustments of $3.1 million, were paid in cash. The remaining 50% was recorded as a deferred payment obligation on the consolidated balance sheet. On January 15, 2021, in accordance with a further amended acquisition agreement to settle 100% of the final installment in cash instead of 60-100% in Kinross shares, the Company paid the remaining $141.5 million in cash. The acquisition was accounted for as an asset acquisition, with the total purchase price of $290.5 million comprised of the $283.0 million fixed purchase price, plus $3.1 million of net working capital adjustments and transaction costs of $4.4 million, allocated as follows: Purchase price allocation Mineral interests - pre-development properties $ 278.9 Land, plant and equipment 8.0 Total property, plant and equipment 286.9 Net working capital 3.6 Total net assets acquired $ 290.5 ii. Acquisition of 70% interest in the Peak development project On September 30, 2020, the Company acquired a 70% interest in the Peak project in Alaska, which was 40% owned by Royal Alaska, LLC (“Royal Alaska”), a subsidiary of Royal Gold, Inc. (“Royal Gold”) and 60% owned by CORE Alaska, LLC (“CORE Alaska”), a subsidiary of Contango ORE, Inc. (“Contango”), for total cash consideration of $93.7 million. Kinross purchased 40% of Peak by acquiring Royal Alaska from Royal Gold for total cash consideration of $49.2 million, and purchased an additional 30% of Peak from CORE Alaska for total consideration of $44.5 million. The cash consideration paid to Contango includes a $1.2 million reimbursement prepayment for a new royalty on Peak silver revenues. The acquisition was accounted for as an asset acquisition with the total purchase price of $96.9 million, comprised of cash payments of $93.7 million and total transaction costs of $3.2 million, allocated as follows: 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. iii. Disposition of royalty portfolio On December 2, 2019, the Company entered into an agreement with Maverix Metals Inc. (“Maverix”) to sell a royalty portfolio of precious metals royalties. On December 19, 2019, the Company completed the sale for total consideration of $73.9 million, including $25.0 million in cash and approximately 11.2 million common shares, representing 9.4% of the issued and outstanding common shares, of Maverix. The Company recognized a gain on disposition of $72.7 million in other income in connection with the sale. See Note 7xiii.

CONSOLIDATED FINANCIAL STATEMEN

CONSOLIDATED FINANCIAL STATEMENT DETAILS	12 Months Ended
	Dec. 31, 2020
CONSOLIDATED FINANCIAL STATEMENT DETAILS
CONSOLIDATED FINANCIAL STATEMENT DETAILS	7. CONSOLIDATED FINANCIAL STATEMENT DETAILS Consolidated Balance Sheets i. Cash and cash equivalents: December 31, December 31, 2020 2019 Cash on hand and balances with banks $ 562.0 $ 305.6 Short-term deposits 648.9 269.5 $ 1,210.9 $ 575.1 ii. Restricted cash: December 31, December 31, 2020 2019 Restricted cash (a) $ 13.7 $ 15.2 (a) Restricted cash relates to loan escrow judicial deposits and environmental indemnity deposits. iii. Accounts receivable and other assets: December 31, December 31, 2020 2019 Trade receivables $ 8.1 $ 6.9 Prepaid expenses 21.6 25.2 VAT receivable 46.6 69.6 Deposits 28.9 10.5 Unrealized fair value of derivative assets (a) 6.5 7.2 Other 10.6 18.0 $ 122.3 $ 137.4 (a) See Note 10 for details of the current portion of unrealized fair value of derivative assets. iv. Inventories: December 31, December 31, 2020 2019 Ore in stockpiles (a) $ 277.4 $ 300.3 Ore on leach pads (b) 498.8 384.7 In-process 108.0 99.2 Finished metal 50.3 52.3 Materials and supplies 448.2 520.6 1,382.7 1,357.1 Long-term portion of ore in stockpiles and ore on leach pads (a),(b) (309.8) (303.3) $ 1,072.9 $ 1,053.8 (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 Tasiast, Fort Knox, Round Mountain and Bald Mountain mines. Based on current mine plans, the Company expects to place the last tonne of ore on its leach pads at Bald Mountain in 2023, Round Mountain in 2026 and Fort Knox in 2028. 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. v. Property, plant and equipment: Mineral Interests Development and Land, plant and operating Pre - development equipment (a) properties (b) 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 Peak development 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 8. (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 Development and Land, plant and operating Pre - development equipment (a) properties (b) properties Total Cost Balance at January 1, 2019 $ 9,184.2 $ 8,816.6 $ 13.4 $ 18,014.2 Additions 607.5 666.5 — 1,274.0 Capitalized interest 14.7 32.7 — 47.4 Disposals (69.9) — — (69.9) Other (21.5) 24.8 — 3.3 Balance at December 31, 2019 9,715.0 9,540.6 13.4 19,269.0 Accumulated depreciation, depletion, amortization and reversal of impairment charges Balance at January 1, 2019 $ (5,702.1) $ (6,793.0) $ — $ (12,495.1) Depreciation, depletion and amortization (572.9) (280.6) — (853.5) Reversals of impairment charges (c) 102.4 259.4 — 361.8 Disposals 60.5 — — 60.5 Other (2.0) (0.7) — (2.7) Balance at December 31, 2019 (6,114.1) (6,814.9) — (12,929.0) Net book value $ 3,600.9 $ 2,725.7 $ 13.4 $ 6,340.0 Amount included above as at December 31, 2019: Assets under construction $ 308.8 $ 438.2 $ — $ 747.0 Assets not being depreciated (d) $ 538.3 $ 735.9 $ 13.4 $ 1,287.6 (a) Additions includes $42.9 million of transitional adjustments for the recognition of leased right-of-use assets upon the Company’s adoption of IFRS 16 on January 1, 2019, as well as $22.7 million of right-of-use assets for lease arrangements entered into during the year ended December 31, 2019. Depreciation, depletion and amortization includes depreciation for leased right-of-use assets of $11.5 million during the year ended December 31, 2019. The net book value of property, plant and equipment includes leased right-of-use assets with an aggregate net book value of $54.1 million as at December 31, 2019. (b) At December 31, 2019, the significant development and operating properties were Fort Knox, Round Mountain, Bald Mountain, Paracatu, Kupol, Tasiast, Chirano, La Coipa and Lobo-Marte. (c) At December 31, 2019, impairment reversals were recorded at Paracatu and Tasiast, entirely related to property, plant and equipment. See Note 8. (d) 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. Capitalized interest primarily relates to qualifying capital expenditures at Tasiast, Round Mountain, Fort Knox, Bald Mountain and Paracatu and had a weighted average borrowing rate of 5.20% and 5.49% during the years ended December 31, 2020 and 2019, respectively. At December 31, 2020, $526.1 million of E&E assets were included in mineral interests (December 31, 2019 - $251.4 million). During the year ended December 31, 2020, the Company had additions of $457.3 million, primarily related to the purchases of the Chulbatkan license area and a 70% interest in the Peak project, recognized $90.9 million of impairment reversals related to Chirano E&E assets, and transferred $311.9 million of E&E assets to capitalized development, primarily related to La Coipa and Chirano. During the year ended December 31, 2019, the Company did not have any acquisitions, dispositions or reversals of impairments of E&E assets, or transfers of E&E assets to capitalized development. During the year ended December 31, 2020, the Company capitalized $38.4 million and expensed $19.1 million of E&E costs (year ended December 31, 2019 - $20.7 million and $17.4 million, respectively). Capitalized E&E costs are included as investing cash flows while expensed E&E costs are included as operating cash flows. vi. Goodwill: As at December 31, 2020 and 2019, goodwill of $158.8 million related entirely to Kupol. vii. Long-term investments: Gains and losses on equity investments at FVOCI are recorded in AOCI as follows: December 31, 2020 December 31, 2019 Gains (losses) in Gains (losses) in Fair value AOCI (a) Fair value AOCI (a) Investments in an accumulated gain position $ 80.9 $ 18.2 $ 79.8 $ 10.3 Investments in an accumulated loss position 32.1 (47.0) 46.4 (36.5) Net realized gains (losses) — 2.9 — — $ 113.0 $ (25.9) $ 126.2 $ (26.2) (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, 2020 and 2019. viii. Other long-term assets: December 31, December 31, 2020 2019 Long-term portion of ore in stockpiles and ore on leach pads (a) $ 309.8 $ 303.3 Deferred charges, net of amortization 6.0 32.5 Long-term receivables 124.1 171.0 Advances for the purchase of capital equipment 9.1 15.1 Restricted cash (b) 25.0 — Unrealized fair value of derivative assets (c) 10.5 4.5 Other 52.7 46.3 $ 537.2 $ 572.7 (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, 2020, long-term ore in stockpiles was at the Company’s Fort Knox, Kupol, Tasiast and Paracatu 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, 2020. (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, 2020 2019 Trade payables $ 89.1 $ 89.3 Accrued liabilities 242.8 246.7 Employee related accrued liabilities 147.3 133.3 $ 479.2 $ 469.3 x. December 31, December 31, 2020 2019 Current portion of lease liabilities (a) $ 28.4 $ 16.0 Current portion of unrealized fair value of derivative liabilities (b) 21.3 4.3 $ 49.7 $ 20.3 (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 Derivative Investments Contracts Total Balance at December 31, 2018 $ (75.2) $ (23.3) $ (98.5) Other comprehensive income before tax 49.3 36.8 86.1 Tax (0.3) (7.7) (8.0) 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) Consolidated Statements of Operations xii. Other operating expense: Years ended December 31, 2020 2019 Other operating expense $ 186.5 $ 108.5 $ 186.5 $ 108.5 In 2020, other operating expense of $186.5 million for the year ended December 31, 2020 includes $64.1 million of labour, health and safety, donations and other support program costs associated with the COVID-19 pandemic, $8.3 million of costs relating to the temporary suspension of site activities as a result of the Tasiast strike in the second quarter of 2020, and environmental and other operating expenses for non-operating mining sites of $46.0 million. Other operating expense of $108.5 million for the year ended December 31, 2019 includes $25.1 million of costs as a result of production issues associated with the pit wall slide at Fort Knox, and environmental and other operating expenses for closed mining sites of $35.6 million, and was reduced by $17.5 million as a result of additional federal VAT credits at Paracatu due to changes in Brazil’s tax regulations. xiii. Other income – net: Years ended December 31, 2020 2019 Net gains on dispositions of assets (a) $ 1.2 $ 70.4 Foreign exchange (losses) gains - net (7.3) 0.6 Net non-hedge derivative gains 1.0 1.4 Equity in (losses) earnings of joint venture (b) (0.1) 0.1 Other - net (c) 12.6 0.2 $ 7.4 $ 72.7 (a) During the year ended December 31, 2019, the Company recognized a gain of $72.7 million on disposition of a portfolio of precious metals royalties. See Note 6iii. (b) Represents Kinross’ equity in net (losses) earnings, and other comprehensive income (losses) of which there was $nil for the years ended December 31, 2020 and 2019, of its Puren joint venture investment. (c) During the year ended December 31, 2020, the Company recognized $10.8 million of insurance recoveries. xiv. Finance expense: Years ended December 31, 2020 2019 Accretion of reclamation and remediation obligations $ (23.0) $ (31.0) Interest expense, including accretion of debt and lease liabilities (a), (b) (89.6) (76.9) $ (112.6) $ (107.9) (a) During the years ended December 31, 2020 and 2019, $49.1 million and $47.4 million, respectively, of interest was capitalized to property, plant and equipment. See Note 7v. (b) During the years ended December 31, 2020 and 2019, accretion of lease liabilities was $3.0 million and $2.9 million, respectively. Total interest paid, including interest capitalized, during the year ended December 31, 2020 was $111.0 million (year ended December 31, 2019 - $100.6 million). See Note 12v. xv. Employee benefits expenses: The following employee benefits expenses are included in production cost of sales, general and administrative, and exploration and business development expenses: Years ended December 31, 2020 2019 Salaries, short-term incentives, and other benefits $ 707.9 $ 680.8 Share-based payments 30.7 27.0 Other 16.3 26.4 $ 754.9 $ 734.2

REVERSALS OF IMPAIRMENT CHARGES

REVERSALS OF IMPAIRMENT CHARGES - NET	12 Months Ended
	Dec. 31, 2020
REVERSALS OF IMPAIRMENT CHARGES- NET
REVERSALS OF IMPAIRMENT CHARGES - NET	8. Years ended December 31, 2020 2019 Property, plant and equipment (i) $ (689.0) $ (361.8) Inventories (ii) 38.1 — $ (650.9) $ (361.8) i. Property, plant and equipment During the year ended December 31, 2020, the Company recorded reversals of previous impairment charges of $689.0 million, related entirely to property, plant and equipment at Tasiast ($299.5 million), Chirano ($204.5 million) and Lobo-Marte ($185.0 million, which included $48.3 million for the impairment reversal recorded at June 30, 2020). These impairment reversals were mainly a result of increases in the Company’s long-term gold price estimate, the mine life extension at Chirano and the increase in mineral reserves at Lobo-Marte. For Tasiast and Chirano, the reversals were limited to a full reversal of the remaining impairment charges previously recorded. For Lobo-Marte, the reversal represents a partial reversal of the total impairment charges previously recorded. The tax impacts of the impairment reversals at Chirano and Lobo-Marte were income tax expenses of $71.6 million and $4.6 million, respectively. There was no tax impact on the impairment reversal at Tasiast. After giving effect to the impairment reversals, the carrying values of Tasiast, Chirano and Lobo-Marte were $2,455.7 million, $240.3 million and $319.2 million, respectively, as at December 31, 2020. At December 31, 2019, the Company recorded reversals of previous impairment charges of $361.8 million, related entirely to property, plant and equipment at Paracatu ($200.7 million) and Tasiast ($161.1 million), and were mainly due to an increase in the Company’s long-term gold price estimate. For Paracatu, the reversal was limited to a full reversal of the remaining impairment charge recorded in 2017. For Tasiast, the reversal represents a partial reversal of the total impairment charges previously recorded. The tax impact on the impairment reversal at Paracatu was an expense of $68.2 million and was recorded within income tax expense. There was no tax impact on the impairment reversal at Tasiast. After giving effect to the impairment reversals, the carrying values of Paracatu and Tasiast were $1,461.0 million and $2,123.6 million, respectively, as at December 31, 2019. The significant estimates and assumptions used in the Company’s impairment assessments are disclosed in Note 5 to the financial statements. The Company performed a sensitivity analysis on all key assumptions and determined that no reasonably possible change in any of the key assumptions would cause the carrying value of any CGU with recorded goodwill to exceed its recoverable amount. ii. During 2020, the Company recognized impairment charges of $38.1 million related to inventories. The inventory impairment charges were recorded to reduce the carrying value of certain materials and supplies inventories to net realizable value.

INVESTMENT IN JOINT VENTURE

INVESTMENT IN JOINT VENTURE	12 Months Ended
	Dec. 31, 2020
INVESTMENT IN JOINT VENTURE
INVESTMENT IN JOINT VENTURE	9. INVESTMENT IN JOINT VENTURE The Company’s Puren joint venture investment is accounted for under the equity method and had the following carrying values: December 31, December 31, 2020 2019 Investment in joint venture - Puren $ 18.3 $ 18.4 $ 18.3 $ 18.4 There are no publicly quoted market prices for Puren.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
	Dec. 31, 2020
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	10. FAIR VALUE MEASUREMENT (a) Recurring fair value measurement: Carrying values for financial instruments carried at amortized cost, including cash and cash equivalents, restricted cash, short-term investments, accounts receivable, and accounts payable and accrued liabilities, approximate fair values due to their short-term maturities. Fair value estimates for derivative contracts are based on quoted market prices for comparable contracts and represent the amount the Company would have received from, or paid to, a counterparty to unwind the contract at the market rates in effect at the consolidated balance sheet date. The Company categorizes each of its fair value measurements in accordance with a fair value hierarchy. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts and volatility measurements used to value option contracts), or inputs that are derived principally from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. For financial instruments that are recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing their classification (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Assets (liabilities) measured at fair value on a recurring basis as at December 31, 2020 include: Aggregate Level 1 Level 2 Level 3 Fair Value Equity investments at FVOCI $ 113.0 $ — $ — $ 113.0 Derivative contracts: Foreign currency forward and collar contracts — (4.3) — (4.3) Energy swap contracts — 7.6 — 7.6 Total return swap contracts — (11.0) — (11.0) $ 113.0 $ (7.7) $ — $ 105.3 During the year ended December 31, 2020, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements. The valuation techniques that are used to measure fair value are as follows: Equity investments at FVOCI: Equity investments at FVOCI include shares in publicly traded companies listed on a stock exchange. The fair value of equity investments at FVOCI is determined based on a market approach reflecting the closing price of each particular security at the consolidated balance sheet date. The closing price is a quoted market price obtained from the exchange that is the principal active market for the particular security, and therefore equity investments at FVOCI are classified within Level 1 of the fair value hierarchy. Derivative contracts: The Company’s derivative contracts are valued using pricing models and the Company generally uses similar models to value similar instruments. Such pricing models require a variety of inputs, including contractual cash flows, quoted market prices, applicable yield curves and credit spreads. The fair value of derivative contracts is based on quoted market prices for comparable contracts and represents the amount the Company would have received from, or paid to, a counterparty to unwind the contract at the quoted market rates in effect at the consolidated balance sheet date and therefore derivative contracts are classified within Level 2 of the fair value hierarchy. The following table summarizes information about derivative contracts outstanding at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Asset / (Liability) Asset / (Liability) Fair Value AOCI Fair Value AOCI Currency contracts Foreign currency forward and collar contracts (a) (i) $ (4.3) $ (2.5) $ 3.9 $ 2.6 Commodity contracts Energy swap contracts (b) (ii) 7.6 4.7 4.0 3.2 Other contracts Total return swap contracts (iii) (11.0) — (1.3) — Total all contracts $ (7.7) $ 2.2 $ 6.6 $ 5.8 Unrealized fair value of derivative assets Current $ 6.5 $ 7.2 Non-current 10.5 4.5 $ 17.0 $ 11.7 Unrealized fair value of derivative liabilities Current $ (21.3) $ (4.3) Non-current (3.4) (0.8) $ (24.7) $ (5.1) Total net fair value $ (7.7) $ 6.6 (a) Of the total amount recorded in AOCI at December 31, 2020, $(4.1) 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, 2020, $(0.5) 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 The following table provides a summary of foreign currency forward and collar contracts outstanding at December 31, 2020 and their respective maturities: Foreign currency 2021 2022 2023 Brazilian real zero cost collars (in millions of U.S. dollars) $ 103.6 $ 64.8 $ 43.2 Average put strike (Brazilian real) 4.35 4.62 5.00 Average call strike (Brazilian real) 5.39 6.56 7.26 Canadian dollar forward buy contracts (in millions of U.S. dollars) $ 25.2 $ 12.0 $ — Average rate (Canadian dollar) 1.37 1.40 — Russian rouble zero cost collars (in millions of U.S. dollars) $ 51.6 $ 36.0 $ 20.4 Average put strike (Russian rouble) 70.3 75.0 77.0 Average call strike (Russian rouble) 87.8 100.6 97.8 The following new foreign currency forward and collar contracts were entered into during the year ended December 31, 2020: · $134.4 million of Brazilian real zero cost collars, maturing from 2021 to 2023, with average put and call strikes of 4.81 and 6.94, respectively; · $25.2 million of Canadian dollar forward buy contracts, maturing from 2021 to 2022, at an average rate of 1.40; and · $82.8 million of Russian rouble zero cost collars, maturing from 2021 to 2023, with average put and call strikes of 75.35 and 96.93, respectively. At December 31, 2020, the unrealized gain or loss on foreign currency forward and collar contracts recorded in AOCI is as follows: · Brazilian real zero cost collar contracts – unrealized loss of $5.8 million (December 31, 2019 - $0.1 million loss); · Canadian dollar forward buy contracts – unrealized gain of $2.2 million (December 31, 2019 - $0.5 million gain); and · Russian rouble zero cost collar contracts – unrealized gain of $1.1 million (December 31, 2019 - $2.2 million gain). (ii) Energy swap contracts The Company is exposed to changes in energy prices through its consumption of diesel and other fuels, and the price of electricity in some electricity supply contracts. The Company enters into energy swap contracts that protect against the risk of fuel price increases. Fuel is consumed in the operation of mobile equipment and electricity generation. The following table provides a summary of energy swap contracts outstanding at December 31, 2020 and their respective maturities: Energy 2021 2022 2023 WTI oil swap contracts (barrels) 1,054,400 822,600 565,200 Average price $ 47.52 $ 42.14 $ 39.58 During 2020, the following new energy swap contracts were entered into: · 1,759,100 barrels of WTI oil swap contracts at an average rate of $40.52 per barrel maturing from 2021 to 2023. At December 31, 2020, the unrealized gain on energy swap contracts recorded in AOCI is as follows: · WTI oil swap contracts – unrealized gain of $4.7 million (December 31, 2019 - $3.2 million gain). (iii) Total return swap contracts The Company enters into total return swaps (“TRS”) as economic hedges of the Company’s DSUs and cash-settled RSUs. Under the terms of the TRS, a bank has the right to purchase Kinross shares in the marketplace as a hedge against the returns in the TRS. At December 31, 2020, 5,695,000 TRS units were outstanding. Hedge accounting is not applied for the DSU/RSU hedging program. (b) Fair value measurements related to non-financial assets: The Company recorded reversals of previous impairment charges related to the property, plant and equipment at Tasiast, Chirano and Lobo-Marte during the year ended December 31, 2020 and at Tasiast and Paracatu during the year ended December 31, 2019, due to changes in the estimates used to determine the recoverable amount of these CGUs since their last impairment losses were recognized. Certain assumptions used in the calculation of the recoverable amounts, calculated on a fair value less cost of disposal basis, are categorized as Level 3 in the fair value hierarchy. See Notes 5ii(d) and 8. (c) Fair value of financial assets and liabilities not measured and recognized at fair value: Long-term debt is measured at amortized cost. The fair value of long-term debt is primarily measured using market determined variables, and therefore was classified within Level 2 of the fair value hierarchy. See Note 12.

CAPITAL AND FINANCIAL RISK MANA

CAPITAL AND FINANCIAL RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2020
CAPITAL AND FINANCIAL RISK MANAGEMENT
CAPITAL AND FINANCIAL RISK MANAGEMENT	11. CAPITAL AND FINANCIAL RISK MANAGEMENT The Company manages its capital to ensure that it will be able to continue to meet its financial and operational strategies and obligations, while maximizing the return to shareholders through the optimization of debt and equity financing. The Board of Directors has established a number of quantitative measures related to the management of capital. Management continuously monitors its capital position and periodically reports to the Board of Directors. The Company’s operations are sensitive to changes in commodity prices, foreign exchange and interest rates. The Company manages its exposure to changes in currency exchange rates and energy prices by periodically entering into derivative contracts in accordance with the formal risk management policy approved by the Company’s Board of Directors. The Company’s practice is to not hedge metal sales. However, in certain circumstances the Company may use derivative contracts to hedge against the risk of falling prices for a portion of its forecasted metal sales. The Company may also assume derivative contracts as part of a business acquisition or they may be required under financing arrangements. All of the Company’s hedges are cash flow hedges. The Company applies hedge accounting whenever hedging relationships exist and have been documented. i. Capital management The Company’s objectives when managing capital are to: · 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. Kinross adjusts its capital structure based on changes in forecasted economic conditions and based on its long-term strategic business plan. Kinross has the ability to adjust its capital structure by issuing new equity, drawing on existing credit facilities, issuing new debt, and by selling or acquiring assets. Kinross can also control how much capital is returned to shareholders through dividends and share buybacks. The Company is not subject to any externally imposed capital requirements. The Company’s quantitative capital management objectives are largely driven by the requirements under its debt agreements as well as a target total debt to total debt and common shareholders’ equity ratio as noted in the table below: December 31, December 31, 2020 2019 Long-term debt and credit facilities $ 1,424.2 $ 1,837.4 Current portion of long-term debt and credit facilities 499.7 — Total debt $ 1,923.9 $ 1,837.4 Common shareholders' equity $ 6,596.5 $ 5,318.5 Total debt / total debt and common shareholders' equity ratio 22.6 % 25.7 % Company target 0 - 30 % 0 – 30 % ii. Gold and silver price risk management In order to manage short-term metal price risk, the Company may enter into derivative contracts in relation to metal sales that it believes are highly likely to occur within a given quarter. No such contracts were outstanding at December 31, 2020 or December 31, 2019. iii. Currency risk management The Company is primarily exposed to currency fluctuations relative to the U.S. dollar on expenditures that are denominated in Canadian dollars, Brazilian reais, Chilean pesos, Russian roubles, Mauritanian ouguiya and Ghanaian cedi. This risk is reduced, from time to time, through the use of foreign currency hedging contracts to lock in the exchange rates on future non-U.S. denominated currency cash outflows. The Company has entered into hedging contracts to purchase Canadian dollars, Brazilian reais, and Russian roubles as part of this risk management strategy. The Company is also exposed to the impact of currency fluctuations on its monetary assets and liabilities. The Company may from time to time manage the exposure on the net monetary items. At December 31, 2020, with other variables unchanged, the following represents the effect of movements in foreign exchange rates on the Company's net working capital, on earnings before taxes from a 10% change in the exchange rate of the U.S. dollar against the Canadian dollar, Brazilian real, Chilean peso, Russian rouble, Mauritanian ouguiya, Ghanaian cedi and other foreign currencies. 10% strengthening in 10% weakening in U.S. dollar U.S. dollar Foreign currency net Effect on earnings before Effect on earnings before working capital taxes, gain (loss) (a) taxes, gain (loss) (a) Canadian dollar $ (43.7) $ 4.0 $ (4.9) Brazilian real $ (158.9) $ 14.4 $ (17.7) Chilean peso $ (13.4) $ 1.2 $ (1.5) Russian rouble $ 33.5 $ (3.0) $ 3.7 Mauritanian ouguiya $ 3.0 $ (0.3) $ 0.3 Ghanaian cedi $ 9.2 $ (0.8) $ 1.0 Other (b) $ (1.7) $ 0.2 $ (0.2) (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, British pound, Australian dollar and South African rand. At December 31, 2020, with other variables unchanged, the following represents the effect of the Company’s foreign currency hedging contracts on OCI before taxes from a 10% change in the exchange rate of the U.S. dollar against the Canadian dollar, Brazilian real and Russian rouble. 10% strengthening in 10% weakening in U.S. dollar U.S. dollar Effect on OCI before Effect on OCI before taxes, (loss) (a) taxes, gain (a) Canadian dollar $ (3.6) $ 4.5 Brazilian real $ (10.1) $ 11.8 Russian rouble $ (4.8) $ 6.4 (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 The Company is exposed to changes in energy prices through its consumption of diesel and other fuels, and the price of electricity in some electricity supply contracts. The Company entered into energy swap contracts that partially protect against the risk of fuel price increases. Fuel is consumed in the operation of mobile equipment and electricity generation. At December 31, 2020, with other variables unchanged, the following represents the effect of the Company’s energy swap contracts on OCI before taxes from a 10% change in WTI oil prices. 10% increase in 10% decrease in price price Effect on OCI before Effect on OCI before taxes, gain (a) taxes, (loss) (a) WTI oil $ 11.4 $ (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 The Company manages liquidity risk by maintaining adequate cash and cash equivalent balances (December 31, 2020 - $1,210.9 million in aggregate), by utilizing its lines of credit and by monitoring developments in the capital markets. The Company continuously monitors and reviews both actual and forecasted cash flows. The contractual cash flow requirements for financial liabilities at December 31, 2020 are as follows: 2021 2022-2025 2026+ Total Within 1 year (b) 2 to 5 years More than 5 years Long-term debt (a) $ 2,640.0 $ 604.5 $ 870.9 $ 1,164.6 (a) Includes the full face value of the senior notes , drawdowns on the revolving credit facility, Tasiast loan, and estimated interest. (b) Represents interest on the senior notes, revolving credit facility and Tasiast loan, due within the next 12 months. vi. Credit risk management Credit risk relates to cash and cash equivalents, accounts receivable and derivative contracts and arises from the possibility that any counterparty to an instrument fails to perform. The Company generally transacts with highly-rated counterparties and a limit on contingent exposure has been established for counterparties based on their credit ratings. As at December 31, 2020, the Company’s maximum exposure to credit risk was the carrying value of cash and cash equivalents, restricted cash, accounts receivable, and derivative assets.

LONG-TERM DEBT AND CREDIT FACIL

LONG-TERM DEBT AND CREDIT FACILITIES	12 Months Ended
	Dec. 31, 2020
LONG-TERM DEBT AND CREDIT FACILITIES
LONG-TERM DEBT AND CREDIT FACILITIES	12. LONG-TERM DEBT AND CREDIT FACILITIES December 31, 2020 December 31, 2019 Deferred Nominal Financing Carrying Fair Carrying Fair Interest Rates Amount Costs Amount (a) Value (b) Amount (a) Value (b) Senior notes (i) 4.50%-6.875% $ 1,747.7 $ (7.9) $ 1,739.8 $ 1,999.5 $ 1,737.4 $ 1,881.9 Revolving credit facility (ii) LIBOR plus 1.625% — — — — 100.0 100.0 Tasiast loan (iii) LIBOR plus 4.380% 200.0 (15.9) 184.1 200.0 — — Total long-term and current debt $ 1,947.7 $ (23.8) $ 1,923.9 $ 2,199.5 $ 1,837.4 $ 1,981.9 Less: current portion (500.0) 0.3 (499.7) (509.3) — — Long-term debt and credit facility $ 1,447.7 $ (23.5) $ 1,424.2 $ 1,690.2 $ 1,837.4 $ 1,981.9 (a) Includes transaction costs on senior notes financings. (b) The fair value of senior notes is primarily determined using quoted market determined variables. See Note 10(c). Scheduled debt repayments 2026 and 2021 2022 2023 2024 2025 thereafter Total Senior notes $ 500.0 $ — $ — $ 500.0 $ — $ 750.0 $ 1,750.0 Tasiast loan $ — $ 40.0 $ 36.0 $ 32.0 $ 4.0 $ 88.0 $ 200.0 Total debt payable $ 500.0 $ 40.0 $ 36.0 $ 532.0 $ 4.0 $ 838.0 $ 1,950.0 (i) Senior notes The Company’s $1,750.0 million of senior notes consist of $500.0 million principal amount of 5.125% notes due in September 2021, $500.0 million principal amount of 5.950% notes due 2024, $500.0 million principal amount of 4.50% notes due 2027 and $250.0 million principal amount of 6.875% notes due 2041. The senior notes (collectively, the “notes”) pay interest semi-annually. Except as noted below, the notes are redeemable by the Company, in whole or part, for cash at any time prior to maturity, at a redemption price equal to the greater of 100% of the principal amount or the sum of the present value of the remaining scheduled principal and interest payments on the notes discounted at the applicable treasury rate, as defined in the indentures, plus a premium of between 45 and 50 basis points, plus accrued interest, if any. Within three months of maturity of the notes due in 2021, 2024 and 2027, and within six months of maturity of the notes due in 2041, the Company can only redeem the notes in whole at 100% of the principal amount plus accrued interest, if any. In addition, the Company is required to make an offer to repurchase the notes prior to maturity upon certain fundamental changes at a repurchase price equal to 101% of the principal amount of the notes plus accrued and unpaid interest to the repurchase date, if any. (ii) Revolving credit facility As at December 31, 2020, the Company had utilized $7.5 million (December 31, 2019 - $119.1 million) of its $1,500.0 million revolving credit facility, entirely for letters of credit. In February 2020, the Company repaid the previously outstanding $100.0 million balance on the revolving credit facility. The Company drew down $750.0 million on March 20, 2020 as a precautionary measure to protect against economic and business uncertainties caused by the COVID-19 pandemic. The Company repaid $250.0 million of this drawn amount on July 24, 2020 and repaid the remaining $500.0 million balance on September 18, 2020. On July 25, 2019, the Company amended its $1,500.0 million revolving credit facility to extend the maturity date by one year from August 10, 2023 to August 10, 2024. Loan interest on the revolving credit facility is variable, set at LIBOR plus an interest rate margin, which is dependent on the Company’s credit rating. Based on the Company’s credit rating at December 31, 2020, interest charges and fees are as follows: Type of credit Revolving credit facility LIBOR plus 1.625 % Letters of credit 1.0833 - 1.625 % Standby fee applicable to unused availability 0.325 % The revolving credit facility’s credit agreement contains various covenants including limits on indebtedness, asset sales and liens. The Company is in compliance with its financial covenant in the credit agreement at December 31, 2020. (iii) Tasiast Loan On December 16, 2019, the Company completed a definitive loan agreement for up to $300.0 million for Tasiast, with the first drawdown of $200.0 million received on April 9, 2020, and the remaining $100.0 million is available to be drawn up to March 2022. The asset recourse loan has a term of eight years, maturing in December 2027, a floating interest rate of LIBOR plus a weighted average margin of 4.38% and a standby fee applicable to unused availability of 1.60%, with semi-annual interest payments to be made in June and December for the term of the loan, and first principal repayments due in June 2022. As at December 31, 2020, the Company held $25.0 million in a separate bank account as required under the Tasiast loan agreement. This cash, which is subject to fluctuations over time depending on the next scheduled principal and interest payments, is required to remain in the bank account for the duration of the loan and is therefore recorded as restricted cash in other long-term assets. See Note 7viii. (iv) Other The maturity date for the Company’s $300.0 million Letter of Credit guarantee facility with Export Development Canada ("EDC”) was extended to June 30, 2022, effective July 1, 2020 . As part of the EDC renewal, the facility was expanded to allow for use for other obligations beyond reclamation liabilities. Total fees related to letters of credit under this facility were 0.75% of the utilized amount. As at December 31, 2020, $228.9 million (December 31, 2019 - $227.8 million) was utilized under this facility. In addition, at December 31, 2020, the Company had $175.6 million (December 31, 2019 - $184.7 million) in letters of credit and surety bonds outstanding in respect of its operations in Brazil, Mauritania, Ghana and Chile. These have been issued pursuant to arrangements with certain international banks and incur average fees of 0.74%. As at December 31, 2020, $290.1 million (December 31, 2019 - $276.5 million) of surety bonds were outstanding with respect to Kinross’ properties in the United States. These surety bonds were issued pursuant to arrangements with international insurance companies and incur fees of 0.50%. (v) Changes in liabilities arising from financing activities Long - term debt Lease Accrued interest and credit facilities liabilities 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 $ — $ — $ 86.6 $ 86.6 Capitalized interest — — 49.1 49.1 Capitalized interest paid — — (47.9) (47.9) Additions of lease liabilities — 38.2 — 38.2 Accretion of lease liabilities — 3.0 — 3.0 Other cash changes (12.8) — (13.8) (26.6) Other non-cash changes (0.7) (0.7) (10.5) (11.9) (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. Long - term debt Lease Accrued interest and credit facilities liabilities (a) payable (b) Total Balance as at January 1, 2019 (a) $ 1,735.0 $ 42.9 $ 33.3 $ 1,811.2 Changes from financing cash flows Debt issued 300.0 — — 300.0 Debt repayments (200.0) — — (200.0) Interest paid — — (55.6) (55.6) Payment of lease liabilities — (14.3) — (14.3) 1,835.0 28.6 (22.3) 1,841.3 Other changes Interest expense and accretion $ — $ — $ 74.0 $ 74.0 Capitalized interest — — 47.4 47.4 Capitalized interest paid — — (45.0) (45.0) Additions of lease liabilities — 22.9 — 22.9 Accretion of lease liabilities — 2.9 — 2.9 Other cash changes — — (10.0) (10.0) Other non-cash changes 2.4 0.5 (10.8) (7.9) 2.4 26.3 55.6 84.3 Balance as at December 31, 2019 $ 1,837.4 $ 54.9 $ 33.3 $ 1,925.6 (a) Total lease liabilities of $42.9 million was recognized upon the initial application of IFRS 16 as of January 1, 2019. (b) Included in Accounts payable and accrued liabilities. (1)

LEASES

LEASES	12 Months Ended
	Dec. 31, 2020
LEASES
LEASES	13. LEASES December 31, December 31, 2020 2019 Current portion of lease liabilities $ 28.4 $ 16.0 Long-term lease liabilities 46.3 38.9 $ 74.7 $ 54.9 The Company has a number of lease agreements involving office space, buildings, vehicles and equipment. Many of the leases for equipment provide that the Company may, after the initial lease term, renew the lease for successive yearly periods or may purchase the equipment at its fair market value. Leases for certain office facilities contain escalation clauses for increases in operating costs and property taxes. A majority of these leases are cancelable and are renewable on a yearly basis. The following table summarizes total undiscounted lease liability maturities as at December 31, 2020: 2021 2021-2025 2026+ Total Within 1 year 1 to 5 years More than 5 years Lease liabilities $ 88.7 $ 28.6 $ 45.8 $ 14.3 The following table summarizes such lease payments that have been expensed for the years ended December 31, 2020 and 2019: December 31, December 31, 2020 2019 Leases with a term of 12 months or less $ 4.8 $ 23.7 Leases of assets with underlying value, when new, of $5,000 or less 0.1 0.4 Leases with variable lease payments 31.2 23.3 $ 36.1 $ 47.4

PROVISIONS

PROVISIONS	12 Months Ended
	Dec. 31, 2020
PROVISIONS
PROVISIONS	14. PROVISIONS Reclamation and remediation obligations (i) Other Total Balance at January 1, 2020 $ 866.1 $ 30.4 $ 896.5 Additions 45.0 8.6 53.6 Reductions (5.0) (10.2) (15.2) Reclamation spending (39.6) — (39.6) Accretion 23.0 — 23.0 Reclamation expense 6.6 — 6.6 Balance at December 31, 2020 $ 896.1 $ 28.8 $ 924.9 Current portion 58.7 5.1 63.8 Non-current portion 837.4 23.7 861.1 $ 896.1 $ 28.8 $ 924.9 (i) Reclamation and remediation obligations The Company conducts its operations so as to protect the public health and the environment, and to comply with all applicable laws and regulations governing protection of the environment. Reclamation and remediation obligations arise throughout the life of each mine. The Company estimates future reclamation costs based on the level of current mining activity and estimates of costs required to fulfill the Company’s future obligations. The above table details the items that affect the reclamation and remediation obligations. Included in other operating expense for the year ended December 31, 2020 is a $6.6 million expense (year ended December 31, 2019 - $11.9 million recovery) reflecting revised estimated fair values of costs that support the reclamation and remediation obligations for properties that have been closed or are nearing the end of their operating life. The majority of the expenditures are expected to occur between 2021 and 2044. The discount rates used in estimating the site restoration cost obligation were between 0.4% and 13.3% for the year ended December 31, 2020 (year ended December 31, 2019 - 1.7% and 14.7%), and the inflation rates used were between 2.1% and 4.0% for the year ended December 31, 2020 (year ended December 31, 2019 - 2.2% and 4.0%). Regulatory authorities in certain jurisdictions require that security be provided to cover the estimated reclamation and remediation obligations. As at December 31, 2020, letters of credit totaling $379.9 million (December 31, 2019 - $391.9 million) had been issued to various regulatory agencies to satisfy financial assurance requirements for this purpose. The letters of credit were issued against the Company’s Letter of Credit guarantee facility with EDC, the revolving credit facility, and pursuant to arrangements with certain international banks. The Company is in compliance with all applicable requirements under these facilities. As at December 31, 2020, $289.3 million (December 31, 2019 - $275.7 million) of surety bonds were outstanding as security over reclamation and remediation obligations with respect to Kinross’ assets in the United States. The surety bonds were issued pursuant to arrangements with international insurance companies.

COMMON SHARE CAPITAL

COMMON SHARE CAPITAL	12 Months Ended
	Dec. 31, 2020
COMMON SHARE CAPITAL
COMMON SHARE CAPITAL	15. COMMON SHARE CAPITAL The authorized share capital of the Company is comprised of an unlimited number of common shares without par value. A summary of common share transactions for the years ended December 31, 2020 and 2019 is as follows: Year ended Year ended December 31, 2020 December 31, 2019 Number of shares Amount Number of shares Amount (000’s) (000’s) Common shares Balance at January 1, 1,253,766 $ 14,926.2 1,250,229 $ 14,913.4 Transfer to contributed surplus on reduction of stated capital (a) — (10,473.4) — — Issued under share option and restricted share plans 4,554 20.9 3,537 12.8 Balance at end of period 1,258,320 $ 4,473.7 1,253,766 $ 14,926.2 Total common share capital $ 4,473.7 $ 14,926.2 (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. The following summarizes dividends declared and paid during the year ended December 31, 2020: Total Per share amount Dividends declared during the periods: Three months ended March 31, 2020 $ — $ — Three months ended June 30, 2020 — — Three months ended September 30, 2020 0.03 37.7 Three months ended December 31, 2020 0.03 37.8 Total $ 75.5 Dividends paid during the periods: Three months ended March 31, 2020 $ — $ — Three months ended June 30, 2020 — — Three months ended September 30, 2020 — — Three months ended December 31, 2020 0.06 75.5 Total $ 75.5 On February 10, 2021 the Board of Directors declared a dividend of $0.03 per common share payable on March 18, 2021 to shareholders of record on March 3, 2021. There were no dividends declared but unpaid at December 31, 2020, and no dividends were declared or paid during the year ended December 31, 2019.

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS	12 Months Ended
	Dec. 31, 2020
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS	16. SHARE-BASED PAYMENTS Share-based compensation expense recorded during the years ended December 31, 2020 and 2019 was as follows: Years ended December 31, 2020 2019 Share option plan expense (i) $ 1.0 $ 2.4 Restricted share unit plan expense, including restricted performance shares (ii) 29.7 24.6 Deferred share units expense (iii) 1.3 1.1 Employer portion of employee share purchase plan (iv) 2.4 2.1 Total share-based compensation expense $ 34.4 $ 30.2 (i) Share option plan The Company has a share option plan for officers, employees, and contractors enabling them to purchase common shares. Under the share option plan, the aggregate number of shares reserved for issuance may not exceed 31.2 million common shares. Additionally, the aggregate number of Common Shares reserved for issuance under the share option plan to insiders, at any one time upon the exercise of Options and pursuant to all other compensation arrangements of the Company shall not exceed 10% of the total number of Common Shares then outstanding. Each option granted under the plan on or after February 16, 2011 is for a maximum term of seven years. One-third of the options granted are exercisable each year commencing one year after the date of grant. The exercise price is determined by the Company’s Board of Directors at the time the option is granted, and may not be less than the closing market price of the common shares on the last trading day prior to the grant date of the option. The share options outstanding at December 31, 2020 expire at various dates through 2026. The number of common shares available for the granting of options as at December 31, 2020 was 14.6 million. The following table summarizes the status of the share option plan and changes during the years ended December 31, 2020 and 2019: 2020 2019 Weighted average Weighted average Number of options exercise price Number of options exercise price (000’s) (CDN$/option) (000’s) (CDN$/option) Balance at January 1 10,170 $ 5.16 12,344 $ 5.77 Granted — — 2,042 4.59 Exercised (2,566) 4.90 (1,577) 4.41 Forfeited (808) 5.02 (741) 4.42 Expired (1,195) 8.03 (1,898) 9.42 Outstanding at end of period 5,601 $ 4.68 10,170 $ 5.16 Exercisable at end of period 3,813 $ 4.68 6,459 $ 5.38 For the year ended December 31, 2020, the weighted average share price at the date of exercise was CDN$8.63 (December 31, 2019 - CDN$6.20). The following table summarizes information about the stock options outstanding and exercisable at December 31, 2020: Options outstanding Options exercisable Weighted Weighted Weighted average Weighted average Number of average remaining Number of average remaining options exercise price contractual life options exercise price contractual life Exercise price range in CDN$: (000’s) (CDN$) (years) (000’s) (CDN$) (years) 3.73 4.50 1,438 3.89 1,438 3.89 4.51 5.00 2,794 4.74 1,006 4.82 5.01 5.82 1,369 5.39 1,369 5.40 5,601 $ 4.68 3,813 $ 4.68 No options were granted during the year ended December 31, 2020. The following weighted average assumptions were used in computing the fair value of stock options using the Black-Scholes option pricing model granted during the year ended December 31, 2019: 2019 Weighted average share price (CDN$) $ 4.59 Expected dividend yield 0.0 % Expected volatility 44.8 % Risk-free interest rate 1.8 % Expected option life (in years) 4.5 Weighted average fair value per stock option granted (CDN$) $ 1.79 The expected volatility used in the Black-Scholes option pricing model is based primarily on the historical volatility of the Company’s shares. (ii) Restricted share unit plans The Company has a Restricted Share Plan and a Restricted Share Unit Plan (Cash-Settled) whereby RSUs and RPSUs may be granted to employees, officers and contractors of the Company. Under the Restricted Share Plan, the aggregate number of shares reserved for issuance may not exceed 50 million common shares. The number of common shares available for the granting of restricted shares under this plan as at December 31, 2020 was 21.9 million. (a) Restricted share units RSUs are generally exercisable into one common share entitling the holder to acquire the common share for no additional consideration. RSUs vest over a three year period. The following table summarizes information about all RSUs and related changes during the years ended December 31, 2020 and 2019: 2020 2019 Weighted average Weighted average Number of units fair value Number of units fair value (000’s) (CDN$/unit) (000’s) (CDN$/unit) Balance at January 1 8,512 $ 4.68 7,626 $ 4.88 Granted 3,106 7.42 5,740 4.56 Redeemed (4,199) 4.78 (3,888) 4.86 Forfeited (944) 5.17 (966) 4.81 Outstanding at end of period 6,475 $ 5.86 8,512 $ 4.68 As at December 31, 2020, the Company had recognized a liability of $17.6 million (December 31, 2019 - $13.9 million) within employee related accrued liabilities (see Note 7ix) in respect of its cash-settled RSUs . (b) Restricted performance share units The RPSUs are subject to certain vesting requirements and vest at the end of three years. The vesting requirements are based on certain performance criteria over the vesting period established by the Company. The following table summarizes information about the RPSUs and related changes during the years ended December 31, 2020 and 2019: 2020 2019 Weighted average Weighted average Number of units fair value Number of units fair value (000’s) (CDN$/unit) (000’s) (CDN$/unit) Balance at January 1 4,937 $ 5.16 4,990 $ 5.14 Granted 1,436 7.76 2,263 4.54 Redeemed (1,575) 5.32 (1,702) 4.45 Forfeited (339) 5.02 (614) 4.71 Outstanding at end of period 4,459 $ 5.95 4,937 $ 5.16 (iii) Deferred share unit plan The Company has a DSU plan for its outside directors which provides that each outside director receives, on the last date in each quarter a number of DSUs having a value equal to a minimum of 50% of the compensation of the outside director for the current quarter. Each outside director can elect to receive a greater percentage of their compensation in DSUs. The number of DSUs granted to an outside director is based on the closing price of the Company's common shares on the Toronto Stock Exchange on the business day immediately preceding the DSU issue date. At such time as an outside director ceases to be a director, the Company will make a cash payment on the outstanding DSUs to the outside director in accordance with the redemption election made by the departing director or in the absence of an election to defer redemption, in accordance with the default redemption provisions provided in the Deferred Share Unit Plan. The number of DSUs granted by the Company and the weighted average fair value per unit issued for the years ended December 31, 2020 and 2019 are as follows: Years ended December 31, 2020 2019 DSUs granted (000's) 203 269 Weighted average grant-date fair value (CDN$/ unit) $ 8.66 $ 5.39 There were 1,422,650 DSUs outstanding, for which the Company had recognized a liability of $10.4 million, as at December 31, 2020 (December 31, 2019 - $7.8 million), within employee related accrued liabilities (see Note 7ix). (iv) Employee share purchase plan The Company has an employee SPP whereby certain employees of the Company have the opportunity to contribute up to a maximum of 10% of their annual base salary to purchase common shares. Since 2004, the Company has made contributions equal to 50% of the employees’ contributions. The compensation expense related to the employee SPP for the year ended December 31, 2020 was $2.4 million (year ended December 31, 2019 - $2.1 million).

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2020
EARNINGS PER SHARE
EARNINGS PER SHARE	17. EARNINGS PER SHARE Basic and diluted net earnings attributable to common shareholders of Kinross for the year ended December 31, 2020 was $1,342.4 million (year ended December 31, 2019 - $718.6 million). Earnings per share has been calculated using the weighted average number of common shares and common share equivalents issued and outstanding during the period. Stock options are reflected in diluted earnings per share by application of the treasury method. The following table details the weighted average number of outstanding common shares for the purpose of computing basic and diluted loss per common share for the following periods: Years ended December 31, (Number of common shares in thousands) 2020 2019 Basic weighted average shares outstanding: 1,257,163 1,252,316 Weighted average shares dilution adjustments: Stock options 3,218 1,679 Restricted share units 2,929 3,181 Restricted performance share units 4,660 5,168 Diluted weighted average shares outstanding 1,267,970 1,262,344 Weighted average shares dilution adjustments - exclusions: (a) Stock options (b) 165 3,870 Restricted share units — — Restricted performance share units — — (a) These adjustments were excluded, as they are anti-dilutive. (b) Anti-dilutive stock options were determined using the Company’s average share price for the year. For the years ended December 31, 2020 and 2019, the average share price used was $7.00 and $3.97, respectively.

INCOME TAX EXPENSE

INCOME TAX EXPENSE	12 Months Ended
	Dec. 31, 2020
INCOME TAX EXPENSE
INCOME TAX EXPENSE	18. INCOME TAX EXPENSE The following table shows the components of the current and deferred tax expense: Years ended December 31, 2020 2019 Current tax expense Current period $ 297.7 $ 206.6 Adjustment for prior periods (75.8) (1.0) Deferred tax expense Origination and reversal of temporary differences 335.5 223.0 Impact of changes in tax rate (0.8) (1.6) Change in unrecognized deductible temporary differences (73.4) (156.3) Recognition of previously unrecognized tax losses (43.4) (24.0) Total tax expense $ 439.8 $ 246.7 On March 27, 2020 the U.S. CARES Act was signed into law. Kinross benefited primarily from two significant changes in tax law included in the U.S. CARES Act. First, $33.1 million of federal Alternative Minimum Tax ("AMT") credits that were previously expected to be received after 2020, were received in 2020. Second, the tax law amendments provided for new tax loss carry-back opportunities that created additional federal AMT credits of $73.7 million, which were also refunded in 2020. The carry-back of U.S. net operating losses also resulted in a $25.4 million net tax benefit to tax expense, the result of the 35% U.S. federal corporate income tax rates prior to 2018, compared to 21% post 2017. The reconciliation of the combined Canadian federal and provincial statutory income tax rate to the effective tax rate is as follows: 2020 2019 Combined statutory income tax rate 26.5 % 26.5 % Increase (decrease) resulting from: Mining taxes 1.7 % 1.2 % Percentage of depletion (0.9) % (1.4) % Difference in foreign tax rates and foreign exchange on deferred income taxes within income tax expense 5.5 % 4.5 % Change in unrecognized deferred tax assets (0.4) % (4.1) % Over provided in prior periods — (0.4) % Income not subject to tax (0.7) % (0.7) % Effect of non-taxable impairment reversals (6.9) % (4.2) % Accounting expenses disallowed for tax 1.7 % 2.3 % Taxes on repatriation of foreign earnings 0.1 % 0.5 % Impact of CARES Act (1.4) % — AMT credit receivable due to U.S.Tax Reform — (0.5) % Other (0.7) % 1.9 % Effective tax rate 24.5 % 25.6 % i. Deferred income tax The following table summarizes the components of deferred income tax: December 31, December 31, 2020 2019 Deferred tax assets Accrued expenses and other $ 51.1 $ 29.0 Property, plant and equipment 5.2 — Reclamation and remediation obligations 123.3 109.6 Inventory capitalization 20.8 16.8 Non-capital loss 54.4 34.7 254.8 190.1 Deferred tax liabilities Accrued expenses and other 2.4 2.7 Reclamation and remediation obligations — 2.8 Property, plant and equipment 677.5 423.4 Inventory capitalization 60.0 30.5 Deferred tax liabilities - net $ 485.1 $ 269.3 For balance sheet disclosure purposes, deferred tax assets and liabilities have been offset where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset. Movement in net deferred tax liabilities: December 31, December 31, 2020 2019 Balance at the beginning of the period $ 269.3 $ 220.2 Recognized in the statement of operations 217.9 41.1 Recognized in OCI (2.1) 8.0 Balance at the end of the period $ 485.1 $ 269.3 ii. Unrecognized deferred tax assets and liabilities The aggregate amount of taxable temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized, as at December 31, 2020 is $8.9 billion (December 31, 2019 - $7.3 billion). Deferred tax assets have not been recognized in respect of the following items: December 31, December 31, 2020 2019 Deductible temporary differences $ 535.2 $ 656.5 Tax losses $ 394.1 $ 441.3 The tax losses not recognized expire as per the amount and years noted below. The deductible temporary differences do not expire under current tax legislation. Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profit will be available against which the Company can utilize the benefits therefrom. iii. Non-capital losses (not recognized) The following table summarizes the Company’s non-capital losses that can be applied against future taxable profit: Country Type Amount Expiry Date Canada Net operating losses $ 1,011.9 2027 - 2040 United States (a) Net operating losses 33.6 2021 - 2033 Chile Net operating losses 243.8 No expiry Brazil Net operating losses 2.1 No expiry Russia Net operating losses 2.5 No expiry Mauritania Net operating losses 88.6 2021 - 2025 Barbados Net operating losses 144.9 2020 - 2026 Luxembourg Net operating losses 75.1 Various Other Net operating losses 57.5 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. (1)

SEGMENTED INFORMATION

SEGMENTED INFORMATION	12 Months Ended
	Dec. 31, 2020
SEGMENTED INFORMATION
SEGMENTED INFORMATION	19. SEGMENTED INFORMATION The Company operates primarily in the gold mining industry and its major product is gold. Its activities include gold production, acquisition, exploration and development of gold properties. The Company’s primary mining operations are in the United States, the Russian Federation, Brazil, Chile, Ghana and Mauritania. The reportable segments are those operations whose operating results are reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance provided those operations pass certain quantitative thresholds. Operations whose revenues, earnings or losses or assets exceed 10% of the total consolidated revenue, earnings or losses or assets are reportable segments. In order to determine reportable operating segments, management reviews various factors, including geographical location and managerial structure. It was determined by management that a reportable operating segment generally consists of an individual mining property managed by a single general manager and management team. The Kupol segment includes the Kupol and Dvoinoye mines. These two mines have been aggregated into one reportable segment as they have integrated cost structures, due to the processing of Dvoinoye ore at the Kupol mill, and other shared infrastructure such as the purchasing function. The Corporate and other segment includes corporate, shutdown and other non-operating assets (including Chulbatkan, Kettle River-Buckhorn, La Coipa, Lobo-Marte, Maricunga, and Peak) and non-mining and other operations. These have been aggregated into one reportable segment. Finance income, finance expense, and other income - net are managed on a consolidated basis and are not allocated to operating segments. i. Operating segments The following tables set forth operating results by reportable segment for the following years: Non-operating Operating segments segments (a) Round Bald Corporate and Year ended December 31, 2020: Fort Knox Mountain Mountain Paracatu Kupol Tasiast Chirano 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 Non-operating Operating segments segments (a) Round Bald Corporate and Year ended December 31, 2019: Fort Knox Mountain Mountain Paracatu Kupol Tasiast Chirano other (b),(c) Total Revenue Metal sales $ 279.6 502.2 249.2 856.3 734.4 532.8 281.6 61.2 $ 3,497.3 Cost of sales Production cost of sales 213.7 250.6 136.6 412.3 314.1 230.4 189.7 31.5 1,778.9 Depreciation, depletion and amortization 90.3 39.8 79.5 163.4 125.1 130.2 92.6 10.4 731.3 Reversal of impairment charges — — — (200.7) — (161.1) — — (361.8) Total cost of sales 304.0 290.4 216.1 375.0 439.2 199.5 282.3 41.9 2,148.4 Gross profit (loss) $ 211.8 33.1 481.3 295.2 333.3 (0.7) 19.3 $ 1,348.9 Other operating expense (income) 25.1 (0.3) 7.8 (10.9) (8.9) 46.4 (0.9) 50.2 108.5 Exploration and business development 3.4 4.8 12.6 — 23.0 1.8 8.0 59.9 113.5 General and administrative — — — — — — — 135.8 135.8 Operating earnings (loss) $ (52.9) 207.3 12.7 492.2 281.1 285.1 (7.8) (226.6) $ 991.1 Other income - net 72.7 Finance income 7.9 Finance expense (107.9) Earnings before tax $ 963.8 Non-operating Operating segments segments (a) Round Bald Corporate and Fort Knox Mountain Mountain Paracatu Kupol Tasiast Chirano other (b),(C) 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 Non-operating Operating segments segments (a) Round Bald Corporate and Fort Knox Mountain Mountain Paracatu Kupol Tasiast Chirano other (b),(c) Total Property, plant and equipment at: December 31, 2019 $ 421.1 653.7 685.1 1,748.1 332.8 1,924.8 152.9 421.5 $ 6,340.0 Total assets at: December 31, 2019 $ 633.2 846.8 862.5 2,024.0 1,053.4 2,312.5 255.0 1,088.6 $ 9,076.0 Capital expenditures for year ended December 31, 2019 (d) $ 149.3 241.5 249.3 113.5 39.7 370.5 16.4 27.1 $ 1,207.3 (a) (b) (c) (d) ii. Geographic segments The following table shows metal sales and property, plant and equipment by geographic region: Metal sales Property, plant and equipment Years ended December 31, As at December 31, 2020 2019 2020 2019 Geographic information (a) United States $ 1,318.9 $ 1,031.0 $ 2,043.7 $ 1,765.0 Russian Federation 904.6 734.4 604.0 337.4 Brazil 960.7 856.3 1,721.5 1,749.3 Chile 16.1 61.2 653.5 394.1 Mauritania 718.0 532.8 2,289.2 1,932.4 Ghana 295.1 281.6 341.6 161.8 Total $ 4,213.4 $ 3,497.3 $ 7,653.5 $ 6,340.0 (a) Geographic location is determined based on location of the mining assets. iii. Significant customers The following table represents sales to individual customers exceeding 10% of annual metal sales for the following periods: Round Bald Corporate Year ended December 31, 2020: Fort Knox Mountain Mountain Paracatu Kupol Tasiast Chirano 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. Round Bald Corporate Year ended December 31, 2019: Fort Knox Mountain Mountain Paracatu Kupol Tasiast Chirano and other (a) Total Customer 1 $ 11.3 56.3 17.0 59.4 145.4 175.5 51.7 0.7 517.3 2 31.5 49.0 40.4 76.8 55.8 78.5 57.8 8.0 397.8 3 24.2 14.5 16.7 181.1 — 66.6 47.8 4.1 355.0 $ 1,270.1 % of total metal sales 36.3 % (a) The Corporate and other segment includes metal sales for Maricunga for the year ended December 31, 2019. The Company is not economically dependent on a limited number of customers for the sale of its product as gold can be sold through numerous commodity market traders worldwide.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	20. COMMITMENTS AND CONTINGENCIES i. Commitments Purchase commitments At December 31, 2020, the Company had future purchase commitments of approximately $992.6 million (December 31, 2019 - $1,104.3 million), of which $153.1 million relates to commitments for capital expenditures (December 31, 2019 - $186.6 million). ii. Contingencies General Estimated losses from contingencies are accrued by a charge to earnings when information available prior to the issuance of the financial statements indicates that it is likely that a future event will confirm that an asset has been impaired or a liability incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Other legal matters The Company is from time to time involved in legal proceedings, arising in the ordinary course of its business. Typically, the amount of ultimate liability with respect to these actions will not, in the opinion of management, materially affect Kinross’ financial position, results of operations or cash flows. Maricunga regulatory proceedings In May 2015, the Chile environmental enforcement authority (the “SMA”) commenced an administrative proceeding against Compania Minera Maricunga (“CMM”) alleging that pumping of groundwater to support the Maricunga operation had impacted area wetlands and, on March 18, 2016, issued a resolution alleging that CMM’s pumping was impacting the “Valle Ancho” wetland. Beginning in May 2016, the SMA issued a series of resolutions ordering CMM to temporarily curtail pumping from its wells. In response, CMM suspended mining and crushing activities and reduced water consumption to minimal levels. CMM contested these resolutions, but its efforts were unsuccessful and, except for a short period of time in July 2016, CMM’s operations have remained suspended. On June 24, 2016, the SMA amended its initial sanction (the “Amended Sanction”) and effectively required CMM to cease operations and close the mine, with water use from its wells curtailed to minimal levels. On July 9, 2016, CMM appealed the sanctions and, on August 30, 2016, submitted a request to the Environmental Tribunal that it issue an injunction suspending the effectiveness of the Amended Sanction pending a final decision on the merits of CMM’s appeal. On September 16, 2016, the Environmental Tribunal rejected CMM’s injunction request and on August 7, 2017, upheld the SMA’s Amended Sanction and curtailment orders on procedural grounds. On October 9, 2018, the Supreme Court affirmed the Environmental Tribunal’s ruling on procedural grounds and dismissed CMM’s appeal. On June 2, 2016, CMM was served with two separate lawsuits filed by the Chilean State Defense Counsel (“CDE”). Both lawsuits, filed with the Environmental Tribunal, alleged that pumping from the Maricunga groundwater wells caused environmental damage to area wetlands. One action relates to the “Pantanillo” wetland and the other action relates to the Valle Ancho wetland (described above). Hearings on the CDE lawsuits took place in 2016 and 2017, and on November 23, 2018, the Tribunal ruled in favor of CMM in the Pantanillo case and against CMM in the Valle Ancho case. In the Valle Ancho case, the Tribunal is requiring CMM to, among other things, submit a restoration plan to the SMA for approval. CMM has appealed the Valle Ancho ruling to the Supreme Court. The CDE has appealed to the Supreme Court in both cases and is asserting in the Valle Ancho matter that the Environmental Tribunal erred by not ordering a complete shutdown of Maricunga’s groundwater wells. The Supreme Court has the discretion to decide whether it will hear any of the appeals and has determined that it will hear the CDE’s appeal in the Pantanillo case. The Supreme Court has not yet determined whether it will hear the appeals in the Valle Ancho case. The timing of any rulings by the Supreme Court on the parties’ respective appeals remains uncertain. Sunnyside litigation The Sunnyside Mine is an inactive mine situated in the so-called Bonita Peak Mining District (“District”) near Silverton, Colorado. A subsidiary of Kinross, Sunnyside Gold Corporation ("SGC"), was involved in operations at the mine from 1985 through 1991 and subsequently conducted various reclamation and closure activities at the mine and in the surrounding area. On August 5, 2015, while working in another mine in the District known as the Gold King, the Environmental Protection Agency (the “EPA”) caused a release of approximately three million gallons of contaminated water into a tributary of the Animas River. In the third quarter of 2016, the EPA listed the District, including areas impacted by SGC’s operations and closure activities, on the National Priorities List pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”). SGC challenged portions of the CERCLA listing in the United States Court of Appeals for District of Columbia Circuit, but SGC’s petition for review was denied, as was its subsequent petition for rehearing. The EPA has notified SGC that SGC is a potentially responsible party under CERCLA and may be jointly and severally liable for cleanup of the District or cleanup costs incurred by the EPA in the District. The EPA may in the future provide similar notification to Kinross, as the EPA contends that Kinross has liability in the District under CERCLA and other statutes. In the second quarter of 2018, the EPA issued to SGC a modified Unilateral Administrative Order for Remedial Investigation (“the Order”). In the second quarter of 2019, pursuant to the original Order, the EPA issued to SGC a Modified Statement of Work, Work Plan and Field Sampling Plan (together with the Order, the “Modified Order”). The Modified Order significantly altered and expanded upon the work set out under the original Order. In the third quarter of 2019, after consulting with external legal counsel, SGC provided notice to the EPA that the Modified Order is legally indefensible, does not address any imminent hazard and SGC does not intend to comply with the Modified Order. On July 26, 2019, the EPA acknowledged receipt of SGC’s notice of its intention not to comply with the Modified Order. The EPA indicated that it would undertake to complete the work ordered under the Modified Order, and has subsequently completed some of that work. While SGC believes that it has good cause not to comply with the Modified Order, failure to comply with the Modified Order may subject SGC to significant penalties, damages and/or potential reimbursement of the cost of remediation work undertaken by the EPA. In the second quarter of 2016, the State of New Mexico filed a complaint naming the EPA, SGC, Kinross and others alleging violations of CERCLA, the Resource Conservation and Recovery Act (“RCRA”), and the Clean Water Act (“CWA”) and claiming negligence, gross negligence, public nuisance and trespass. New Mexico subsequently dropped the RCRA claim. The New Mexico complaint seeks cost recovery, damages, injunctive relief, and attorney’s fees. In the third quarter of 2016, the Navajo Nation initiated litigation against the EPA, SGC and Kinross, alleging entitlement to cost recovery under CERCLA for past and future costs incurred, negligence, gross negligence, trespass, and public and private nuisance, and seeking reimbursement of past and future costs, compensatory, consequential and punitive damages, injunctive relief and attorneys’ fees. In the third quarter of 2017, the State of Utah filed a complaint, which has been amended to name the EPA, SGC, Kinross and others, alleging negligence, gross negligence, public nuisance, trespass, and violation of the Utah Water Quality Act and the Utah Solid and Hazardous Waste Act. The Utah complaint seeks cost recovery, compensatory, consequential and punitive damages, penalties, disgorgement of profits, declaratory, injunctive and other relief under CERCLA, attorney’s fees, and costs. In the third quarter of 2018, numerous members of the Navajo Nation initiated litigation against the EPA, SGC and Kinross, alleging negligence, gross negligence and injury, including great spiritual and emotional distress. The complaint of the Navajo members seeks compensatory and consequential damages, interest, punitive damages, attorneys’ fees and expenses. The New Mexico, Navajo Nation, Utah and Navajo member cases have been centralized for coordinated or consolidated pretrial proceedings in the United States District Court for the District of New Mexico. In the third quarter of 2019 (i) the EPA filed a cross claim against SGC and Kinross seeking contribution, including contribution under CERCLA, for any damages awarded to New Mexico, the Navajo Nation, or Utah as well as cost-recovery for the EPA’s response costs and remedial expenses incurred by the EPA in the District pursuant to CERCLA or other laws; (ii) Environmental Restoration, LLC, an EPA contractor, filed a cross claim against SGC seeking contribution under CERCLA and attorneys’ fees and expenses; and (iii) SGC filed a cross claim against the United States and certain contractors of the United States seeking contribution and equitable indemnity and making a due process claim against the United States. In the first quarter of 2020, the Court granted the United States judgment on SGC’s due process cross claim and dismissed it. In the fourth quarter of 2020, SGC and Kinross reached settlements with the Navajo Nation and the State of New Mexico, which settlements will result in a dismissal with prejudice of all claims by these parties against SGC and Kinross. Although these settlements are not subject to entry of a Consent Decree approving the settlements, a Consent Decree approving the settlements will be lodged with the United States District Court for the District of New Mexico for public notice and comment. Upon expiration of the comment period, the parties will move the Court for entry of the Consent Decree. Income taxes The Company operates in numerous countries around the world and accordingly is subject to, and pays taxes under the various regimes in countries in which it operates. These tax regimes are determined under general corporate tax laws of the country. The Company has historically filed, and continues to file, all required tax returns and to pay the taxes reasonably determined to be due. The tax rules and regulations in many countries are complex and subject to interpretation. Changes in tax law or changes in the way that tax law is interpreted may also impact the Company’s effective tax rate as well as its business and operations. Kinross’ tax records, transactions and filing positions may be subject to examination by the tax authorities in the countries in which the Company has operations. The tax authorities may review the Company’s transactions in respect of the year, or multiple years, which they have chosen for examination. The tax authorities may interpret the tax implications of a transaction in form or in fact, differently from the interpretation reached by the Company. In circumstances where the Company and the tax authority cannot reach a consensus on the tax impact, there are processes and procedures which both parties may undertake in order to reach a resolution, which may span many years in the future. Uncertainty in the interpretation and application of applicable tax laws, regulations or the relevant sections of Mining Conventions by the tax authorities, or the failure of relevant Governments or tax authorities to honour tax laws, regulations or the relevant sections of Mining Conventions could adversely affect Kinross.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	21. RELATED PARTY TRANSACTIONS There were no material related party transactions in 2020 and 2019 other than compensation of key management personnel. Key management personnel Compensation of key management personnel of the Company is as follows: Years ended December 31, 2020 2019 Cash compensation - salaries, short-term incentives, and other benefits $ 7.4 $ 7.3 Long-term incentives, including share-based payments 8.8 8.5 Termination and post-retirement benefits 1.1 10.2 Total compensation paid to key management personnel $ 17.3 $ 26.0 Key management personnel are defined as the Senior Leadership Team and members of the Board of Directors.

CONSOLIDATING FINANCIAL STATEME

CONSOLIDATING FINANCIAL STATEMENTS	12 Months Ended
	Dec. 31, 2020
CONSOLIDATING FINANCIAL STATEMENTS
CONSOLIDATING FINANCIAL STATEMENTS	22. CONSOLIDATING FINANCIAL STATEMENTS The obligations of the Company under the senior notes are guaranteed by the following 100% owned subsidiaries of the Company (the “guarantor subsidiaries”): Round Mountain Gold Corporation, Kinross Brasil Mineração S.A., Fairbanks Gold Mining, Inc., Melba Creek Mining, Inc., KG Mining (Round Mountain) Inc., KG Mining (Bald Mountain) Inc., Red Back Mining (Ghana) Limited, White Ice Ventures Limited and KG Far East (Luxembourg) Sarl. All guarantees by the guarantor subsidiaries are joint and several, and full and unconditional; subject to certain customary release provisions contained in the indenture governing the senior notes. During the year ended December 31, 2020, a change was made to the guarantor subsidiaries such that Red Back Mining B.V. is no longer a guarantor. The following tables contain separate financial information related to the guarantor subsidiaries as set out in the consolidating balance sheets as at December 31, 2020 and 2019 and the consolidating statements of operations, statements of comprehensive income (loss) and statements of cash flows for the years ended December 31, 2020 and 2019. For purposes of this information, the financial statements of Kinross Gold Corporation and of the guarantor subsidiaries reflect investments in subsidiary companies on an equity accounting basis. As a result of the change in the guarantor subsidiaries noted above, the consolidating balance sheet, consolidating statement of operations, comprehensive income (loss) and cash flows for the comparative periods have been recast. Consolidating balance sheet as at December 31, 2020 Guarantors Kinross Gold Guarantor Guarantor Total Non- Corp. Subsidiaries Adjustments Guarantors guarantors Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 115.5 $ 366.8 $ — $ 482.3 $ 728.6 $ — $ 1,210.9 Restricted cash — 5.7 — 5.7 8.0 — 13.7 Accounts receivable and other assets 13.7 45.3 — 59.0 63.3 — 122.3 Intercompany receivables 610.1 1,553.5 (300.1) 1,863.5 4,293.7 (6,157.2) — Current income tax recoverable — 0.7 — 0.7 29.2 — 29.9 Inventories 3.9 584.1 — 588.0 484.9 — 1,072.9 743.2 2,556.1 (300.1) 2,999.2 5,607.7 (6,157.2) $ 2,449.7 Non-current assets Property, plant and equipment 76.1 3,619.0 — 3,695.1 3,958.4 — 7,653.5 Goodwill — 158.8 — 158.8 — — 158.8 Long-term investments 103.0 — — 103.0 10.0 — 113.0 Investment in joint venture — — — — 18.3 — 18.3 Intercompany investments 5,779.7 3,241.6 (7,482.7) 1,538.6 18,247.8 (19,786.4) — Other long-term assets 18.9 209.7 — 228.6 308.6 — 537.2 Long-term intercompany receivables 3,024.9 66.2 (1.5) 3,089.6 5,242.1 (8,331.7) — Deferred tax assets — — — — 2.7 — 2.7 Total assets $ 9,745.8 $ 9,851.4 $ (7,784.3) $ 11,812.9 $ 33,395.6 $ (34,275.3) $ 10,933.2 Liabilities Current liabilities Accounts payable and accrued liabilities $ 96.2 $ 202.0 $ — $ 298.2 $ 181.0 $ — $ 479.2 Intercompany payables 102.4 871.8 (300.1) 674.1 5,483.1 (6,157.2) — Current income tax payable — 112.6 — 112.6 1.9 — 114.5 Current portion of long-term debt and credit facilities 499.7 — — 499.7 — — 499.7 Current portion of provisions — 30.6 — 30.6 33.2 — 63.8 Other current liabilities 13.9 27.8 — 41.7 8.0 — 49.7 Deferred payment obligation — — — — 141.5 — 141.5 712.2 1,244.8 (300.1) 1,656.9 5,848.7 (6,157.2) 1,348.4 Non-current liabilities Long-term debt and credit facilities 1,240.2 — — 1,240.2 184.0 — 1,424.2 Provisions 13.3 461.1 — 474.4 386.7 — 861.1 Long-term lease liabilities 17.3 25.9 — 43.2 3.1 — 46.3 Other long-term liabilities 0.5 37.4 — 37.9 64.5 — 102.4 Long-term intercompany payables 1,165.8 276.8 (1.5) 1,441.1 6,890.6 (8,331.7) — Deferred tax liabilities — 322.7 — 322.7 165.1 — 487.8 Total liabilities 3,149.3 2,368.7 (301.6) 5,216.4 13,542.7 (14,488.9) 4,270.2 Equity Common shareholders’ equity Common share capital $ 4,473.7 $ 1,786.7 $ (1,786.7) $ 4,473.7 $ 19,619.5 $ (19,619.5) $ 4,473.7 Contributed surplus 10,709.0 2,187.6 (2,187.6) 10,709.0 7,943.3 (7,943.3) 10,709.0 Accumulated deficit (8,562.5) 3,527.4 (3,527.4) (8,562.5) (7,727.4) 7,727.4 (8,562.5) Accumulated other comprehensive income (loss) (23.7) (19.0) 19.0 (23.7) (49.0) 49.0 (23.7) Total common shareholders’ equity 6,596.5 7,482.7 (7,482.7) 6,596.5 19,786.4 (19,786.4) 6,596.5 Non-controlling interests — — — — 66.5 — 66.5 Total equity 6,596.5 7,482.7 (7,482.7) 6,596.5 19,852.9 (19,786.4) 6,663.0 Total liabilities and equity $ 9,745.8 $ 9,851.4 $ (7,784.3) $ 11,812.9 $ 33,395.6 $ (34,275.3) $ 10,933.2 Consolidating balance sheet as at December 31, 2019 Guarantors Kinross Gold Guarantor Guarantor Total Non- Corp. Subsidiaries Adjustments Guarantors guarantors Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 124.9 $ 118.1 $ — $ 243.0 $ 332.1 $ — $ 575.1 Restricted cash — 6.6 — 6.6 8.6 — 15.2 Accounts receivable and other assets 10.6 57.6 — 68.2 69.2 — 137.4 Intercompany receivables 601.5 1,217.6 (280.7) 1,538.4 4,420.0 (5,958.4) — Current income tax recoverable — 0.7 — 0.7 42.5 — 43.2 Inventories 3.4 507.1 — 510.5 543.3 — 1,053.8 740.4 1,907.7 (280.7) 2,367.4 5,415.7 (5,958.4) $ 1,824.7 Non-current assets Property, plant and equipment 77.8 3,497.3 — 3,575.1 2,764.9 — 6,340.0 Goodwill — 158.8 — 158.8 — — 158.8 Long-term investments 116.5 — — 116.5 9.7 — 126.2 Investment in joint venture — — — — 18.4 — 18.4 Intercompany investments 4,354.0 2,206.8 (5,994.5) 566.3 17,765.7 (18,332.0) — Other long-term assets 17.2 166.5 — 183.7 389.0 — 572.7 Long-term intercompany receivables 3,215.1 234.8 (1.1) 3,448.8 5,230.2 (8,679.0) — Deferred tax assets — — — — 35.2 — 35.2 Total assets $ 8,521.0 $ 8,171.9 $ (6,276.3) $ 10,416.6 $ 31,628.8 $ (32,969.4) $ 9,076.0 Liabilities Current liabilities Accounts payable and accrued liabilities $ 89.1 $ 208.6 $ — $ 297.7 $ 171.6 $ — $ 469.3 Intercompany payables 123.0 821.1 (280.7) 663.4 5,295.0 (5,958.4) — Current income tax payable — 65.4 — 65.4 2.6 — 68.0 Current portion of long-term debt and credit facilities — — — — — — — Current portion of provisions — 25.7 — 25.7 32.2 — 57.9 Other current liabilities 2.6 10.8 — 13.4 6.9 — 20.3 Deferred payment obligation — — — — — — — 214.7 1,131.6 (280.7) 1,065.6 5,508.3 (5,958.4) 615.5 Non-current liabilities Long-term debt and credit facilities 1,837.4 — — 1,837.4 — — 1,837.4 Provisions 11.4 448.4 — 459.8 378.8 — 838.6 Long-term lease liabilities 18.4 11.5 — 29.9 9.0 — 38.9 Other long-term liabilities 0.3 45.0 — 45.3 63.2 — 108.5 Long-term intercompany payables 1,120.3 276.3 (1.1) 1,395.5 7,283.5 (8,679.0) — Deferred tax liabilities — 264.6 — 264.6 39.9 — 304.5 Total liabilities 3,202.5 2,177.4 (281.8) 5,098.1 13,282.7 (14,637.4) 3,743.4 Equity Common shareholders’ equity Common share capital $ 14,926.2 $ 1,786.6 $ (1,786.6) $ 14,926.2 $ 19,285.5 $ (19,285.5) $ 14,926.2 Contributed surplus 242.1 2,187.6 (2,187.6) 242.1 7,844.4 (7,844.4) 242.1 Accumulated deficit (9,829.4) 2,039.8 (2,039.8) (9,829.4) (8,744.0) 8,744.0 (9,829.4) Accumulated other comprehensive income (loss) (20.4) (19.5) 19.5 (20.4) (53.9) 53.9 (20.4) Total common shareholders’ equity 5,318.5 5,994.5 (5,994.5) 5,318.5 18,332.0 (18,332.0) 5,318.5 Non-controlling interests — — — — 14.1 — 14.1 Total equity 5,318.5 5,994.5 (5,994.5) 5,318.5 18,346.1 (18,332.0) 5,332.6 Total liabilities and equity $ 8,521.0 $ 8,171.9 $ (6,276.3) $ 10,416.6 $ 31,628.8 $ (32,969.4) $ 9,076.0 Consolidating statement of operations for the year ended December 31, 2020 Guarantors Kinross Gold Guarantor Guarantor Total Non- Corp. Subsidiaries Adjustments Guarantors guarantors Eliminations Consolidated Revenue Metal sales $ 2,225.4 $ 2,229.0 $ (2,165.8) $ 2,288.6 $ 1,924.8 $ — $ 4,213.4 Cost of sales Production cost of sales 2,181.9 980.8 (2,165.8) 996.9 728.8 — 1,725.7 Depreciation, depletion and amortization 5.0 458.9 — 463.9 378.4 — 842.3 Reversals of impairment charges - net — — — — (650.9) — (650.9) Total cost of sales 2,186.9 1,439.7 (2,165.8) 1,460.8 456.3 — 1,917.1 Gross profit 38.5 789.3 — 827.8 1,468.5 — 2,296.3 Other operating expense 8.3 23.1 — 31.4 155.1 — 186.5 Exploration and business development 25.6 17.4 — 43.0 49.5 — 92.5 General and administrative 80.4 2.7 — 83.1 34.8 — 117.9 Operating earnings (loss) (75.8) 746.1 — 670.3 1,229.1 — 1,899.4 Other income (expense) - net 22.8 7.7 — 30.5 188.2 (211.3) 7.4 Equity in earnings (losses) of intercompany investments 1,389.2 1,016.2 (1,522.7) 882.7 — (882.7) — Finance income 80.6 2.7 (0.4) 82.9 143.5 (222.1) 4.3 Finance expense (75.6) (32.3) 0.4 (107.5) (227.2) 222.1 (112.6) Earnings (loss) before tax 1,341.2 1,740.4 (1,522.7) 1,558.9 1,333.6 (1,094.0) 1,798.5 Income tax expense - net 1.2 (217.7) — (216.5) (223.3) — (439.8) Net earnings (loss) $ 1,342.4 $ 1,522.7 $ (1,522.7) $ 1,342.4 $ 1,110.3 $ (1,094.0) $ 1,358.7 Net earnings (loss) attributable to: Non-controlling interests $ — $ — $ — $ — $ 16.3 $ — $ 16.3 Common shareholders $ 1,342.4 $ 1,522.7 $ (1,522.7) $ 1,342.4 $ 1,094.0 $ (1,094.0) $ 1,342.4 Consolidating statement of operations for the year ended December 31, 2019 Guarantors Kinross Gold Guarantor Guarantor Total Non- Corp. Subsidiaries Adjustments Guarantors guarantors Eliminations Consolidated Revenue Metal sales $ 1,892.0 $ 1,848.0 $ (1,794.7) $ 1,945.3 $ 1,552.0 $ — $ 3,497.3 Cost of sales Production cost of sales 1,857.5 1,009.8 (1,794.5) 1,072.8 706.1 — 1,778.9 Depreciation, depletion and amortization 3.3 373.7 (0.2) 376.8 354.5 — 731.3 Reversals of impairment charges - net — (200.7) — (200.7) (161.1) — (361.8) Total cost of sales 1,860.8 1,182.8 (1,794.7) 1,248.9 899.5 — 2,148.4 Gross profit 31.2 665.2 — 696.4 652.5 — 1,348.9 Other operating expense 18.0 21.6 — 39.6 68.9 — 108.5 Exploration and business development 29.6 20.8 — 50.4 63.1 — 113.5 General and administrative 86.1 4.0 — 90.1 45.7 — 135.8 Operating earnings (loss) (102.5) 618.8 — 516.3 474.8 — 991.1 Other income (expense) - net 33.0 1.9 — 34.9 249.5 (211.7) 72.7 Equity in earnings (losses) of intercompany investments 767.1 399.2 (824.4) 341.9 — (341.9) — Finance income 83.5 12.3 (0.4) 95.4 134.5 (222.0) 7.9 Finance expense (63.7) (44.7) 0.4 (108.0) (221.9) 222.0 (107.9) Earnings (loss) before tax 717.4 987.5 (824.4) 880.5 636.9 (553.6) 963.8 Income tax expense - net 1.2 (163.1) — (161.9) (84.8) — (246.7) Net earnings (loss) $ 718.6 $ 824.4 $ (824.4) $ 718.6 $ 552.1 $ (553.6) $ 717.1 Net earnings (loss) attributable to: Non-controlling interests $ — $ — $ — $ — $ (1.5) $ — $ (1.5) Common shareholders $ 718.6 $ 824.4 $ (824.4) $ 718.6 $ 553.6 $ (553.6) $ 718.6 Consolidating statement of comprehensive income (loss) for the year ended December 31, 2020 Guarantors Kinross Gold Guarantor Guarantor Total Non- Corp. Subsidiaries Adjustments Guarantors guarantors Eliminations Consolidated Net earnings (loss) $ 1,342.4 $ 1,522.7 $ (1,522.7) $ 1,342.4 $ 1,110.3 $ (1,094.0) $ 1,358.7 Other comprehensive income (loss), net of tax: Items that will not be reclassified to profit or loss: Equity investments at fair value through other comprehensive income - net change in fair value (a) (5.9) — — (5.9) 6.2 — 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) (1.9) (25.8) — (27.7) — — (27.7) Cash flow hedges - reclassified out of accumulated other comprehensive income (c) 5.2 18.9 — 24.1 — — 24.1 (2.6) (6.9) — (9.5) 6.2 — (3.3) Equity in other comprehensive income (loss) of intercompany investments (0.7) — 6.9 6.2 — (6.2) — Total comprehensive income (loss) $ 1,339.1 $ 1,515.8 $ (1,515.8) $ 1,339.1 $ 1,116.5 $ (1,100.2) $ 1,355.4 Attributable to non-controlling interests $ — $ — $ — $ — $ 16.3 $ — $ 16.3 Attributable to common shareholders $ 1,339.1 $ 1,515.8 $ (1,515.8) $ 1,339.1 $ 1,100.2 $ (1,100.2) $ 1,339.1 (a) Net of tax of $ — $ — $ — $ — $ — $ — $ — (b) Net of tax of $ (0.7) $ (11.8) $ — $ (12.5) $ — $ — $ (12.5) (c) Net of tax of $ 1.9 $ 8.5 $ — $ 10.4 $ — $ — $ 10.4 Consolidating statement of comprehensive income (loss) for the year ended December 31, 2019 Guarantors Kinross Gold Guarantor Guarantor Total Non- Corp. Subsidiaries Adjustments Guarantors guarantors Eliminations Consolidated Net earnings (loss) $ 718.6 $ 824.4 $ (824.4) $ 718.6 $ 552.1 $ (553.6) $ 717.1 Other comprehensive income (loss), net of tax: Items that will not be reclassified to profit or loss: Equity investments at fair value through other comprehensive income - net change in fair value (a) 49.6 — — 49.6 (0.6) — 49.0 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) 14.2 9.4 — 23.6 — — 23.6 Cash flow hedges - reclassified out of accumulated other comprehensive income (c) (0.3) 5.8 — 5.5 — — 5.5 63.5 15.2 — 78.7 (0.6) — 78.1 Equity in other comprehensive income (loss) of intercompany investments 14.6 — (15.2) (0.6) — 0.6 — Total comprehensive income (loss) $ 796.7 $ 839.6 $ (839.6) $ 796.7 $ 551.5 $ (553.0) $ 795.2 Attributable to non-controlling interests $ — $ — $ — $ — $ (1.5) $ — $ (1.5) Attributable to common shareholders $ 796.7 $ 839.6 $ (839.6) $ 796.7 $ 553.0 $ (553.0) $ 796.7 (a) Net of tax of $ — $ — $ — $ — $ 0.3 $ — $ 0.3 (b) Net of tax of $ 1.3 $ 3.2 $ — $ 4.5 $ — $ — $ 4.5 (c) Net of tax of $ (0.1) $ 3.3 $ — $ 3.2 $ — $ — $ 3.2 Consolidating statement of cash flows for the year ended December 31, 2020 Guarantors Kinross Gold Guarantor Guarantor Total Non- Corp. Subsidiaries Adjustments Guarantors guarantors Eliminations Consolidated Net inflow (outflow) of cash related to the following activities: Operating: Net earnings (loss) $ 1,342.4 $ 1,522.7 $ (1,522.7) $ 1,342.4 $ 1,110.3 $ (1,094.0) $ 1,358.7 Adjustments to reconcile net earnings (loss) to net cash provided from (used in) operating activities: Depreciation, depletion and amortization 5.0 458.9 — 463.9 378.4 — 842.3 Reversals of impairment charges - net — — — — (650.9) — (650.9) Equity in (earnings) losses of intercompany investments (1,389.2) (1,016.2) 1,522.7 (882.7) — 882.7 — Share-based compensation expense 13.7 — — 13.7 — — 13.7 Finance expense 75.6 32.3 (0.4) 107.5 227.2 (222.1) 112.6 Deferred tax expense (recovery) (1.2) 61.1 — 59.9 158.0 — 217.9 Foreign exchange (gains) losses and other 15.0 0.5 — 15.5 (3.7) — 11.8 Reclamation expense (recovery) — — — — 6.6 — 6.6 Changes in operating assets and liabilities: Accounts receivable and other assets (2.4) 3.7 — 1.3 (122.2) — (120.9) Inventories (0.5) (61.9) — (62.4) 55.6 — (6.8) Accounts payable and accrued liabilities (5.5) 124.5 — 119.0 160.0 — 279.0 Cash flow provided from (used in) operating activities 52.9 1,125.6 (0.4) 1,178.1 1,319.3 (433.4) 2,064.0 Income taxes paid — (88.4) — (88.4) (18.0) — (106.4) Net cash flow provided from (used in) operating activities 52.9 1,037.2 (0.4) 1,089.7 1,301.3 (433.4) 1,957.6 Investing: Additions to property, plant and equipment (3.2) (554.0) — (557.2) (358.9) — (916.1) Interest paid capitalized to property, pLant and equipment (0.1) (26.8) — (26.9) (21.0) — (47.9) Acquisitions 1.3 — — 1.3 (268.3) — (267.0) Net proceeds from the sale of (additions to) long-term investments and other assets 7.5 (21.9) — (14.4) 8.5 — (5.9) Net proceeds from the sale of property, plant and equipment — 1.8 — 1.8 6.6 — 8.4 (Increase) decrease in restricted cash - net — 1.0 — 1.0 (24.5) — (23.5) Interest received and other - net 0.7 0.5 — 1.2 1.7 — 2.9 Net cash flow provided from (used in) investing activities 6.2 (599.4) — (593.2) (655.9) — (1,249.1) Financing: Proceeds from drawdown of debt 750.0 — — 750.0 200.0 — 950.0 Repayment of debt (850.0) — — (850.0) — — (850.0) Interest paid (63.1) — — (63.1) — — (63.1) Payment of lease liabilities (1.8) (10.8) — (12.6) (8.1) — (20.7) Dividends received from (paid to) common shareholders and subsidiaries (72.0) (48.4) — (120.4) (166.4) 211.3 (75.5) Dividend paid to non-controlling interest — — — — (6.0) — (6.0) Intercompany advances 159.2 (129.9) 0.4 29.7 (251.8) 222.1 — Other - net 9.2 — — 9.2 (11.6) — (2.4) Net cash flow provided from (used in) financing activities (68.5) (189.1) 0.4 (257.2) (243.9) 433.4 (67.7) Effect of exchange rate changes on cash and cash equivalents — — — — (5.0) — (5.0) Increase (decrease) in cash and cash equivalents (9.4) 248.7 — 239.3 396.5 — 635.8 Cash and cash equivalents, beginning of period 124.9 118.1 — 243.0 332.1 — 575.1 Cash and cash equivalents, end of period $ 115.5 $ 366.8 $ — $ 482.3 $ 728.6 $ — $ 1,210.9 Consolidating statement of cash flows for the year ended December 31, 2019 Guarantors Kinross Gold Guarantor Guarantor Total Non- Corp. Subsidiaries Adjustments Guarantors guarantors Eliminations Consolidated Net inflow (outflow) of cash related to the following activities: Operating: Net earnings (loss) $ 718.6 $ 824.4 $ (824.4) $ 718.6 $ 552.1 $ (553.6) $ 717.1 Adjustments to reconcile net earnings (loss) to net cash provided from (used in) operating activities: Depreciation, depletion and amortization 3.3 373.7 (0.2) 376.8 354.5 — 731.3 Reversals of impairment charges - net — (200.7) — (200.7) (161.1) — (361.8) Equity in (earnings) losses of intercompany investments (767.1) (399.2) 824.4 (341.9) — 341.9 — Share-based compensation expense 14.3 — — 14.3 — — 14.3 Finance expense 63.7 44.7 (0.4) 108.0 221.9 (222.0) 107.9 Deferred tax expense (recovery) (1.2) 65.8 — 64.6 (23.5) — 41.1 Foreign exchange (gains) losses and other (9.8) (10.4) — (20.2) (33.0) — (53.2) Reclamation expense (recovery) — — — — (11.9) — (11.9) Changes in operating assets and liabilities: Accounts receivable and other assets (1.2) (14.4) — (15.6) (48.9) — (64.5) Inventories (0.8) 12.6 0.2 12.0 41.8 — 53.8 Accounts payable and accrued liabilities 4.1 75.0 — 79.1 86.8 — 165.9 Cash flow provided from (used in) operating activities 23.9 771.5 (0.4) 795.0 978.7 (433.7) 1,340.0 Income taxes paid — (51.7) — (51.7) (63.4) — (115.1) Net cash flow provided from (used in) operating activities 23.9 719.8 (0.4) 743.3 915.3 (433.7) 1,224.9 Investing: Additions to property, plant and equipment (30.4) (663.8) — (694.2) (366.0) — (1,060.2) Interest paid capitalized to property, plant and equipment (0.3) (32.6) — (32.9) (12.1) — (45.0) Acquisitions — — — — (30.0) — (30.0) Net proceeds from the sale of (additions to) long-term investments and other assets 126.8 (22.6) — 104.2 (32.6) — 71.6 Net proceeds from the sale of property, plant and equipment 12.0 0.3 — 12.3 19.6 — 31.9 (Increase) decrease in restricted cash - net — (0.4) — (0.4) (2.1) — (2.5) Interest received and other - net 0.5 1.6 — 2.1 5.5 — 7.6 Net cash flow provided from (used in) investing activities 108.6 (717.5) — (608.9) (417.7) — (1,026.6) Financing: Proceeds from drawdown of debt 300.0 — — 300.0 — — 300.0 Repayment of debt (200.0) — — (200.0) — — (200.0) Interest paid (55.6) — — (55.6) — — (55.6) Payment of lease liabilities (2.0) (8.6) — (10.6) (3.7) — (14.3) Dividends received from (paid to) common shareholders and subsidiaries — (22.3) — (22.3) (189.4) 211.7 — Dividend paid to non-controlling interest — — — — (5.0) — (5.0) Intercompany advances (83.6) 57.5 0.4 (25.7) (196.3) 222.0 — Other - net 3.9 — — 3.9 (3.9) — — Net cash flow provided from (used in) financing activities (37.3) 26.6 0.4 (10.3) (398.3) 433.7 25.1 Effect of exchange rate changes on cash and cash equivalents — — — — 2.7 — 2.7 Increase (decrease) in cash and cash equivalents 95.2 28.9 — 124.1 102.0 — 226.1 Cash and cash equivalents, beginning of period 29.7 89.2 — 118.9 230.1 — 349.0 Cash and cash equivalents, end of period $ 124.9 $ 118.1 $ — $ 243.0 $ 332.1 $ — $ 575.1

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of consolidation	i. Principles of consolidation The significant mining properties and entities of Kinross are listed below. All operating activities involve gold mining and exploration. Each of the significant entities has a December 31 year-end. As at December 31, December 31, Entity Property/ Segment Location 2020 2019 Subsidiaries: (Consolidated) Fairbanks Gold Mining, Inc. Fort Knox USA 100 % 100 % Kinross Brasil Mineração S.A. ("KBM") Paracatu Brazil 100 % 100 % Compania Minera Maricunga ("CMM") Maricunga and Lobo-Marte Chile 100 % 100 % Compania Minera Mantos de Oro ("MDO") La Coipa / Corporate and Other Chile 100 % 100 % Echo Bay Minerals Company Kettle River - Buckhorn / Corporate and Other USA 100 % 100 % Chukotka Mining and Geological Company Kupol Russian 100 % 100 % Northern Gold LLC Dvoinoye/ Kupol Russian 100 % 100 % Tasiast Mauritanie Ltd. S.A. Tasiast Mauritania 100 % 100 % Chirano Gold Mines Ltd. (a) Chirano Ghana 90 % 90 % KG Mining (Bald Mountain) Inc. ("KGBM") Bald Mountain USA 100 % 100 % Round Mountain Gold Corporation / KG Mining (Round Mountain) Inc. Round Mountain USA 100 % 100 % Udinsk Gold LLC (b) Chulbatkan / Corporate and Other Russian Federation 100 % — Peak Gold, LLC (c) ("Peak") Peak / Corporate and Other USA 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 development project, in Russia. See Note 6i. (c) On September 30, 2020, the Company acquired a 70% interest in the Peak project in Alaska. See Note 6ii. (a) Subsidiaries Subsidiaries are entities controlled by the Company. Control exists when an investor is exposed, or has rights, to variable returns from its involvement with an investee and has the ability to affect those returns through its power over the investee. Subsidiaries are included in the consolidated financial statements from the date control is obtained until the date control ceases. Where the Company’s interest in a subsidiary is less than 100%, the Company recognizes non-controlling interests. All intercompany balances, transactions, income, expenses, profits and losses, including unrealized gains and losses have been eliminated on consolidation. (b) Joint Arrangements The Company conducts a portion of its business through joint arrangements where the parties are bound by contractual arrangements establishing joint control and requiring unanimous consent of each of the parties regarding those activities that significantly affect the returns of the arrangement. The Company’s interest in a joint arrangement is classified as either a joint operation or a joint venture depending on its rights and obligations in the arrangement. In a joint operation, the Company has rights to its share of the assets, and obligations for its share of the liabilities, of the joint arrangement, while in a joint venture, the Company has rights to its share of the net assets of the joint arrangement. For a joint operation, the Company recognizes in the consolidated financial statements, its share of the assets, liabilities, revenue, and expenses of the joint arrangement, while for a joint venture, the Company recognizes its investment in the joint arrangement using the equity method of accounting. (c) Associates Associates are entities, including unincorporated entities such as partnerships, over which the Company has significant influence and that are neither subsidiaries nor interests in joint arrangements. Significant influence is the ability to participate in the financial and operating policy decisions of the investee without having control or joint control over those policies. In general, significant influence is presumed to exist when the Company has between 20% and 50% of voting power. Significant influence may also be evidenced by factors such as the Company’s representation on the board of directors, participation in policy-making of the investee, material transactions with the investee, interchange of managerial personnel, or the provision of essential technical information. Associates are equity accounted for from the effective date of commencement of significant influence to the date that the Company ceases to have significant influence. Results of associates are equity accounted for using the results of their most recent annual financial statements or interim financial statements, as applicable. Losses from associates are recognized in the consolidated financial statements until the interest in the associate is written down to nil. Thereafter, losses are recognized only to the extent that the Company is committed to providing financial support to such associates. The carrying value of the investment in an associate represents the cost of the investment, including goodwill, a share of the post-acquisition retained earnings and losses, AOCI and any impairment losses. At the end of each reporting period, the Company assesses whether there is any objective evidence that its investments in associates are impaired.
Functional and presentation currency	ii. Functional and presentation currency The functional and presentation currency of the Company is the United States dollar. Transactions denominated in foreign currencies are translated into the United States dollar as follows: · 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. When the gain or loss on certain non-monetary items, such as long-term investments classified as and measured at FVOCI, is recognized in other comprehensive income (“OCI”), the related translation differences are also recognized in OCI.
Cash and cash equivalents	iii. Cash and cash equivalents Cash and cash equivalents include cash and highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is cash held in banks or in escrow that is not available for general corporate use. Cash and cash equivalents, and restricted cash are classified as and measured at amortized cost.
Short-term investments	iv. Short-term investments Short-term investments include short-term money market instruments with terms to maturity at the date of acquisition of between three and twelve months. The carrying value of short-term investments is equal to cost and accrued interest. Short-term investments are classified as and measured at amortized cost.
Long-term investments	v. Long-term investments Investments in entities that are not subsidiaries, joint operations, joint ventures or investments in associates are designated as financial assets at FVOCI. These equity investments are measured at fair value on acquisition and at each reporting date, with all realized and unrealized gains and losses recorded permanently in AOCI.
Inventories	vi. Inventories Inventories consisting of metal in circuit ore, metal in-process and finished metal are valued at the lower of cost or net realizable value (“NRV”). NRV is calculated as the difference between the prevailing and long-term metal price estimates, and estimated costs to complete production into a saleable form and estimated costs to sell. Metal in circuit is comprised of ore in stockpiles and ore on heap leach pads. Ore in stockpiles is coarse ore that has been extracted from the mine and is available for further processing. Costs are added to stockpiles based on the current mining cost per tonne and removed at the average cost per tonne. Costs are added to ore on the heap leach pads based on current mining costs and removed from the heap leach pads as ounces are recovered, based on the average cost per recoverable ounce of gold on the leach pad. Ore in stockpiles not expected to be processed in the next twelve months is classified as long-term. The quantities of recoverable gold placed on the leach pads are reconciled by comparing the grades of ore placed on the leach pads to the quantities of gold actually recovered (metallurgical balancing); however, the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and the engineering estimates are refined based on actual results over time. Variances between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write downs to NRV are accounted for on a prospective basis. The ultimate actual recovery of gold from a leach pad will not be known until the leaching process has concluded. In the event that the Company determines, based on engineering estimates, that a quantity of gold contained in ore on leach pads is to be recovered over a period exceeding twelve months, that portion is classified as long-term. In-process inventories represent materials that are in the process of being converted to a saleable product. Materials and supplies are valued at the lower of average cost and NRV. Write-downs of inventory are recognized in the consolidated statement of operations in the current period. The Company reverses inventory write downs in the event that there is a subsequent increase in NRV.
Borrowing costs	vii. Borrowing costs Borrowing costs are generally expensed as incurred except where they relate to the financing of qualifying assets that require a substantial period of time to get ready for their intended use. Qualifying assets include the cost of developing mining properties and constructing new facilities. Borrowing costs related to qualifying assets are capitalized up to the date when the asset is ready for its intended use. Where funds are borrowed specifically to finance a project, the amount capitalized represents the actual borrowing costs incurred net of any investment income earned on the investment of those borrowings. Where the funds used to finance a project form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to relevant general borrowings of the Company during the period.
Business combinations	viii. Business combinations A business combination is a transaction or other event in which control over one or more businesses is obtained. For the year ended December 31, 2019, a business was defined as an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits. A business consisted of inputs and processes applied to those inputs that have the ability to create outputs that provided a return to the Company and its shareholders. A business did not need to include all of the inputs and processes that were used by the acquiree to produce outputs if the business could be integrated with the inputs and processes of the Company to continue to produce outputs. Effective January 1, 2020, a business is defined as an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing goods and services to customers, generating investment income (such as dividends or interest) or generating other income from ordinary activities. In determining whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to contribute to the creation of outputs. If the integrated set of activities and assets is in the exploration and development stage, and thus, may not have outputs, the Company considers other factors to determine whether the set of activities and assets is a business. Those factors include, but are not limited to, whether the set of activities and assets: · 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. Not all of the above factors need to be present for a particular integrated set of activities and assets in the development stage to qualify as a business. The Company also has an option to apply a 'concentration test' that permits a simplified assessment of whether an acquired set of activities and assets is not a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the concentration test is met, and the transaction is determined not to be a business combination. Business acquisitions are accounted for using the acquisition method whereby acquired assets and liabilities are recorded at fair value as of the date of acquisition with the excess of the purchase consideration over such fair value being recorded as goodwill and allocated to cash generating units (“CGUs”). Non-controlling interest in an acquisition may be measured at either fair value or at the non-controlling interest’s proportionate share of the fair value of the acquiree’s net identifiable assets. If the fair value of the net assets acquired exceeds the purchase consideration, the difference is recognized immediately as a gain in the consolidated statement of operations. Where a business combination is achieved in stages, previously held equity interests in the acquiree are re-measured at their acquisition-date fair value and any resulting gain or loss is recognized in the consolidated statement of operations. Acquisition related costs are expensed during the period in which they are incurred, except for the cost of debt or equity instruments issued in relation to the acquisition which is included in the carrying amount of the related instrument. Certain fair values may be estimated at the acquisition date pending confirmation or completion of the valuation process. Where provisional values are used in accounting for a business combination, they are adjusted retrospectively in subsequent periods. However, the measurement period will not exceed one year from the acquisition date. If the assets acquired are not a business, the transaction is accounted for as an asset acquisition.
Goodwill	ix. Goodwill Business acquisitions are accounted for using the acquisition method whereby acquired assets and liabilities are recorded at fair value as of the date of acquisition with the excess of any acquisition amount over such fair value being recorded as goodwill and allocated to CGUs. CGUs are the smallest identifiable group of assets, liabilities and associated goodwill that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Each individual mineral property that is an operating or development stage mine is typically a CGU. Goodwill arises principally because of the following factors: (1) the going concern value of the Company’s capacity to sustain and grow by replacing and augmenting mineral reserves through completely new discoveries; (2) the ability to capture buyer-specific synergies arising upon a transaction; (3) the optionality (real option value associated with the portfolio of acquired mines as well as each individual mine) to develop additional higher-cost mineral reserves, to intensify efforts to develop the more promising acquired properties and to reduce efforts at developing the less promising acquired properties in the future (this optionality may result from changes in the overall economics of an individual mine or a portfolio of mines, largely driven by changes in the gold price); and (4) the requirement to record a deferred tax liability for the difference between the assigned values and the tax bases of the assets acquired and liabilities assumed in a business combination.
Exploration and evaluation ("E&E") costs	x. Exploration and evaluation (“E&E”) costs E&E costs are those costs required to find a mineral property and determine its commercial viability. E&E costs include costs to establish an initial mineral resource and determine whether inferred mineral resources can be upgraded to measured and indicated mineral resources and whether measured and indicated mineral resources can be converted to proven and probable reserves. E&E costs consist of: · 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. Project costs in relation to these activities are expensed as incurred until such time as the Company expects that mineral resources will be converted to mineral reserves within a reasonable period. Thereafter, costs for the project are capitalized prospectively as capitalized E&E costs in property, plant and equipment. The Company also recognizes E&E costs as assets when acquired as part of a business combination, or asset purchase. These assets are recognized at fair value. Acquired E&E costs consist of the fair value of: · estimated potential ounces, and · exploration properties. Acquired or capitalized E&E costs for a project are classified as such until the project demonstrates technical feasibility and commercial viability. Upon demonstrating technical feasibility and commercial viability, and subject to an impairment analysis, capitalized E&E costs are transferred to capitalized development costs within property, plant and equipment. Technical feasibility and commercial viability generally coincides with the establishment of proven and probable mineral reserves; however, this determination may be impacted by management’s assessment of certain modifying factors including: legal, environmental, social and governmental factors.
Property, plant and equipment	xi. Property, plant and equipment Property, plant and equipment are recorded at cost and carried net of accumulated depreciation, depletion and amortization and accumulated impairment losses. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, the estimate of reclamation and remediation costs, and, for qualifying assets, capitalized borrowing costs. Costs to acquire mineral properties are capitalized and represent the property’s fair value at the time it was acquired, either as an individual asset purchase or as part of a business combination. Interest expense attributable to the cost of developing mining properties and to constructing new facilities is capitalized until assets are ready for their intended use. Acquired or capitalized E&E costs may be included within mineral interests in development and operating properties or pre-development properties depending upon the nature of the property to which the costs relate. Repairs and maintenance costs are expensed as incurred. However, expenditures on major maintenance rebuilds or overhauls are capitalized when it is probable that the expenditures will extend the productive capacity or useful life of an asset. (a) Asset categories The Company categorizes property, plant and equipment based on the type of asset and/or the stage of operation or development of the property. Land, plant and equipment includes land, mobile and stationary equipment, and refining and processing facilities for all properties regardless of their stage of development or operation. Mineral interests consist of: · 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 For plant and other facilities, stripping costs, reclamation and remediation costs, production stage mineral interests and plant expansion costs, the Company uses the units-of-production (“UOP”) method for determining depreciation, depletion and amortization, net of residual value. The expected useful lives used in the UOP calculations are determined based on the facts and circumstances associated with the mineral interest. The Company evaluates the proven and probable reserves at least on an annual basis and adjusts the UOP calculation to correspond with the changes in reserves. The expected useful life used in determining UOP does not exceed the estimated life of the ore body based on recoverable ounces to be mined from estimated proven and probable reserves. Any changes in estimates of useful lives are accounted for prospectively from the date of the change. Stripping and other costs incurred in a pit expansion are capitalized and amortized using the UOP method based on recoverable ounces to be mined from estimated proven and probable reserves contained in the pit expansion. Land is not depreciated. Mobile and other equipment are generally depreciated, net of residual value, using the straight-line method, over the estimated useful life of the asset. Useful lives for mobile and other equipment range from 2 to 10 years, but do not exceed the related estimated mine life based on proven and probable reserves. The Company reviews useful lives and estimated residual values of its property, plant and equipment annually. Acquired or capitalized E&E costs and assets under construction are not depreciated. These assets are depreciated when they are ready for their intended use. (c) Derecognition The carrying amount of an item of property, plant and equipment is derecognized on disposal of the asset or when no future economic benefits are expected to accrue to the Company from its continued use. Any gain or loss arising on derecognition is included in the consolidated statement of operations in the period in which the asset is derecognized. The gain or loss is determined as the difference between the carrying value and the net proceeds on the sale of the assets, if any, at the time of disposal.
Valuation of Goodwill and Long-lived Assets	xii. Valuation of Goodwill and Long-lived Assets Goodwill is tested for impairment on an annual basis as at December 31, and at any other time if events or changes in circumstances indicate that the recoverable amount of a CGU containing goodwill has been reduced below its carrying amount. The carrying value of property, plant and equipment is reviewed each reporting period to determine whether there is any indication of impairment or reversal of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. In addition, capitalized E&E costs are assessed for impairment upon demonstrating the technical feasibility and commercial viability of a project. For such non-current assets, the recoverable amount is determined for an individual asset unless the asset does not generate cash inflows that are independent of those generated from other assets or groups of assets, in which case, the individual assets are grouped together into CGUs for impairment testing purposes. If the carrying amount of the CGU or asset exceeds its recoverable amount, an impairment is considered to exist and an impairment loss is recognized in the consolidated statement of operations to reduce the CGU or asset's carrying value to its recoverable amount. For property, plant and equipment and other long-lived assets, a previously recognized impairment loss is reversed if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited to the carrying value that would have been determined, net of any applicable depreciation, had no impairment charge been recognized previously. The recoverable amount of a CGU or asset is the higher of its fair value less cost of disposal and its value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between knowledgeable and willing parties. Fair value for mineral assets is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion prospects, and its eventual disposal, using assumptions that an independent market participant may take into account. These cash flows are discounted by an appropriate discount rate to arrive at a net present value or net asset value (“NAV”) of the asset. Value in use is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal. Value in use is determined by applying assumptions specific to the Company’s continued use of the asset and does not take into account assumptions of significant future enhancements of an asset’s performance or capacity to which the Company is not committed. Estimates of expected future cash flows reflect estimates of future revenues, cash costs of production and capital expenditures contained in the Company’s long-term life of mine (“LOM”) plans, which are updated for each CGU on an annual basis.
Leases	xiii. Leases Right-of-use assets and lease liabilities are recognized at the commencement date of a lease. Lease liabilities are initially measured at the present value of lease payments to be paid after the lease’s commencement date, discounted using the interest rate implicit in the lease, or if not readily determinable, the Company's incremental borrowing rate. Right-of-use assets are initially measured at cost, which consists of the initial amount of the lease liability adjusted for any lease payments made on or before the lease’s commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle or restore the leased asset, less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the useful life of the asset or the term of the lease. If a purchase option is expected to be exercised, the asset is amortized over its useful life. Lease liabilities are subsequently measured at amortized cost using the effective interest method and are re-measured if and when there is a change in future lease payments arising from a change in an index or rate, or if and when there is a change in the assessment of whether a purchase, extension or termination option is likely to be exercised. Lease payments for short-term leases, which have a lease term of 12 months or less, leases of low-value assets, which have an underlying asset value, when new, of $5,000 or less, as well as leases with variable lease payments are recognized as an expense over the term of such leases.
Financial instruments and hedging activity	xiv. Financial instruments and hedging activity (a) Financial instrument classification and measurement Financial assets are classified according to their contractual cash flow characteristics and the business models under which they are held. On initial recognition, a financial asset is classified as: amortized cost, fair value through profit and loss (“FVPL”) or FVOCI. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as FVPL: · 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. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to measure the investment at FVOCI whereby changes in the investment’s fair value (realized and unrealized) will be recognized permanently in OCI with no reclassification to profit or loss. The election is made on an investment-by-investment basis. All financial assets not classified as amortized cost or FVOCI are classified as and measured at FVPL. This includes all derivative assets. On initial recognition, a financial asset that otherwise meets the requirements to be measured at amortized cost or FVOCI may be irrevocably designated as FVPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial instruments are measured on initial recognition at fair value, plus, in the case of financial instruments other than those classified as FVPL, directly attributable transaction costs. Measurement of financial assets in subsequent periods depends on whether the financial asset has been classified as amortized cost, FVPL or FVOCI. Measurement of financial liabilities subsequent to initial recognition depends on whether they are classified as amortized cost or FVPL. Financial assets and financial liabilities classified as amortized cost are measured subsequent to initial recognition using the effective interest method. Loss allowances for ‘expected credit losses’ are recognized on financial assets measured at amortized cost, contract assets and investments in debt instruments measured at FVOCI, but not to equity investments. A loss event is not required to have occurred before a credit loss is recognized. The Company has classified and measured its financial instruments as described below: · 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 The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. Hedge effectiveness is assessed based on the degree to which the cash flows from the derivative contracts are expected to offset the cash flows of the underlying position or transaction being hedged. At the time of inception of the hedge and on an ongoing basis, the Company assesses whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Derivative contracts that have been designated as cash flow hedges have been entered into in order to effectively establish prices for future production of metals, to hedge exposure to exchange rate fluctuations of foreign currency denominated settlement of capital and operating expenditures, to establish prices for future purchases of energy or to hedge exposure to interest rate fluctuations. Unrealized gains or losses arising from changes in the fair value of these contracts are recorded in OCI, net of tax, and are included in earnings when the underlying hedged transaction, identified at the contract inception, is completed, unless such hedged transaction results in the recognition of a non-financial asset. Any ineffective portion of a hedge relationship is recognized immediately in earnings. The Company matches the realized gains or losses on contracts designated as cash flow hedges with the hedged expenditures at the maturity of the contracts. When derivative contracts designated as cash flow hedges have been terminated or cease to be effective prior to maturity and no longer qualify for hedge accounting, any gains or losses recorded in OCI up until the time the contracts do not qualify for hedge accounting, remain in OCI. These amounts recorded in OCI are recognized in earnings in the period in which the underlying hedged transaction is completed. Gains or losses arising subsequent to the derivative contracts not qualifying for hedge accounting are recognized in earnings in the period in which they occur. For hedges that do not qualify for hedge accounting, gains or losses are recognized in earnings in the current period.
Share-based payments	xv. Share-based payments The Company has a number of equity-settled and cash-settled share-based compensation plans under which the Company issues either equity instruments or makes cash payments based on the value of the underlying equity instrument of the Company. The Company’s share-based compensation plans are comprised of the following: Share Option Plan: Stock options are generally equity-settled. The fair value of stock options at the grant date is estimated using the Black-Scholes option pricing model. Compensation expense is recognized over the stock option vesting period based on the number of options estimated to vest. Management estimates the number of awards likely to vest at the time of a grant and at each reporting date up to the vesting date. Annually, the estimated forfeiture rate is adjusted for actual forfeitures in the period. On exercise of the vested options, either shares are issued from treasury, or the options are cancelled and a cash payment equal to the ‘in-the-money’ value of the options is made. Restricted Share Plan: Restricted share units (“RSUs”) and Restricted performance share units (“RPSUs”) are granted under the Restricted Share Plan. Restricted Share Unit Plan (Cash-Settled): Cash-settled RPSUs are granted under the Restricted Share Unit Plan (Cash-Settled). Both RSUs and RPSUs are awarded to certain employees as a percentage of long-term incentive awards. (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. Deferred Share Unit Plan: Deferred share units (“DSUs”) are cash-settled and accounted for as a liability at fair value which is based on the market value of the shares at the grant date. The fair value of the liability is re-measured each period based on the current market value of the underlying stock at period end and any changes in the liability are recorded as compensation expense each period. Employee Share Purchase Plan: The Company’s contribution to the employee Share Purchase Plan (“SPP”) is recorded as compensation expense on a payroll cycle basis as the employer’s obligation to contribute is incurred. The cost of the common shares purchased under the SPP are either based on the weighted average closing price of the last twenty trading sessions prior to the end of the period for shares issued from treasury, or are based on the price paid for common shares purchased in the open market.
Metal sales	xvi. Metal sales Metal sales includes sales of refined gold and silver and doré, which are generally physically delivered to customers in the period in which they are produced, with their sales price based on prevailing spot market metal prices. In order to manage short-term metal price risk, the Company may enter into derivative contracts in relation to metal sales that it believes are highly likely to occur within a given quarter. No such contracts were outstanding at December 31, 2020 or December 31, 2019. Revenue from metal sales is recognized when control over the metal is transferred to the customer. Transfer of control generally occurs when the refined gold, silver or doré has been accepted by the customer. Once the customer has accepted the metals, the significant risks and rewards of ownership have typically been transferred and the customer is able to direct the use of and obtain substantially all of the remaining benefits from the metals. On transfer of control, revenue and related costs can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the Company as payment is received on the date of or within a few days of transfer of control. The Company manages and reviews its operations by geographical location and managerial structure. For detailed information about reportable segments and disaggregated revenue, see Note 19. All reportable segments principally generate revenue from metal sales.
Provision for reclamation and remediation	xvii. Provision for reclamation and remediation The Company records a liability and corresponding asset for the present value of the estimated costs of legal and constructive obligations for future site reclamation and closure activities where the liability is more likely than not to exist and a reasonable estimate can be made of the obligation. The estimated present value of the obligation is reassessed on an annual basis or when new material information becomes available. Increases or decreases to the obligation usually arise due to changes in legal or regulatory requirements, the extent of environmental remediation required, methods of reclamation, cost estimates, or discount rates. Changes to the provision for reclamation and remediation obligations related to operating mines, which are not the result of current production of inventory, are recorded with an offsetting change to the related asset. For properties where mining activities have ceased or are in reclamation, changes are charged directly to earnings. The present value is determined based on current market assessments of the time value of money using discount rates specific to the country in which the asset or reclamation site is located and is determined as the risk-free rate of borrowing approximated by the yield on sovereign debt for that country, with a maturity approximating the timing of cash flows. The periodic unwinding of the discounted obligation is recognized in the consolidated statement of operations as a finance expense.
Income tax	xviii. Income tax The income tax expense or benefit for the period consists of two components: current and deferred. Income tax expense is recognized in the consolidated statement of operations except to the extent it relates to a business combination or items recognized directly in equity. Current tax is the expected tax payable or receivable on the taxable profit or loss for the year. Current tax is calculated using tax rates and laws that were enacted or substantively enacted at the balance sheet date in each of the jurisdictions and includes any adjustments for taxes payable or recovery in respect of prior periods. Deferred tax is recognized in respect of temporary differences between the carrying amount of assets and liabilities in the consolidated balance sheet and the corresponding tax bases used in the computation of taxable profit. Deferred tax is calculated based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates that are expected to apply in the year of realization or settlement based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, associates and joint ventures except where the reversal of the temporary difference can be controlled and it is probable that the difference will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, carryforward of unused tax credits and unused tax losses to the extent it is probable future taxable profits will be available against which they can be utilized. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities are not recognized on temporary differences that arise from goodwill which is not deductible for tax purposes. Deferred tax assets and liabilities are not recognized in respect of temporary differences that arise on initial recognition of assets and liabilities acquired other than in a business combination. Deferred tax assets and liabilities are offset where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset.
Earnings (loss) per share	xix. Earnings (loss) per share Earnings (loss) per share calculations are based on the weighted average number of common shares and common share equivalents issued and outstanding during the period. Basic earnings (loss) per share amounts are calculated by dividing net earnings (loss) attributable to common shareholders for the period by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share amounts are calculated by dividing net earnings (loss) attributable to common shareholders for the period by the diluted weighted average shares outstanding during the period. Diluted earnings per share is calculated using the treasury method. The treasury method, which assumes that outstanding stock options, warrants, RSUs and RPSUs with an average exercise price below the market price of the underlying shares, are exercised and the assumed proceeds are used to repurchase common shares of the Company at the average market price of the common shares for the period.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant mining properties and entities of Kinross	As at December 31, December 31, Entity Property/ Segment Location 2020 2019 Subsidiaries: (Consolidated) Fairbanks Gold Mining, Inc. Fort Knox USA 100 % 100 % Kinross Brasil Mineração S.A. ("KBM") Paracatu Brazil 100 % 100 % Compania Minera Maricunga ("CMM") Maricunga and Lobo-Marte Chile 100 % 100 % Compania Minera Mantos de Oro ("MDO") La Coipa / Corporate and Other Chile 100 % 100 % Echo Bay Minerals Company Kettle River - Buckhorn / Corporate and Other USA 100 % 100 % Chukotka Mining and Geological Company Kupol Russian 100 % 100 % Northern Gold LLC Dvoinoye/ Kupol Russian 100 % 100 % Tasiast Mauritanie Ltd. S.A. Tasiast Mauritania 100 % 100 % Chirano Gold Mines Ltd. (a) Chirano Ghana 90 % 90 % KG Mining (Bald Mountain) Inc. ("KGBM") Bald Mountain USA 100 % 100 % Round Mountain Gold Corporation / KG Mining (Round Mountain) Inc. Round Mountain USA 100 % 100 % Udinsk Gold LLC (b) Chulbatkan / Corporate and Other Russian Federation 100 % — Peak Gold, LLC (c) ("Peak") Peak / Corporate and Other USA 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 development project, in Russia. See Note 6i. (c) On September 30, 2020, the Company acquired a 70% interest in the Peak project in Alaska. See Note 6ii.

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	12 Months Ended
	Dec. 31, 2020
Chulbatkan license
Disclosure of detailed information about business combination [line items]
Schedule of preliminary purchase price allocation	Purchase price allocation Mineral interests - pre-development properties $ 278.9 Land, plant and equipment 8.0 Total property, plant and equipment 286.9 Net working capital 3.6 Total net assets acquired $ 290.5
Peak Gold, LLC
Disclosure of detailed information about business combination [line items]
Schedule of preliminary purchase price allocation	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.

CONSOLIDATED FINANCIAL STATEM_2

CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables)	12 Months Ended
	Dec. 31, 2020
CONSOLIDATED FINANCIAL STATEMENT DETAILS
Schedule of cash and cash equivalents	December 31, December 31, 2020 2019 Cash on hand and balances with banks $ 562.0 $ 305.6 Short-term deposits 648.9 269.5 $ 1,210.9 $ 575.1
Schedule of restricted cash	December 31, December 31, 2020 2019 Restricted cash (a) $ 13.7 $ 15.2 (a) Restricted cash relates to loan escrow judicial deposits and environmental indemnity deposits.
Schedule of accounts receivable and other assets	December 31, December 31, 2020 2019 Trade receivables $ 8.1 $ 6.9 Prepaid expenses 21.6 25.2 VAT receivable 46.6 69.6 Deposits 28.9 10.5 Unrealized fair value of derivative assets (a) 6.5 7.2 Other 10.6 18.0 $ 122.3 $ 137.4 (a) See Note 10 for details of the current portion of unrealized fair value of derivative assets.
Schedule of inventories	December 31, December 31, 2020 2019 Ore in stockpiles (a) $ 277.4 $ 300.3 Ore on leach pads (b) 498.8 384.7 In-process 108.0 99.2 Finished metal 50.3 52.3 Materials and supplies 448.2 520.6 1,382.7 1,357.1 Long-term portion of ore in stockpiles and ore on leach pads (a),(b) (309.8) (303.3) $ 1,072.9 $ 1,053.8 (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 Tasiast, Fort Knox, Round Mountain and Bald Mountain mines. Based on current mine plans, the Company expects to place the last tonne of ore on its leach pads at Bald Mountain in 2023, Round Mountain in 2026 and Fort Knox in 2028. 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.
Schedule of property, plant and equipment	Mineral Interests Development and Land, plant and operating Pre - development equipment (a) properties (b) 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 Peak development 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 8. (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 Development and Land, plant and operating Pre - development equipment (a) properties (b) properties Total Cost Balance at January 1, 2019 $ 9,184.2 $ 8,816.6 $ 13.4 $ 18,014.2 Additions 607.5 666.5 — 1,274.0 Capitalized interest 14.7 32.7 — 47.4 Disposals (69.9) — — (69.9) Other (21.5) 24.8 — 3.3 Balance at December 31, 2019 9,715.0 9,540.6 13.4 19,269.0 Accumulated depreciation, depletion, amortization and reversal of impairment charges Balance at January 1, 2019 $ (5,702.1) $ (6,793.0) $ — $ (12,495.1) Depreciation, depletion and amortization (572.9) (280.6) — (853.5) Reversals of impairment charges (c) 102.4 259.4 — 361.8 Disposals 60.5 — — 60.5 Other (2.0) (0.7) — (2.7) Balance at December 31, 2019 (6,114.1) (6,814.9) — (12,929.0) Net book value $ 3,600.9 $ 2,725.7 $ 13.4 $ 6,340.0 Amount included above as at December 31, 2019: Assets under construction $ 308.8 $ 438.2 $ — $ 747.0 Assets not being depreciated (d) $ 538.3 $ 735.9 $ 13.4 $ 1,287.6 (a) Additions includes $42.9 million of transitional adjustments for the recognition of leased right-of-use assets upon the Company’s adoption of IFRS 16 on January 1, 2019, as well as $22.7 million of right-of-use assets for lease arrangements entered into during the year ended December 31, 2019. Depreciation, depletion and amortization includes depreciation for leased right-of-use assets of $11.5 million during the year ended December 31, 2019. The net book value of property, plant and equipment includes leased right-of-use assets with an aggregate net book value of $54.1 million as at December 31, 2019. (b) At December 31, 2019, the significant development and operating properties were Fort Knox, Round Mountain, Bald Mountain, Paracatu, Kupol, Tasiast, Chirano, La Coipa and Lobo-Marte. (c) At December 31, 2019, impairment reversals were recorded at Paracatu and Tasiast, entirely related to property, plant and equipment. See Note 8. (d) 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.
Schedule of long-term investments	December 31, 2020 December 31, 2019 Gains (losses) in Gains (losses) in Fair value AOCI (a) Fair value AOCI (a) Investments in an accumulated gain position $ 80.9 $ 18.2 $ 79.8 $ 10.3 Investments in an accumulated loss position 32.1 (47.0) 46.4 (36.5) Net realized gains (losses) — 2.9 — — $ 113.0 $ (25.9) $ 126.2 $ (26.2) (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, 2020 and 2019.
Schedule of other long-term assets	December 31, December 31, 2020 2019 Long-term portion of ore in stockpiles and ore on leach pads (a) $ 309.8 $ 303.3 Deferred charges, net of amortization 6.0 32.5 Long-term receivables 124.1 171.0 Advances for the purchase of capital equipment 9.1 15.1 Restricted cash (b) 25.0 — Unrealized fair value of derivative assets (c) 10.5 4.5 Other 52.7 46.3 $ 537.2 $ 572.7 (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, 2020, long-term ore in stockpiles was at the Company’s Fort Knox, Kupol, Tasiast and Paracatu 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, 2020. (c) See Note 10 for details of the non-current portion of unrealized fair value of derivative assets.
Schedule of accounts payable and accrued liabilities	December 31, December 31, 2020 2019 Trade payables $ 89.1 $ 89.3 Accrued liabilities 242.8 246.7 Employee related accrued liabilities 147.3 133.3 $ 479.2 $ 469.3
Schedule of other current liabilities	December 31, December 31, 2020 2019 Current portion of lease liabilities (a) $ 28.4 $ 16.0 Current portion of unrealized fair value of derivative liabilities (b) 21.3 4.3 $ 49.7 $ 20.3 (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.
Schedule of accumulated other comprehensive income (loss)	Long-term Derivative Investments Contracts Total Balance at December 31, 2018 $ (75.2) $ (23.3) $ (98.5) Other comprehensive income before tax 49.3 36.8 86.1 Tax (0.3) (7.7) (8.0) 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)
Schedule of other operating expense	Years ended December 31, 2020 2019 Other operating expense $ 186.5 $ 108.5 $ 186.5 $ 108.5
Schedule of other income - net	Years ended December 31, 2020 2019 Net gains on dispositions of assets (a) $ 1.2 $ 70.4 Foreign exchange (losses) gains - net (7.3) 0.6 Net non-hedge derivative gains 1.0 1.4 Equity in (losses) earnings of joint venture (b) (0.1) 0.1 Other - net (c) 12.6 0.2 $ 7.4 $ 72.7 (a) During the year ended December 31, 2019, the Company recognized a gain of $72.7 million on disposition of a portfolio of precious metals royalties. See Note 6iii. (b) Represents Kinross’ equity in net (losses) earnings, and other comprehensive income (losses) of which there was $nil for the years ended December 31, 2020 and 2019, of its Puren joint venture investment. (c) During the year ended December 31, 2020, the Company recognized $10.8 million of insurance recoveries.
Schedule of finance expense	Years ended December 31, 2020 2019 Accretion of reclamation and remediation obligations $ (23.0) $ (31.0) Interest expense, including accretion of debt and lease liabilities (a), (b) (89.6) (76.9) $ (112.6) $ (107.9) (a) During the years ended December 31, 2020 and 2019, $49.1 million and $47.4 million, respectively, of interest was capitalized to property, plant and equipment. See Note 7v. (b) During the years ended December 31, 2020 and 2019, accretion of lease liabilities was $3.0 million and $2.9 million, respectively.
Schedule of employee benefits expenses	Years ended December 31, 2020 2019 Salaries, short-term incentives, and other benefits $ 707.9 $ 680.8 Share-based payments 30.7 27.0 Other 16.3 26.4 $ 754.9 $ 734.2

REVERSALS OF IMPAIRMENT CHARG_2

REVERSALS OF IMPAIRMENT CHARGES - NET (Tables)	12 Months Ended
	Dec. 31, 2020
REVERSALS OF IMPAIRMENT CHARGES- NET
Schedule of reversals of impairment charges	Years ended December 31, 2020 2019 Property, plant and equipment (i) $ (689.0) $ (361.8) Inventories (ii) 38.1 — $ (650.9) $ (361.8)

INVESTMENT IN JOINT VENTURE (Ta

INVESTMENT IN JOINT VENTURE (Tables)	12 Months Ended
	Dec. 31, 2020
INVESTMENT IN JOINT VENTURE
Schedule of investment in joint ventures	December 31, December 31, 2020 2019 Investment in joint venture - Puren $ 18.3 $ 18.4 $ 18.3 $ 18.4

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
	Dec. 31, 2020
FAIR VALUE MEASUREMENT
Assets (liabilities) measured at fair value on a recurring basis	Aggregate Level 1 Level 2 Level 3 Fair Value Equity investments at FVOCI $ 113.0 $ — $ — $ 113.0 Derivative contracts: Foreign currency forward and collar contracts — (4.3) — (4.3) Energy swap contracts — 7.6 — 7.6 Total return swap contracts — (11.0) — (11.0) $ 113.0 $ (7.7) $ — $ 105.3
Summary of information about derivative contracts outstanding	December 31, 2020 December 31, 2019 Asset / (Liability) Asset / (Liability) Fair Value AOCI Fair Value AOCI Currency contracts Foreign currency forward and collar contracts (a) (i) $ (4.3) $ (2.5) $ 3.9 $ 2.6 Commodity contracts Energy swap contracts (b) (ii) 7.6 4.7 4.0 3.2 Other contracts Total return swap contracts (iii) (11.0) — (1.3) — Total all contracts $ (7.7) $ 2.2 $ 6.6 $ 5.8 Unrealized fair value of derivative assets Current $ 6.5 $ 7.2 Non-current 10.5 4.5 $ 17.0 $ 11.7 Unrealized fair value of derivative liabilities Current $ (21.3) $ (4.3) Non-current (3.4) (0.8) $ (24.7) $ (5.1) Total net fair value $ (7.7) $ 6.6 (a) Of the total amount recorded in AOCI at December 31, 2020, $(4.1) 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, 2020, $(0.5) million will be reclassified out of AOCI within the next 12 months as a result of settling the contracts.
Summary of foreign currency forward and collar contracts outstanding	Foreign currency 2021 2022 2023 Brazilian real zero cost collars (in millions of U.S. dollars) $ 103.6 $ 64.8 $ 43.2 Average put strike (Brazilian real) 4.35 4.62 5.00 Average call strike (Brazilian real) 5.39 6.56 7.26 Canadian dollar forward buy contracts (in millions of U.S. dollars) $ 25.2 $ 12.0 $ — Average rate (Canadian dollar) 1.37 1.40 — Russian rouble zero cost collars (in millions of U.S. dollars) $ 51.6 $ 36.0 $ 20.4 Average put strike (Russian rouble) 70.3 75.0 77.0 Average call strike (Russian rouble) 87.8 100.6 97.8
Summary of energy swap contracts outstanding	Energy 2021 2022 2023 WTI oil swap contracts (barrels) 1,054,400 822,600 565,200 Average price $ 47.52 $ 42.14 $ 39.58

CAPITAL AND FINANCIAL RISK MA_2

CAPITAL AND FINANCIAL RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2020
Capital and financial risk management
Schedule of target total debt to total debt and common shareholders' equity ratio	December 31, December 31, 2020 2019 Long-term debt and credit facilities $ 1,424.2 $ 1,837.4 Current portion of long-term debt and credit facilities 499.7 — Total debt $ 1,923.9 $ 1,837.4 Common shareholders' equity $ 6,596.5 $ 5,318.5 Total debt / total debt and common shareholders' equity ratio 22.6 % 25.7 % Company target 0 - 30 % 0 – 30 %
Currency risk
Capital and financial risk management
Schedule of target total debt to total debt and common shareholders' equity ratio	10% strengthening in 10% weakening in U.S. dollar U.S. dollar Effect on OCI before Effect on OCI before taxes, (loss) (a) taxes, gain (a) Canadian dollar $ (3.6) $ 4.5 Brazilian real $ (10.1) $ 11.8 Russian rouble $ (4.8) $ 6.4 (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.
Schedule of risk management	10% strengthening in 10% weakening in U.S. dollar U.S. dollar Foreign currency net Effect on earnings before Effect on earnings before working capital taxes, gain (loss) (a) taxes, gain (loss) (a) Canadian dollar $ (43.7) $ 4.0 $ (4.9) Brazilian real $ (158.9) $ 14.4 $ (17.7) Chilean peso $ (13.4) $ 1.2 $ (1.5) Russian rouble $ 33.5 $ (3.0) $ 3.7 Mauritanian ouguiya $ 3.0 $ (0.3) $ 0.3 Ghanaian cedi $ 9.2 $ (0.8) $ 1.0 Other (b) $ (1.7) $ 0.2 $ (0.2) (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, British pound, Australian dollar and South African rand.
Price Risk
Capital and financial risk management
Schedule of risk management	10% increase in 10% decrease in price price Effect on OCI before Effect on OCI before taxes, gain (a) taxes, (loss) (a) WTI oil $ 11.4 $ (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.
Liquidity risk
Capital and financial risk management
Schedule of risk management	2021 2022-2025 2026+ Total Within 1 year (b) 2 to 5 years More than 5 years Long-term debt (a) $ 2,640.0 $ 604.5 $ 870.9 $ 1,164.6 (a) Includes the full face value of the senior notes , drawdowns on the revolving credit facility, Tasiast loan, and estimated interest. (b) Represents interest on the senior notes, revolving credit facility and Tasiast loan, due within the next 12 months.

LONG-TERM DEBT AND CREDIT FAC_2

LONG-TERM DEBT AND CREDIT FACILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
LONG-TERM DEBT AND CREDIT FACILITIES
Schedule of long-term debt	December 31, 2020 December 31, 2019 Deferred Nominal Financing Carrying Fair Carrying Fair Interest Rates Amount Costs Amount (a) Value (b) Amount (a) Value (b) Senior notes (i) 4.50%-6.875% $ 1,747.7 $ (7.9) $ 1,739.8 $ 1,999.5 $ 1,737.4 $ 1,881.9 Revolving credit facility (ii) LIBOR plus 1.625% — — — — 100.0 100.0 Tasiast loan (iii) LIBOR plus 4.380% 200.0 (15.9) 184.1 200.0 — — Total long-term and current debt $ 1,947.7 $ (23.8) $ 1,923.9 $ 2,199.5 $ 1,837.4 $ 1,981.9 Less: current portion (500.0) 0.3 (499.7) (509.3) — — Long-term debt and credit facility $ 1,447.7 $ (23.5) $ 1,424.2 $ 1,690.2 $ 1,837.4 $ 1,981.9 (a) Includes transaction costs on senior notes financings. (b) The fair value of senior notes is primarily determined using quoted market determined variables. See Note 10(c).
Schedule of scheduled debt repayments	2026 and 2021 2022 2023 2024 2025 thereafter Total Senior notes $ 500.0 $ — $ — $ 500.0 $ — $ 750.0 $ 1,750.0 Tasiast loan $ — $ 40.0 $ 36.0 $ 32.0 $ 4.0 $ 88.0 $ 200.0 Total debt payable $ 500.0 $ 40.0 $ 36.0 $ 532.0 $ 4.0 $ 838.0 $ 1,950.0
Schedule of interest charges and fees	Type of credit Revolving credit facility LIBOR plus 1.625 % Letters of credit 1.0833 - 1.625 % Standby fee applicable to unused availability 0.325 %
Schedule of changes in liabilities arising from financing activities	Long - term debt Lease Accrued interest and credit facilities liabilities 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 $ — $ — $ 86.6 $ 86.6 Capitalized interest — — 49.1 49.1 Capitalized interest paid — — (47.9) (47.9) Additions of lease liabilities — 38.2 — 38.2 Accretion of lease liabilities — 3.0 — 3.0 Other cash changes (12.8) — (13.8) (26.6) Other non-cash changes (0.7) (0.7) (10.5) (11.9) (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. Long - term debt Lease Accrued interest and credit facilities liabilities (a) payable (b) Total Balance as at January 1, 2019 (a) $ 1,735.0 $ 42.9 $ 33.3 $ 1,811.2 Changes from financing cash flows Debt issued 300.0 — — 300.0 Debt repayments (200.0) — — (200.0) Interest paid — — (55.6) (55.6) Payment of lease liabilities — (14.3) — (14.3) 1,835.0 28.6 (22.3) 1,841.3 Other changes Interest expense and accretion $ — $ — $ 74.0 $ 74.0 Capitalized interest — — 47.4 47.4 Capitalized interest paid — — (45.0) (45.0) Additions of lease liabilities — 22.9 — 22.9 Accretion of lease liabilities — 2.9 — 2.9 Other cash changes — — (10.0) (10.0) Other non-cash changes 2.4 0.5 (10.8) (7.9) 2.4 26.3 55.6 84.3 Balance as at December 31, 2019 $ 1,837.4 $ 54.9 $ 33.3 $ 1,925.6 (a) Total lease liabilities of $42.9 million was recognized upon the initial application of IFRS 16 as of January 1, 2019. (b) Included in Accounts payable and accrued liabilities.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2020
LEASES
Schedule of Lease Liabilities	December 31, December 31, 2020 2019 Current portion of lease liabilities $ 28.4 $ 16.0 Long-term lease liabilities 46.3 38.9 $ 74.7 $ 54.9
Summary of undiscounted lease liability and lease payments expensed	2021 2021-2025 2026+ Total Within 1 year 1 to 5 years More than 5 years Lease liabilities $ 88.7 $ 28.6 $ 45.8 $ 14.3 December 31, December 31, 2020 2019 Leases with a term of 12 months or less $ 4.8 $ 23.7 Leases of assets with underlying value, when new, of $5,000 or less 0.1 0.4 Leases with variable lease payments 31.2 23.3 $ 36.1 $ 47.4

PROVISIONS (Tables)

PROVISIONS (Tables)	12 Months Ended
	Dec. 31, 2020
PROVISIONS
Schedule of provisions	Reclamation and remediation obligations (i) Other Total Balance at January 1, 2020 $ 866.1 $ 30.4 $ 896.5 Additions 45.0 8.6 53.6 Reductions (5.0) (10.2) (15.2) Reclamation spending (39.6) — (39.6) Accretion 23.0 — 23.0 Reclamation expense 6.6 — 6.6 Balance at December 31, 2020 $ 896.1 $ 28.8 $ 924.9 Current portion 58.7 5.1 63.8 Non-current portion 837.4 23.7 861.1 $ 896.1 $ 28.8 $ 924.9

COMMON SHARE CAPITAL (Tables)

COMMON SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2020
COMMON SHARE CAPITAL
Schedule of common share transactions	Year ended Year ended December 31, 2020 December 31, 2019 Number of shares Amount Number of shares Amount (000’s) (000’s) Common shares Balance at January 1, 1,253,766 $ 14,926.2 1,250,229 $ 14,913.4 Transfer to contributed surplus on reduction of stated capital (a) — (10,473.4) — — Issued under share option and restricted share plans 4,554 20.9 3,537 12.8 Balance at end of period 1,258,320 $ 4,473.7 1,253,766 $ 14,926.2 Total common share capital $ 4,473.7 $ 14,926.2 (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.
Schedule of dividends on common shares	Total Per share amount Dividends declared during the periods: Three months ended March 31, 2020 $ — $ — Three months ended June 30, 2020 — — Three months ended September 30, 2020 0.03 37.7 Three months ended December 31, 2020 0.03 37.8 Total $ 75.5 Dividends paid during the periods: Three months ended March 31, 2020 $ — $ — Three months ended June 30, 2020 — — Three months ended September 30, 2020 — — Three months ended December 31, 2020 0.06 75.5 Total $ 75.5

SHARE-BASED PAYMENTS (Tables)

SHARE-BASED PAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based payment transaction
Summary of share-based compensation expense recorded during the year	Years ended December 31, 2020 2019 Share option plan expense (i) $ 1.0 $ 2.4 Restricted share unit plan expense, including restricted performance shares (ii) 29.7 24.6 Deferred share units expense (iii) 1.3 1.1 Employer portion of employee share purchase plan (iv) 2.4 2.1 Total share-based compensation expense $ 34.4 $ 30.2
Stock options
Share-based payment transaction
Summary of status of the share option plan and changes during the year	2020 2019 Weighted average Weighted average Number of options exercise price Number of options exercise price (000’s) (CDN$/option) (000’s) (CDN$/option) Balance at January 1 10,170 $ 5.16 12,344 $ 5.77 Granted — — 2,042 4.59 Exercised (2,566) 4.90 (1,577) 4.41 Forfeited (808) 5.02 (741) 4.42 Expired (1,195) 8.03 (1,898) 9.42 Outstanding at end of period 5,601 $ 4.68 10,170 $ 5.16 Exercisable at end of period 3,813 $ 4.68 6,459 $ 5.38
Summary of information about the stock options outstanding and exercisable	Options outstanding Options exercisable Weighted Weighted Weighted average Weighted average Number of average remaining Number of average remaining options exercise price contractual life options exercise price contractual life Exercise price range in CDN$: (000’s) (CDN$) (years) (000’s) (CDN$) (years) 3.73 4.50 1,438 3.89 1,438 3.89 4.51 5.00 2,794 4.74 1,006 4.82 5.01 5.82 1,369 5.39 1,369 5.40 5,601 $ 4.68 3,813 $ 4.68
Summary of weighted average assumptions used in computing the fair value of stock options using the Black-Scholes option pricing model	2019 Weighted average share price (CDN$) $ 4.59 Expected dividend yield 0.0 % Expected volatility 44.8 % Risk-free interest rate 1.8 % Expected option life (in years) 4.5 Weighted average fair value per stock option granted (CDN$) $ 1.79
Restricted share units
Share-based payment transaction
Summary of information about number of units of other equity instruments and their weighted average fair value	2020 2019 Weighted average Weighted average Number of units fair value Number of units fair value (000’s) (CDN$/unit) (000’s) (CDN$/unit) Balance at January 1 8,512 $ 4.68 7,626 $ 4.88 Granted 3,106 7.42 5,740 4.56 Redeemed (4,199) 4.78 (3,888) 4.86 Forfeited (944) 5.17 (966) 4.81 Outstanding at end of period 6,475 $ 5.86 8,512 $ 4.68
Restricted performance share units
Share-based payment transaction
Summary of information about number of units of other equity instruments and their weighted average fair value	2020 2019 Weighted average Weighted average Number of units fair value Number of units fair value (000’s) (CDN$/unit) (000’s) (CDN$/unit) Balance at January 1 4,937 $ 5.16 4,990 $ 5.14 Granted 1,436 7.76 2,263 4.54 Redeemed (1,575) 5.32 (1,702) 4.45 Forfeited (339) 5.02 (614) 4.71 Outstanding at end of period 4,459 $ 5.95 4,937 $ 5.16
Deferred share unit plan
Share-based payment transaction
Summary of information about number of units of other equity instruments and their weighted average fair value	Years ended December 31, 2020 2019 DSUs granted (000's) 203 269 Weighted average grant-date fair value (CDN$/ unit) $ 8.66 $ 5.39

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2020
EARNINGS PER SHARE
Schedule of earnings per share	Years ended December 31, (Number of common shares in thousands) 2020 2019 Basic weighted average shares outstanding: 1,257,163 1,252,316 Weighted average shares dilution adjustments: Stock options 3,218 1,679 Restricted share units 2,929 3,181 Restricted performance share units 4,660 5,168 Diluted weighted average shares outstanding 1,267,970 1,262,344 Weighted average shares dilution adjustments - exclusions: (a) Stock options (b) 165 3,870 Restricted share units — — Restricted performance share units — — (a) These adjustments were excluded, as they are anti-dilutive. (b) Anti-dilutive stock options were determined using the Company’s average share price for the year. For the years ended December 31, 2020 and 2019, the average share price used was $7.00 and $3.97, respectively.

INCOME TAX EXPENSE (Tables)

INCOME TAX EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2020
INCOME TAX EXPENSE
Schedule of components of the current and deferred tax expense	Years ended December 31, 2020 2019 Current tax expense Current period $ 297.7 $ 206.6 Adjustment for prior periods (75.8) (1.0) Deferred tax expense Origination and reversal of temporary differences 335.5 223.0 Impact of changes in tax rate (0.8) (1.6) Change in unrecognized deductible temporary differences (73.4) (156.3) Recognition of previously unrecognized tax losses (43.4) (24.0) Total tax expense $ 439.8 $ 246.7
Schedule of reconciliation of the combined Canadian federal and provincial statutory income tax rate to the effective tax rate	2020 2019 Combined statutory income tax rate 26.5 % 26.5 % Increase (decrease) resulting from: Mining taxes 1.7 % 1.2 % Percentage of depletion (0.9) % (1.4) % Difference in foreign tax rates and foreign exchange on deferred income taxes within income tax expense 5.5 % 4.5 % Change in unrecognized deferred tax assets (0.4) % (4.1) % Over provided in prior periods — (0.4) % Income not subject to tax (0.7) % (0.7) % Effect of non-taxable impairment reversals (6.9) % (4.2) % Accounting expenses disallowed for tax 1.7 % 2.3 % Taxes on repatriation of foreign earnings 0.1 % 0.5 % Impact of CARES Act (1.4) % — AMT credit receivable due to U.S.Tax Reform — (0.5) % Other (0.7) % 1.9 % Effective tax rate 24.5 % 25.6 %
Schedule of summary of the components of deferred income tax and movement in net deferred tax liabilities	December 31, December 31, 2020 2019 Deferred tax assets Accrued expenses and other $ 51.1 $ 29.0 Property, plant and equipment 5.2 — Reclamation and remediation obligations 123.3 109.6 Inventory capitalization 20.8 16.8 Non-capital loss 54.4 34.7 254.8 190.1 Deferred tax liabilities Accrued expenses and other 2.4 2.7 Reclamation and remediation obligations — 2.8 Property, plant and equipment 677.5 423.4 Inventory capitalization 60.0 30.5 Deferred tax liabilities - net $ 485.1 $ 269.3
Schedule of unrecognized deferred tax assets and company's non-capital losses	December 31, December 31, 2020 2019 Balance at the beginning of the period $ 269.3 $ 220.2 Recognized in the statement of operations 217.9 41.1 Recognized in OCI (2.1) 8.0 Balance at the end of the period $ 485.1 $ 269.3 December 31, December 31, 2020 2019 Deductible temporary differences $ 535.2 $ 656.5 Tax losses $ 394.1 $ 441.3 Country Type Amount Expiry Date Canada Net operating losses $ 1,011.9 2027 - 2040 United States (a) Net operating losses 33.6 2021 - 2033 Chile Net operating losses 243.8 No expiry Brazil Net operating losses 2.1 No expiry Russia Net operating losses 2.5 No expiry Mauritania Net operating losses 88.6 2021 - 2025 Barbados Net operating losses 144.9 2020 - 2026 Luxembourg Net operating losses 75.1 Various Other Net operating losses 57.5 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.

SEGMENTED INFORMATION (Tables)

SEGMENTED INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2020
SEGMENTED INFORMATION
Schedule of operating results by reportable segment	Non-operating Operating segments segments (a) Round Bald Corporate and Year ended December 31, 2020: Fort Knox Mountain Mountain Paracatu Kupol Tasiast Chirano 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 Non-operating Operating segments segments (a) Round Bald Corporate and Year ended December 31, 2019: Fort Knox Mountain Mountain Paracatu Kupol Tasiast Chirano other (b),(c) Total Revenue Metal sales $ 279.6 502.2 249.2 856.3 734.4 532.8 281.6 61.2 $ 3,497.3 Cost of sales Production cost of sales 213.7 250.6 136.6 412.3 314.1 230.4 189.7 31.5 1,778.9 Depreciation, depletion and amortization 90.3 39.8 79.5 163.4 125.1 130.2 92.6 10.4 731.3 Reversal of impairment charges — — — (200.7) — (161.1) — — (361.8) Total cost of sales 304.0 290.4 216.1 375.0 439.2 199.5 282.3 41.9 2,148.4 Gross profit (loss) $ 211.8 33.1 481.3 295.2 333.3 (0.7) 19.3 $ 1,348.9 Other operating expense (income) 25.1 (0.3) 7.8 (10.9) (8.9) 46.4 (0.9) 50.2 108.5 Exploration and business development 3.4 4.8 12.6 — 23.0 1.8 8.0 59.9 113.5 General and administrative — — — — — — — 135.8 135.8 Operating earnings (loss) $ (52.9) 207.3 12.7 492.2 281.1 285.1 (7.8) (226.6) $ 991.1 Other income - net 72.7 Finance income 7.9 Finance expense (107.9) Earnings before tax $ 963.8 Non-operating Operating segments segments (a) Round Bald Corporate and Fort Knox Mountain Mountain Paracatu Kupol Tasiast Chirano other (b),(C) 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 Non-operating Operating segments segments (a) Round Bald Corporate and Fort Knox Mountain Mountain Paracatu Kupol Tasiast Chirano other (b),(c) Total Property, plant and equipment at: December 31, 2019 $ 421.1 653.7 685.1 1,748.1 332.8 1,924.8 152.9 421.5 $ 6,340.0 Total assets at: December 31, 2019 $ 633.2 846.8 862.5 2,024.0 1,053.4 2,312.5 255.0 1,088.6 $ 9,076.0 Capital expenditures for year ended December 31, 2019 (d) $ 149.3 241.5 249.3 113.5 39.7 370.5 16.4 27.1 $ 1,207.3 (a) (b) (c) (d)
Schedule of metal sales and plant and equipment by geographic region	Metal sales Property, plant and equipment Years ended December 31, As at December 31, 2020 2019 2020 2019 Geographic information (a) United States $ 1,318.9 $ 1,031.0 $ 2,043.7 $ 1,765.0 Russian Federation 904.6 734.4 604.0 337.4 Brazil 960.7 856.3 1,721.5 1,749.3 Chile 16.1 61.2 653.5 394.1 Mauritania 718.0 532.8 2,289.2 1,932.4 Ghana 295.1 281.6 341.6 161.8 Total $ 4,213.4 $ 3,497.3 $ 7,653.5 $ 6,340.0 (a) Geographic location is determined based on location of the mining assets.
Schedule of significant customers	Round Bald Corporate Year ended December 31, 2020: Fort Knox Mountain Mountain Paracatu Kupol Tasiast Chirano 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. Round Bald Corporate Year ended December 31, 2019: Fort Knox Mountain Mountain Paracatu Kupol Tasiast Chirano and other (a) Total Customer 1 $ 11.3 56.3 17.0 59.4 145.4 175.5 51.7 0.7 517.3 2 31.5 49.0 40.4 76.8 55.8 78.5 57.8 8.0 397.8 3 24.2 14.5 16.7 181.1 — 66.6 47.8 4.1 355.0 $ 1,270.1 % of total metal sales 36.3 % (a) The Corporate and other segment includes metal sales for Maricunga for the year ended December 31, 2019.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
Schedule of compensation of key management personnel	Years ended December 31, 2020 2019 Cash compensation - salaries, short-term incentives, and other benefits $ 7.4 $ 7.3 Long-term incentives, including share-based payments 8.8 8.5 Termination and post-retirement benefits 1.1 10.2 Total compensation paid to key management personnel $ 17.3 $ 26.0

CONSOLIDATING FINANCIAL STATE_2

CONSOLIDATING FINANCIAL STATEMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
CONSOLIDATING FINANCIAL STATEMENTS
Schedule of consolidating balance sheet	Consolidating balance sheet as at December 31, 2020 Guarantors Kinross Gold Guarantor Guarantor Total Non- Corp. Subsidiaries Adjustments Guarantors guarantors Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 115.5 $ 366.8 $ — $ 482.3 $ 728.6 $ — $ 1,210.9 Restricted cash — 5.7 — 5.7 8.0 — 13.7 Accounts receivable and other assets 13.7 45.3 — 59.0 63.3 — 122.3 Intercompany receivables 610.1 1,553.5 (300.1) 1,863.5 4,293.7 (6,157.2) — Current income tax recoverable — 0.7 — 0.7 29.2 — 29.9 Inventories 3.9 584.1 — 588.0 484.9 — 1,072.9 743.2 2,556.1 (300.1) 2,999.2 5,607.7 (6,157.2) $ 2,449.7 Non-current assets Property, plant and equipment 76.1 3,619.0 — 3,695.1 3,958.4 — 7,653.5 Goodwill — 158.8 — 158.8 — — 158.8 Long-term investments 103.0 — — 103.0 10.0 — 113.0 Investment in joint venture — — — — 18.3 — 18.3 Intercompany investments 5,779.7 3,241.6 (7,482.7) 1,538.6 18,247.8 (19,786.4) — Other long-term assets 18.9 209.7 — 228.6 308.6 — 537.2 Long-term intercompany receivables 3,024.9 66.2 (1.5) 3,089.6 5,242.1 (8,331.7) — Deferred tax assets — — — — 2.7 — 2.7 Total assets $ 9,745.8 $ 9,851.4 $ (7,784.3) $ 11,812.9 $ 33,395.6 $ (34,275.3) $ 10,933.2 Liabilities Current liabilities Accounts payable and accrued liabilities $ 96.2 $ 202.0 $ — $ 298.2 $ 181.0 $ — $ 479.2 Intercompany payables 102.4 871.8 (300.1) 674.1 5,483.1 (6,157.2) — Current income tax payable — 112.6 — 112.6 1.9 — 114.5 Current portion of long-term debt and credit facilities 499.7 — — 499.7 — — 499.7 Current portion of provisions — 30.6 — 30.6 33.2 — 63.8 Other current liabilities 13.9 27.8 — 41.7 8.0 — 49.7 Deferred payment obligation — — — — 141.5 — 141.5 712.2 1,244.8 (300.1) 1,656.9 5,848.7 (6,157.2) 1,348.4 Non-current liabilities Long-term debt and credit facilities 1,240.2 — — 1,240.2 184.0 — 1,424.2 Provisions 13.3 461.1 — 474.4 386.7 — 861.1 Long-term lease liabilities 17.3 25.9 — 43.2 3.1 — 46.3 Other long-term liabilities 0.5 37.4 — 37.9 64.5 — 102.4 Long-term intercompany payables 1,165.8 276.8 (1.5) 1,441.1 6,890.6 (8,331.7) — Deferred tax liabilities — 322.7 — 322.7 165.1 — 487.8 Total liabilities 3,149.3 2,368.7 (301.6) 5,216.4 13,542.7 (14,488.9) 4,270.2 Equity Common shareholders’ equity Common share capital $ 4,473.7 $ 1,786.7 $ (1,786.7) $ 4,473.7 $ 19,619.5 $ (19,619.5) $ 4,473.7 Contributed surplus 10,709.0 2,187.6 (2,187.6) 10,709.0 7,943.3 (7,943.3) 10,709.0 Accumulated deficit (8,562.5) 3,527.4 (3,527.4) (8,562.5) (7,727.4) 7,727.4 (8,562.5) Accumulated other comprehensive income (loss) (23.7) (19.0) 19.0 (23.7) (49.0) 49.0 (23.7) Total common shareholders’ equity 6,596.5 7,482.7 (7,482.7) 6,596.5 19,786.4 (19,786.4) 6,596.5 Non-controlling interests — — — — 66.5 — 66.5 Total equity 6,596.5 7,482.7 (7,482.7) 6,596.5 19,852.9 (19,786.4) 6,663.0 Total liabilities and equity $ 9,745.8 $ 9,851.4 $ (7,784.3) $ 11,812.9 $ 33,395.6 $ (34,275.3) $ 10,933.2 Consolidating balance sheet as at December 31, 2019 Guarantors Kinross Gold Guarantor Guarantor Total Non- Corp. Subsidiaries Adjustments Guarantors guarantors Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 124.9 $ 118.1 $ — $ 243.0 $ 332.1 $ — $ 575.1 Restricted cash — 6.6 — 6.6 8.6 — 15.2 Accounts receivable and other assets 10.6 57.6 — 68.2 69.2 — 137.4 Intercompany receivables 601.5 1,217.6 (280.7) 1,538.4 4,420.0 (5,958.4) — Current income tax recoverable — 0.7 — 0.7 42.5 — 43.2 Inventories 3.4 507.1 — 510.5 543.3 — 1,053.8 740.4 1,907.7 (280.7) 2,367.4 5,415.7 (5,958.4) $ 1,824.7 Non-current assets Property, plant and equipment 77.8 3,497.3 — 3,575.1 2,764.9 — 6,340.0 Goodwill — 158.8 — 158.8 — — 158.8 Long-term investments 116.5 — — 116.5 9.7 — 126.2 Investment in joint venture — — — — 18.4 — 18.4 Intercompany investments 4,354.0 2,206.8 (5,994.5) 566.3 17,765.7 (18,332.0) — Other long-term assets 17.2 166.5 — 183.7 389.0 — 572.7 Long-term intercompany receivables 3,215.1 234.8 (1.1) 3,448.8 5,230.2 (8,679.0) — Deferred tax assets — — — — 35.2 — 35.2 Total assets $ 8,521.0 $ 8,171.9 $ (6,276.3) $ 10,416.6 $ 31,628.8 $ (32,969.4) $ 9,076.0 Liabilities Current liabilities Accounts payable and accrued liabilities $ 89.1 $ 208.6 $ — $ 297.7 $ 171.6 $ — $ 469.3 Intercompany payables 123.0 821.1 (280.7) 663.4 5,295.0 (5,958.4) — Current income tax payable — 65.4 — 65.4 2.6 — 68.0 Current portion of long-term debt and credit facilities — — — — — — — Current portion of provisions — 25.7 — 25.7 32.2 — 57.9 Other current liabilities 2.6 10.8 — 13.4 6.9 — 20.3 Deferred payment obligation — — — — — — — 214.7 1,131.6 (280.7) 1,065.6 5,508.3 (5,958.4) 615.5 Non-current liabilities Long-term debt and credit facilities 1,837.4 — — 1,837.4 — — 1,837.4 Provisions 11.4 448.4 — 459.8 378.8 — 838.6 Long-term lease liabilities 18.4 11.5 — 29.9 9.0 — 38.9 Other long-term liabilities 0.3 45.0 — 45.3 63.2 — 108.5 Long-term intercompany payables 1,120.3 276.3 (1.1) 1,395.5 7,283.5 (8,679.0) — Deferred tax liabilities — 264.6 — 264.6 39.9 — 304.5 Total liabilities 3,202.5 2,177.4 (281.8) 5,098.1 13,282.7 (14,637.4) 3,743.4 Equity Common shareholders’ equity Common share capital $ 14,926.2 $ 1,786.6 $ (1,786.6) $ 14,926.2 $ 19,285.5 $ (19,285.5) $ 14,926.2 Contributed surplus 242.1 2,187.6 (2,187.6) 242.1 7,844.4 (7,844.4) 242.1 Accumulated deficit (9,829.4) 2,039.8 (2,039.8) (9,829.4) (8,744.0) 8,744.0 (9,829.4) Accumulated other comprehensive income (loss) (20.4) (19.5) 19.5 (20.4) (53.9) 53.9 (20.4) Total common shareholders’ equity 5,318.5 5,994.5 (5,994.5) 5,318.5 18,332.0 (18,332.0) 5,318.5 Non-controlling interests — — — — 14.1 — 14.1 Total equity 5,318.5 5,994.5 (5,994.5) 5,318.5 18,346.1 (18,332.0) 5,332.6 Total liabilities and equity $ 8,521.0 $ 8,171.9 $ (6,276.3) $ 10,416.6 $ 31,628.8 $ (32,969.4) $ 9,076.0
Schedule of consolidating statement of operations	Consolidating statement of operations for the year ended December 31, 2020 Guarantors Kinross Gold Guarantor Guarantor Total Non- Corp. Subsidiaries Adjustments Guarantors guarantors Eliminations Consolidated Revenue Metal sales $ 2,225.4 $ 2,229.0 $ (2,165.8) $ 2,288.6 $ 1,924.8 $ — $ 4,213.4 Cost of sales Production cost of sales 2,181.9 980.8 (2,165.8) 996.9 728.8 — 1,725.7 Depreciation, depletion and amortization 5.0 458.9 — 463.9 378.4 — 842.3 Reversals of impairment charges - net — — — — (650.9) — (650.9) Total cost of sales 2,186.9 1,439.7 (2,165.8) 1,460.8 456.3 — 1,917.1 Gross profit 38.5 789.3 — 827.8 1,468.5 — 2,296.3 Other operating expense 8.3 23.1 — 31.4 155.1 — 186.5 Exploration and business development 25.6 17.4 — 43.0 49.5 — 92.5 General and administrative 80.4 2.7 — 83.1 34.8 — 117.9 Operating earnings (loss) (75.8) 746.1 — 670.3 1,229.1 — 1,899.4 Other income (expense) - net 22.8 7.7 — 30.5 188.2 (211.3) 7.4 Equity in earnings (losses) of intercompany investments 1,389.2 1,016.2 (1,522.7) 882.7 — (882.7) — Finance income 80.6 2.7 (0.4) 82.9 143.5 (222.1) 4.3 Finance expense (75.6) (32.3) 0.4 (107.5) (227.2) 222.1 (112.6) Earnings (loss) before tax 1,341.2 1,740.4 (1,522.7) 1,558.9 1,333.6 (1,094.0) 1,798.5 Income tax expense - net 1.2 (217.7) — (216.5) (223.3) — (439.8) Net earnings (loss) $ 1,342.4 $ 1,522.7 $ (1,522.7) $ 1,342.4 $ 1,110.3 $ (1,094.0) $ 1,358.7 Net earnings (loss) attributable to: Non-controlling interests $ — $ — $ — $ — $ 16.3 $ — $ 16.3 Common shareholders $ 1,342.4 $ 1,522.7 $ (1,522.7) $ 1,342.4 $ 1,094.0 $ (1,094.0) $ 1,342.4 Consolidating statement of operations for the year ended December 31, 2019 Guarantors Kinross Gold Guarantor Guarantor Total Non- Corp. Subsidiaries Adjustments Guarantors guarantors Eliminations Consolidated Revenue Metal sales $ 1,892.0 $ 1,848.0 $ (1,794.7) $ 1,945.3 $ 1,552.0 $ — $ 3,497.3 Cost of sales Production cost of sales 1,857.5 1,009.8 (1,794.5) 1,072.8 706.1 — 1,778.9 Depreciation, depletion and amortization 3.3 373.7 (0.2) 376.8 354.5 — 731.3 Reversals of impairment charges - net — (200.7) — (200.7) (161.1) — (361.8) Total cost of sales 1,860.8 1,182.8 (1,794.7) 1,248.9 899.5 — 2,148.4 Gross profit 31.2 665.2 — 696.4 652.5 — 1,348.9 Other operating expense 18.0 21.6 — 39.6 68.9 — 108.5 Exploration and business development 29.6 20.8 — 50.4 63.1 — 113.5 General and administrative 86.1 4.0 — 90.1 45.7 — 135.8 Operating earnings (loss) (102.5) 618.8 — 516.3 474.8 — 991.1 Other income (expense) - net 33.0 1.9 — 34.9 249.5 (211.7) 72.7 Equity in earnings (losses) of intercompany investments 767.1 399.2 (824.4) 341.9 — (341.9) — Finance income 83.5 12.3 (0.4) 95.4 134.5 (222.0) 7.9 Finance expense (63.7) (44.7) 0.4 (108.0) (221.9) 222.0 (107.9) Earnings (loss) before tax 717.4 987.5 (824.4) 880.5 636.9 (553.6) 963.8 Income tax expense - net 1.2 (163.1) — (161.9) (84.8) — (246.7) Net earnings (loss) $ 718.6 $ 824.4 $ (824.4) $ 718.6 $ 552.1 $ (553.6) $ 717.1 Net earnings (loss) attributable to: Non-controlling interests $ — $ — $ — $ — $ (1.5) $ — $ (1.5) Common shareholders $ 718.6 $ 824.4 $ (824.4) $ 718.6 $ 553.6 $ (553.6) $ 718.6
Schedule of consolidating statement of comprehensive income (loss)	Consolidating statement of comprehensive income (loss) for the year ended December 31, 2020 Guarantors Kinross Gold Guarantor Guarantor Total Non- Corp. Subsidiaries Adjustments Guarantors guarantors Eliminations Consolidated Net earnings (loss) $ 1,342.4 $ 1,522.7 $ (1,522.7) $ 1,342.4 $ 1,110.3 $ (1,094.0) $ 1,358.7 Other comprehensive income (loss), net of tax: Items that will not be reclassified to profit or loss: Equity investments at fair value through other comprehensive income - net change in fair value (a) (5.9) — — (5.9) 6.2 — 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) (1.9) (25.8) — (27.7) — — (27.7) Cash flow hedges - reclassified out of accumulated other comprehensive income (c) 5.2 18.9 — 24.1 — — 24.1 (2.6) (6.9) — (9.5) 6.2 — (3.3) Equity in other comprehensive income (loss) of intercompany investments (0.7) — 6.9 6.2 — (6.2) — Total comprehensive income (loss) $ 1,339.1 $ 1,515.8 $ (1,515.8) $ 1,339.1 $ 1,116.5 $ (1,100.2) $ 1,355.4 Attributable to non-controlling interests $ — $ — $ — $ — $ 16.3 $ — $ 16.3 Attributable to common shareholders $ 1,339.1 $ 1,515.8 $ (1,515.8) $ 1,339.1 $ 1,100.2 $ (1,100.2) $ 1,339.1 (a) Net of tax of $ — $ — $ — $ — $ — $ — $ — (b) Net of tax of $ (0.7) $ (11.8) $ — $ (12.5) $ — $ — $ (12.5) (c) Net of tax of $ 1.9 $ 8.5 $ — $ 10.4 $ — $ — $ 10.4 Consolidating statement of comprehensive income (loss) for the year ended December 31, 2019 Guarantors Kinross Gold Guarantor Guarantor Total Non- Corp. Subsidiaries Adjustments Guarantors guarantors Eliminations Consolidated Net earnings (loss) $ 718.6 $ 824.4 $ (824.4) $ 718.6 $ 552.1 $ (553.6) $ 717.1 Other comprehensive income (loss), net of tax: Items that will not be reclassified to profit or loss: Equity investments at fair value through other comprehensive income - net change in fair value (a) 49.6 — — 49.6 (0.6) — 49.0 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) 14.2 9.4 — 23.6 — — 23.6 Cash flow hedges - reclassified out of accumulated other comprehensive income (c) (0.3) 5.8 — 5.5 — — 5.5 63.5 15.2 — 78.7 (0.6) — 78.1 Equity in other comprehensive income (loss) of intercompany investments 14.6 — (15.2) (0.6) — 0.6 — Total comprehensive income (loss) $ 796.7 $ 839.6 $ (839.6) $ 796.7 $ 551.5 $ (553.0) $ 795.2 Attributable to non-controlling interests $ — $ — $ — $ — $ (1.5) $ — $ (1.5) Attributable to common shareholders $ 796.7 $ 839.6 $ (839.6) $ 796.7 $ 553.0 $ (553.0) $ 796.7 (a) Net of tax of $ — $ — $ — $ — $ 0.3 $ — $ 0.3 (b) Net of tax of $ 1.3 $ 3.2 $ — $ 4.5 $ — $ — $ 4.5 (c) Net of tax of $ (0.1) $ 3.3 $ — $ 3.2 $ — $ — $ 3.2
Schedule of consolidating statement of cash flows	Consolidating statement of cash flows for the year ended December 31, 2020 Guarantors Kinross Gold Guarantor Guarantor Total Non- Corp. Subsidiaries Adjustments Guarantors guarantors Eliminations Consolidated Net inflow (outflow) of cash related to the following activities: Operating: Net earnings (loss) $ 1,342.4 $ 1,522.7 $ (1,522.7) $ 1,342.4 $ 1,110.3 $ (1,094.0) $ 1,358.7 Adjustments to reconcile net earnings (loss) to net cash provided from (used in) operating activities: Depreciation, depletion and amortization 5.0 458.9 — 463.9 378.4 — 842.3 Reversals of impairment charges - net — — — — (650.9) — (650.9) Equity in (earnings) losses of intercompany investments (1,389.2) (1,016.2) 1,522.7 (882.7) — 882.7 — Share-based compensation expense 13.7 — — 13.7 — — 13.7 Finance expense 75.6 32.3 (0.4) 107.5 227.2 (222.1) 112.6 Deferred tax expense (recovery) (1.2) 61.1 — 59.9 158.0 — 217.9 Foreign exchange (gains) losses and other 15.0 0.5 — 15.5 (3.7) — 11.8 Reclamation expense (recovery) — — — — 6.6 — 6.6 Changes in operating assets and liabilities: Accounts receivable and other assets (2.4) 3.7 — 1.3 (122.2) — (120.9) Inventories (0.5) (61.9) — (62.4) 55.6 — (6.8) Accounts payable and accrued liabilities (5.5) 124.5 — 119.0 160.0 — 279.0 Cash flow provided from (used in) operating activities 52.9 1,125.6 (0.4) 1,178.1 1,319.3 (433.4) 2,064.0 Income taxes paid — (88.4) — (88.4) (18.0) — (106.4) Net cash flow provided from (used in) operating activities 52.9 1,037.2 (0.4) 1,089.7 1,301.3 (433.4) 1,957.6 Investing: Additions to property, plant and equipment (3.2) (554.0) — (557.2) (358.9) — (916.1) Interest paid capitalized to property, pLant and equipment (0.1) (26.8) — (26.9) (21.0) — (47.9) Acquisitions 1.3 — — 1.3 (268.3) — (267.0) Net proceeds from the sale of (additions to) long-term investments and other assets 7.5 (21.9) — (14.4) 8.5 — (5.9) Net proceeds from the sale of property, plant and equipment — 1.8 — 1.8 6.6 — 8.4 (Increase) decrease in restricted cash - net — 1.0 — 1.0 (24.5) — (23.5) Interest received and other - net 0.7 0.5 — 1.2 1.7 — 2.9 Net cash flow provided from (used in) investing activities 6.2 (599.4) — (593.2) (655.9) — (1,249.1) Financing: Proceeds from drawdown of debt 750.0 — — 750.0 200.0 — 950.0 Repayment of debt (850.0) — — (850.0) — — (850.0) Interest paid (63.1) — — (63.1) — — (63.1) Payment of lease liabilities (1.8) (10.8) — (12.6) (8.1) — (20.7) Dividends received from (paid to) common shareholders and subsidiaries (72.0) (48.4) — (120.4) (166.4) 211.3 (75.5) Dividend paid to non-controlling interest — — — — (6.0) — (6.0) Intercompany advances 159.2 (129.9) 0.4 29.7 (251.8) 222.1 — Other - net 9.2 — — 9.2 (11.6) — (2.4) Net cash flow provided from (used in) financing activities (68.5) (189.1) 0.4 (257.2) (243.9) 433.4 (67.7) Effect of exchange rate changes on cash and cash equivalents — — — — (5.0) — (5.0) Increase (decrease) in cash and cash equivalents (9.4) 248.7 — 239.3 396.5 — 635.8 Cash and cash equivalents, beginning of period 124.9 118.1 — 243.0 332.1 — 575.1 Cash and cash equivalents, end of period $ 115.5 $ 366.8 $ — $ 482.3 $ 728.6 $ — $ 1,210.9 Consolidating statement of cash flows for the year ended December 31, 2019 Guarantors Kinross Gold Guarantor Guarantor Total Non- Corp. Subsidiaries Adjustments Guarantors guarantors Eliminations Consolidated Net inflow (outflow) of cash related to the following activities: Operating: Net earnings (loss) $ 718.6 $ 824.4 $ (824.4) $ 718.6 $ 552.1 $ (553.6) $ 717.1 Adjustments to reconcile net earnings (loss) to net cash provided from (used in) operating activities: Depreciation, depletion and amortization 3.3 373.7 (0.2) 376.8 354.5 — 731.3 Reversals of impairment charges - net — (200.7) — (200.7) (161.1) — (361.8) Equity in (earnings) losses of intercompany investments (767.1) (399.2) 824.4 (341.9) — 341.9 — Share-based compensation expense 14.3 — — 14.3 — — 14.3 Finance expense 63.7 44.7 (0.4) 108.0 221.9 (222.0) 107.9 Deferred tax expense (recovery) (1.2) 65.8 — 64.6 (23.5) — 41.1 Foreign exchange (gains) losses and other (9.8) (10.4) — (20.2) (33.0) — (53.2) Reclamation expense (recovery) — — — — (11.9) — (11.9) Changes in operating assets and liabilities: Accounts receivable and other assets (1.2) (14.4) — (15.6) (48.9) — (64.5) Inventories (0.8) 12.6 0.2 12.0 41.8 — 53.8 Accounts payable and accrued liabilities 4.1 75.0 — 79.1 86.8 — 165.9 Cash flow provided from (used in) operating activities 23.9 771.5 (0.4) 795.0 978.7 (433.7) 1,340.0 Income taxes paid — (51.7) — (51.7) (63.4) — (115.1) Net cash flow provided from (used in) operating activities 23.9 719.8 (0.4) 743.3 915.3 (433.7) 1,224.9 Investing: Additions to property, plant and equipment (30.4) (663.8) — (694.2) (366.0) — (1,060.2) Interest paid capitalized to property, plant and equipment (0.3) (32.6) — (32.9) (12.1) — (45.0) Acquisitions — — — — (30.0) — (30.0) Net proceeds from the sale of (additions to) long-term investments and other assets 126.8 (22.6) — 104.2 (32.6) — 71.6 Net proceeds from the sale of property, plant and equipment 12.0 0.3 — 12.3 19.6 — 31.9 (Increase) decrease in restricted cash - net — (0.4) — (0.4) (2.1) — (2.5) Interest received and other - net 0.5 1.6 — 2.1 5.5 — 7.6 Net cash flow provided from (used in) investing activities 108.6 (717.5) — (608.9) (417.7) — (1,026.6) Financing: Proceeds from drawdown of debt 300.0 — — 300.0 — — 300.0 Repayment of debt (200.0) — — (200.0) — — (200.0) Interest paid (55.6) — — (55.6) — — (55.6) Payment of lease liabilities (2.0) (8.6) — (10.6) (3.7) — (14.3) Dividends received from (paid to) common shareholders and subsidiaries — (22.3) — (22.3) (189.4) 211.7 — Dividend paid to non-controlling interest — — — — (5.0) — (5.0) Intercompany advances (83.6) 57.5 0.4 (25.7) (196.3) 222.0 — Other - net 3.9 — — 3.9 (3.9) — — Net cash flow provided from (used in) financing activities (37.3) 26.6 0.4 (10.3) (398.3) 433.7 25.1 Effect of exchange rate changes on cash and cash equivalents — — — — 2.7 — 2.7 Increase (decrease) in cash and cash equivalents 95.2 28.9 — 124.1 102.0 — 226.1 Cash and cash equivalents, beginning of period 29.7 89.2 — 118.9 230.1 — 349.0 Cash and cash equivalents, end of period $ 124.9 $ 118.1 $ — $ 243.0 $ 332.1 $ — $ 575.1

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of consolidation (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Sociedad Contractual Minera Puren
Principles of consolidation
Ownership interest in joint venture	65.00%	65.00%
Fairbanks Gold Mining, Inc.
Principles of consolidation
Ownership interest in subsidiary (as a percentage)	100.00%	100.00%
Kinross Brasil Mineracao S.A.
Principles of consolidation
Ownership interest in subsidiary (as a percentage)	100.00%	100.00%
Compania Minera Maricunga
Principles of consolidation
Ownership interest in subsidiary (as a percentage)	100.00%	100.00%
Compania Minera Mantos de Oro
Principles of consolidation
Ownership interest in subsidiary (as a percentage)	100.00%	100.00%
Echo Bay Minerals Company
Principles of consolidation
Ownership interest in subsidiary (as a percentage)	100.00%	100.00%
Chukotka Mining and Geological Company
Principles of consolidation
Ownership interest in subsidiary (as a percentage)	100.00%	100.00%
Northern Gold LLC
Principles of consolidation
Ownership interest in subsidiary (as a percentage)	100.00%	100.00%
Tasiat Mauritamie Ltd. S.A
Principles of consolidation
Ownership interest in subsidiary (as a percentage)	100.00%	100.00%
Chirano Gold Mines Ltd.
Principles of consolidation
Ownership interest in subsidiary (as a percentage)	90.00%	90.00%
Chirano Gold Mines Ltd. | Ghana
Principles of consolidation
Ownership interest non controlling interest	10.00%	10.00%
KG Mining (Bald Mountain)
Principles of consolidation
Ownership interest in subsidiary (as a percentage)	100.00%	100.00%
Round Mountain Gold Corporation/KG Mining
Principles of consolidation
Ownership interest in subsidiary (as a percentage)	100.00%	100.00%
Udinsk Gold, LLC
Principles of consolidation
Ownership interest in subsidiary (as a percentage)	100.00%
Peak Gold, LLC
Principles of consolidation
Ownership interest in subsidiary (as a percentage)	70.00%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Depreciation, depletion and amortization (Details) - Mobile and other equipment	12 Months Ended
	Dec. 31, 2020
Minimum
Property, plant and equipment
Useful life (in years)	2 years
Maximum
Property, plant and equipment
Useful life (in years)	10 years

CHANGES IN SIGNIFICANT ACCOUN_2

CHANGES IN SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2020
Peak Gold, LLC
Disclosure of subsidiaries [line items]
Ownership interest in subsidiary (as a percentage)	70.00%
Initial application of IFRS 3 | Peak Gold, LLC
Disclosure of subsidiaries [line items]
Ownership interest in subsidiary (as a percentage)	70.00%
Initial application of IFRS 3 | Chulbatkan license
Disclosure of subsidiaries [line items]
Ownership interest in subsidiary (as a percentage)	100.00%

SIGNIFICANT JUDGMENTS, ESTIMA_2

SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS (Details)	12 Months Ended
	Dec. 31, 2020USD ($)$ / oz$ / bbl	Dec. 31, 2019$ / oz$ / bbl
Estimated price of gold per ounce (year 1)	$ 1,700
Estimated price of gold per ounce (year 2)	1,700
Estimated price of gold per ounce (year 3)	$ 1,500
Estimated short-term and long-term prices of gold | $ / oz		1,400
Estimated short-term and long-term prices of silver | $ / oz	20	17.50
Estimated short-term and long-term oil prices | $ / bbl	55	60
Minimum | CGU
Cash flow projection, term	4 years
Real discount rate	3.61%	3.33%
NAV multiples observed	0.4	0.8
Maximum | CGU
Cash flow projection, term	17 years
Real discount rate	6.82%	6.97%
NAV multiples observed	1.5	1.7

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Chulbatkan (Details) oz in Thousands, $ in Millions	Jan. 15, 2021USD ($)	Jan. 16, 2020USD ($)oz$ / oz	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Acquisitions and Dispositions
Cash consideration paid			$ 267	$ 30
Transaction costs			$ 4.4
Purchase price allocation
Total net assets acquired		$ 290.5
Chulbatkan license
Acquisitions and Dispositions
Consideration		$ 283
Royalty obligation		1.50%
Future proven and probable reserves per ounce | $ / oz		50
Declared proven and probable ounces | oz		3,250
Percentage of payment on net smelter return royalty		1.50%
Buyback right		0.33
Right to buyback royalty		$ 10
Period for buyback		24 months
Cash consideration paid	$ 141.5	$ 141.5
Percentage of consideration paid in first installment		50.00%
Final installment which can paid in cash (as percent)		100.00%
Increase (decrease) in working capital		$ 3.1
Purchase price allocation
Property, plant and equipment (including mineral interests)		286.9
Net working capital		3.6
Total net assets acquired		$ 290.5
Chulbatkan license | Minimum
Acquisitions and Dispositions
Option, which was not executed, to pay installment with shares (as a percent)		60.00%
Chulbatkan license | Maximum
Acquisitions and Dispositions
Option, which was not executed, to pay installment with shares (as a percent)		100.00%
Pre-development properties | Chulbatkan license
Purchase price allocation
Property, plant and equipment (including mineral interests)		$ 278.9
Land, plant and equipment | Chulbatkan license
Purchase price allocation
Property, plant and equipment (including mineral interests)		$ 8

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Peak (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Acquisitions and Dispositions
Cash consideration		$ 267	$ 30
Transaction costs		$ 4.4
Peak Gold, LLC
Acquisitions and Dispositions
Ownership interest (as a percentage)	70.00%
Ownership interest in subsidiary (as a percentage)		70.00%
Cash consideration	$ 93.7
Transaction costs	3.2
Purchase price allocation
Property, plant and equipment (including mineral interests)	136.7
Other assets - net	1.2
Non-controlling interest	(41)
Total net assets acquired	$ 96.9
Proportion of ownership interests held by non-controlling interests	30.00%
Peak Gold, LLC | Pre-development properties
Purchase price allocation
Property, plant and equipment (including mineral interests)	$ 136.5
Peak Gold, LLC | Land, plant and equipment
Purchase price allocation
Property, plant and equipment (including mineral interests)	$ 0.2
Peak Gold, LLC | Royal Gold
Acquisitions and Dispositions
Ownership interest (as a percentage)	40.00%
Ownership interest in subsidiary (as a percentage)	40.00%
Cash consideration	$ 49.2
Peak Gold, LLC | Contango
Acquisitions and Dispositions
Ownership interest (as a percentage)	30.00%
Ownership interest in subsidiary (as a percentage)	60.00%
Cash consideration	$ 44.5
Purchase price allocation
Other assets - net	$ 1.2

ACQUISITIONS AND DISPOSITIONS_3

ACQUISITIONS AND DISPOSITIONS - Disposition of royalty portfolio (Details) - USD ($) $ in Millions	Dec. 19, 2019	Dec. 31, 2020	Dec. 31, 2019
Acquisitions and Dispositions
Gain (loss) on disposals		$ 1.2	$ 70.4
Maverix
Acquisitions and Dispositions
Consideration	$ 73.9
Cash from disposition	$ 25
Equity instruments (shares)	11.2
Percentage of equity interest aquired	9.40%
Gain (loss) on disposals	$ 72.7

CONSOLIDATED FINANCIAL STATEM_3

CONSOLIDATED FINANCIAL STATEMENT DETAILS - Cash and cash equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and cash equivalents:
Cash on hand and balances with banks	$ 562	$ 305.6
Short-term deposits	648.9	269.5
Total cash and cash equivalents	$ 1,210.9	$ 575.1	$ 349

CONSOLIDATED FINANCIAL STATEM_4

CONSOLIDATED FINANCIAL STATEMENT DETAILS - Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED FINANCIAL STATEMENT DETAILS
Restricted cash	$ 13.7	$ 15.2

CONSOLIDATED FINANCIAL STATEM_5

CONSOLIDATED FINANCIAL STATEMENT DETAILS - Accounts receivable and other assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounts receivable and other assets:
Trade receivables	$ 8.1	$ 6.9
Prepaid expenses	21.6	25.2
VAT receivable	46.6	69.6
Deposits	28.9	10.5
Unrealized fair value of derivative assets	6.5	7.2
Other	10.6	18
Total accounts receivable and other assets	$ 122.3	$ 137.4

CONSOLIDATED FINANCIAL STATEM_6

CONSOLIDATED FINANCIAL STATEMENT DETAILS - Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventories:
Ore in stockpiles	$ 277.4	$ 300.3
Ore on leach pads	498.8	384.7
In-process	108	99.2
Finished metal	50.3	52.3
Materials and supplies	448.2	520.6
Inventories, subtotal	1,382.7	1,357.1
Long-term portion of ore in stockpiles and ore on leach pads	(309.8)	(303.3)
Total inventories	$ 1,072.9	$ 1,053.8

CONSOLIDATED FINANCIAL STATEM_7

CONSOLIDATED FINANCIAL STATEMENT DETAILS - Property, plant and equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Property, plant and equipment
Balance, beginning of period	$ 6,340
Capitalized interest	49.1	$ 47.4
Balance, end of period	7,653.5	6,340
Assets under construction	749	747
Assets not being depreciated	$ 1,842.2	$ 1,287.6
Capitalized interest, weighted average borrowing rate	5.20%	5.49%
Right of use assets	$ 76.2	$ 54.1
Right-of-use assets for lease arrangements entered	38.2	22.7
Depreciation for leased right-of-use assets	16.1	11.5
Chulbatkan license
Property, plant and equipment
Additions	457.3
Peak Gold, LLC
Property, plant and equipment
Balance, end of period	$ 457.3
Ownership interest in subsidiary (as a percentage)	70.00%
Percentage of equity interest acquired			70.00%
Cost
Property, plant and equipment
Balance, beginning of period	$ 19,269	18,014.2
Additions	1,090.9	1,274
Acquisitions	465.4
Capitalized interest	49.1	47.4
Disposals	(83)	(69.9)
Other	0.1	3.3
Balance, end of period	20,791.5	19,269
Accumulated depreciation, depletion, amortization and impairment
Property, plant and equipment
Balance, beginning of period	(12,929)	(12,495.1)
Depreciation, depletion and amortization	(970.2)	(853.5)
Reversals of impairment charges	689	361.8
Disposals	73.8	60.5
Other	(1.6)	(2.7)
Balance, end of period	(13,138)	(12,929)
IFRS 16
Property, plant and equipment
Right-of-use assets for lease arrangements entered		42.9
Land, plant and equipment
Property, plant and equipment
Balance, beginning of period	3,600.9
Balance, end of period	3,718.7	3,600.9
Assets under construction	540.8	308.8
Assets not being depreciated	769.9	538.3
Land, plant and equipment | Cost
Property, plant and equipment
Balance, beginning of period	9,715	9,184.2
Additions	535.5	607.5
Acquisitions	8.2
Capitalized interest	22.8	14.7
Disposals	(82.9)	(69.9)
Other	(8.6)	(21.5)
Balance, end of period	10,190	9,715
Land, plant and equipment | Accumulated depreciation, depletion, amortization and impairment
Property, plant and equipment
Balance, beginning of period	(6,114.1)	(5,702.1)
Depreciation, depletion and amortization	(589.9)	(572.9)
Reversals of impairment charges	160.5	102.4
Disposals	73.8	60.5
Other	(1.6)	(2)
Balance, end of period	(6,471.3)	(6,114.1)
Development and operating properties
Property, plant and equipment
Balance, beginning of period	2,725.7
Balance, end of period	3,469.5	2,725.7
Assets under construction	189.1	438.2
Assets not being depreciated	607	735.9
Development and operating properties | Cost
Property, plant and equipment
Balance, beginning of period	9,540.6	8,816.6
Additions	539.9	666.5
Acquisitions	15.4
Capitalized interest	25.5	32.7
Disposals	0
Other	14.8	24.8
Balance, end of period	10,136.2	9,540.6
Development and operating properties | Accumulated depreciation, depletion, amortization and impairment
Property, plant and equipment
Balance, beginning of period	(6,814.9)	(6,793)
Depreciation, depletion and amortization	(380.3)	(280.6)
Reversals of impairment charges	528.5	259.4
Disposals	0
Other	0	(0.7)
Balance, end of period	(6,666.7)	(6,814.9)
Pre-development properties
Property, plant and equipment
Balance, beginning of period	13.4
Balance, end of period	465.3	13.4
Assets under construction	19.1
Assets not being depreciated	465.3	13.4
Pre-development properties | Cost
Property, plant and equipment
Balance, beginning of period	13.4	13.4
Additions	15.5
Acquisitions	441.8
Capitalized interest	0.8
Disposals	(0.1)
Other	(6.1)
Balance, end of period	465.3	13.4
Pre-development properties | Accumulated depreciation, depletion, amortization and impairment
Property, plant and equipment
Balance, beginning of period	0
Depreciation, depletion and amortization	0
Disposals	0
Other	0
Balance, end of period	0	0
Exploration and evaluation assets
Property, plant and equipment
Balance, beginning of period	251.4
Acquisitions		0
Transferred to capitalized development	311.9
Reversals of impairment charges	(90.9)
Balance, end of period	526.1	251.4
Exploration and evaluation expenses, capitalised	38.4	20.7
Exploration and evaluation expenses	$ 19.1	$ 17.4

CONSOLIDATED FINANCIAL STATEM_8

CONSOLIDATED FINANCIAL STATEMENT DETAILS - Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED FINANCIAL STATEMENT DETAILS
Goodwill	$ 158.8	$ 158.8

CONSOLIDATED FINANCIAL STATEM_9

CONSOLIDATED FINANCIAL STATEMENT DETAILS - Long-term investments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Long-term investments
Equity investments at FVOCI	$ 113	$ 126.2
Gains (losses) in AOCI	(23.7)	(20.4)	$ (98.5)
Long-term Investments
Long-term investments
Gains (losses) in AOCI	(25.9)	(26.2)
Investments in an accumulated gain position
Long-term investments
Equity investments at FVOCI	80.9	79.8
Gains (losses) in AOCI	18.2	10.3
Investments in an accumulated loss position
Long-term investments
Equity investments at FVOCI	32.1	46.4
Gains (losses) in AOCI	(47)	$ (36.5)
Net realized gains (losses)
Long-term investments
Gains (losses) in AOCI	$ 2.9

CONSOLIDATED FINANCIAL STATE_10

CONSOLIDATED FINANCIAL STATEMENT DETAILS - Other long-term assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED FINANCIAL STATEMENT DETAILS
Long-term portion of ore in stockpiles and ore on leach pads	$ 309.8	$ 303.3
Deferred charges, net of amortization	6	32.5
Long-term receivables	124.1	171
Advances for the purchase of capital equipment	9.1	15.1
Restricted cash	25
Unrealized fair value of derivative assets	10.5	4.5
Other	52.7	46.3
Total other long-term assets	$ 537.2	$ 572.7

CONSOLIDATED FINANCIAL STATE_11

CONSOLIDATED FINANCIAL STATEMENT DETAILS - Accounts payable and accrued liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED FINANCIAL STATEMENT DETAILS
Trade payables	$ 89.1	$ 89.3
Accrued liabilities	242.8	246.7
Employee related accrued liabilities	147.3	133.3
Total accounts payable and accrued liabilities	$ 479.2	$ 469.3

CONSOLIDATED FINANCIAL STATE_12

CONSOLIDATED FINANCIAL STATEMENT DETAILS - Other current liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED FINANCIAL STATEMENT DETAILS
Current portion of lease liabilities	$ 28.4	$ 16
Current portion of unrealized fair value of derivative liabilities	21.3	4.3
Other current liabilities	$ 49.7	$ 20.3

CONSOLIDATED FINANCIAL STATE_13

CONSOLIDATED FINANCIAL STATEMENT DETAILS - Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accumulated other comprehensive income (loss)
Balance, beginning of period	$ (20.4)	$ (98.5)
Other comprehensive income (loss) before tax	(5.4)	86.1
Tax	2.1	(8)
Balance, end of period	(23.7)	(20.4)
Long-term Investments
Accumulated other comprehensive income (loss)
Balance, beginning of period	(26.2)	(75.2)
Other comprehensive income (loss) before tax	0.3	49.3
Tax		(0.3)
Balance, end of period	(25.9)	(26.2)
Derivative Contracts
Accumulated other comprehensive income (loss)
Balance, beginning of period	5.8	(23.3)
Other comprehensive income (loss) before tax	(5.7)	36.8
Tax	2.1	(7.7)
Balance, end of period	$ 2.2	$ 5.8

CONSOLIDATED FINANCIAL STATE_14

CONSOLIDATED FINANCIAL STATEMENT DETAILS - Other operating expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure:
Other operating expense	$ 186.5	$ 108.5
COVID-19 Pandemic
Disclosure:
Other operating expense	64.1
Tasiast Strike
Disclosure:
Other operating expense	8.3
Brazil
Disclosure:
Other operating expense		17.5
Discontinued operations - mining sites
Disclosure:
Other operating expense	$ 46	35.6
Fairbanks Gold Mining, Inc.
Disclosure:
Other operating expense		$ 25.1

CONSOLIDATED FINANCIAL STATE_15

CONSOLIDATED FINANCIAL STATEMENT DETAILS - Other income - net (Details) - USD ($) $ in Millions	Dec. 19, 2019	Dec. 31, 2020	Dec. 31, 2019
Details
Net gains on dispositions of assets		$ 1.2	$ 70.4
Foreign exchange (losses) gains - net		(7.3)	0.6
Net non-hedge derivative gains		(1)	(1.4)
Equity in (losses) earnings of joint venture		(0.1)	0.1
Other - net		12.6	0.2
Other income - net		7.4	$ 72.7
Amount of insurance recoveries		$ 10.8
Maverix
Details
Net gains on dispositions of assets	$ 72.7

CONSOLIDATED FINANCIAL STATE_16

CONSOLIDATED FINANCIAL STATEMENT DETAILS - Finance Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finance expense
Accretion on reclamation and remediation obligations	$ (23)	$ (31)
Interest expense, including accretion on debt	(89.6)	(76.9)
Finance expense	(112.6)	(107.9)
Capitalized interest	49.1	47.4
Accretion of lease liabilities	3	2.9
Total interest paid, including interest capitalized	111	100.6
Cost
Finance expense
Capitalized interest	$ 49.1	$ 47.4

CONSOLIDATED FINANCIAL STATE_17

CONSOLIDATED FINANCIAL STATEMENT DETAILS - Employee benefits expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED FINANCIAL STATEMENT DETAILS
Salaries, short-term incentives, and other benefits	$ 707.9	$ 680.8
Share-based payments	30.7	27
Other	16.3	26.4
Total employee benefits expense	$ 754.9	$ 734.2

REVERSALS OF IMPAIRMENT CHARG_3

REVERSALS OF IMPAIRMENT CHARGES - NET (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reversal of impairment charges
Reversals of impairment charges, net	$ 650.9	$ 361.8
Accumulated depreciation, depletion, amortization and impairment
Reversal of impairment charges
Property, plant and equipment (i)	(689)	(361.8)
Inventories (ii)	38.1
Reversals of impairment charges, net	$ (650.9)	$ (361.8)

REVERSALS OF IMPAIRMENT CHARG_4

REVERSALS OF IMPAIRMENT CHARGES - NET - Property, plant and equipment (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Impairment charges
Property, plant and equipment	$ (48.3)
Accumulated depreciation, depletion, amortization and impairment
Impairment charges
Property, plant and equipment (i)		$ (689)	$ (361.8)
Inventories (ii)		38.1
Kinross Brasil Mineracao S.A.
Impairment charges
Tax expense(recovery) on impairment charge			68.2
Carrying amounts of property, plant and equipment			1,461
Kinross Brasil Mineracao S.A. | Accumulated depreciation, depletion, amortization and impairment
Impairment charges
Property, plant and equipment (i)			(200.7)
Tasiat Mauritamie Ltd. S.A
Impairment charges
Tax expense(recovery) on impairment charge		0	0
Carrying amounts of property, plant and equipment		2,455.7	2,123.6
Tasiat Mauritamie Ltd. S.A | Accumulated depreciation, depletion, amortization and impairment
Impairment charges
Property, plant and equipment (i)		(299.5)	$ (161.1)
Chirano Gold Mines Ltd.
Impairment charges
Tax expense(recovery) on impairment charge		71.6
Carrying amounts of property, plant and equipment		240.3
Chirano Gold Mines Ltd. | Accumulated depreciation, depletion, amortization and impairment
Impairment charges
Property, plant and equipment (i)		(204.5)
Lobo-Marte Mine
Impairment charges
Tax expense(recovery) on impairment charge		4.6
Carrying amounts of property, plant and equipment		319.2
Lobo-Marte Mine | Accumulated depreciation, depletion, amortization and impairment
Impairment charges
Property, plant and equipment (i)		$ (185)

INVESTMENT IN JOINT VENTURE (De

INVESTMENT IN JOINT VENTURE (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Investment in joint venture
Investment in joint venture	$ 18.3	$ 18.4
Sociedad Contractual Minera Puren
Investment in joint venture
Investment in joint venture	$ 18.3	$ 18.4

FAIR VALUE MEASUREMENT - Assets

FAIR VALUE MEASUREMENT - Assets (liabilities) measured at fair value on recurring basis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Financial Instruments
Equity investments at FVOCI	$ 113	$ 126.2
Assets transfer out of Level 1 into Level 2	0
Assets transfer out of Level 2 into Level 1	0
Liabilities transfer out of Level 1 into Level 2	0
Liabilities transfer out of Level 2 into Level 1	0
Assets transfers into Level 3 fair value measurements	0
Assets transfers out of Level 3 fair value measurements	0
Liabilities transfers into Level 3 fair value measurements	0
Liabilities transfers out of Level 3 fair value measurements	0
Recurring basis
Financial Instruments
Equity investments at FVOCI	113
Foreign currency net working capital	105.3
Recurring basis | Level 1
Financial Instruments
Equity investments at FVOCI	113
Financial liabilities	113
Recurring basis | Level 2
Financial Instruments
Financial liabilities	(7.7)
Foreign currency forward and collar contracts | Recurring basis
Financial Instruments
Financial liabilities	(4.3)
Foreign currency forward and collar contracts | Recurring basis | Level 2
Financial Instruments
Financial liabilities	(4.3)
Energy Swap | Recurring basis
Financial Instruments
Financial liabilities	7.6
Energy Swap | Recurring basis | Level 2
Financial Instruments
Financial liabilities	7.6
Total return swap contract | Recurring basis
Financial Instruments
Foreign currency net working capital	(11)
Total return swap contract | Recurring basis | Level 2
Financial Instruments
Foreign currency net working capital	$ (11)

FAIR VALUE MEASUREMENT - Deriva

FAIR VALUE MEASUREMENT - Derivative contracts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Financial Instruments
Unrealized fair value of derivative assets	$ 6.5	$ 7.2
Unrealized fair value of derivative assets	10.5	4.5
Unrealized fair value of derivative assets	17	11.7
Unrealized fair value of derivative liabilities, current	(21.3)	(4.3)
Unrealized fair value of derivative liabilities, non-current	(3.4)	(0.8)
Unrealized fair value of derivative liabilities	(24.7)	(5.1)
Net asset (liability)	(7.7)	6.6
Total return swap contract
Financial Instruments
Net asset (liability)	(11)	(1.3)
Unrealized gain (loss) recorded in AOCI	0	0
Derivative Contracts
Financial Instruments
Net asset (liability)	(7.7)	6.6
Unrealized gain (loss) recorded in AOCI	2.2	5.8
Foreign currency forward and collar contracts
Financial Instruments
Net asset (liability)	(4.3)	3.9
Unrealized gain (loss) recorded in AOCI	(2.5)	2.6
Reclassification of amounts to net earnings within the next 12 months as a result of settling the contracts	(4.1)
Energy Swap
Financial Instruments
Net asset (liability)	7.6	4
Unrealized gain (loss) recorded in AOCI	4.7	$ 3.2
Reclassification of amounts to net earnings within the next 12 months as a result of settling the contracts	$ (0.5)

FAIR VALUE MEASUREMENT - Foreig

FAIR VALUE MEASUREMENT - Foreign currency forward and collar contracts (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)R$ / $₽ / $$ / $	Dec. 31, 2019USD ($)
Derivative Contracts
Financial Instruments
Unrealized Gain (loss) on Derivative Financial Instruments	$ 2.2	$ 5.8
Foreign currency forward and collar contracts
Financial Instruments
Unrealized Gain (loss) on Derivative Financial Instruments	(2.5)	2.6
Brazilian real zero cost collar contracts
Financial Instruments
Unrealized Gain (loss) on Derivative Financial Instruments	(5.8)	(0.1)
Brazilian real zero cost collar contracts | 2021
Financial Instruments
Foreign currency net working capital	103.6
Brazilian real zero cost collar contracts | 2022
Financial Instruments
Foreign currency net working capital	64.8
Brazilian real zero cost collar contracts | 2023
Financial Instruments
Foreign currency net working capital	43.2
Brazilian real zero cost collar contracts | From 2021 to 2023
Financial Instruments
New derivative contracts	134.4
Canadian dollar forward buy contracts
Financial Instruments
Unrealized Gain (loss) on Derivative Financial Instruments	2.2	0.5
Canadian dollar forward buy contracts | 2021
Financial Instruments
Foreign currency net working capital	$ 25.2
Average price | $ / $	1.37
Canadian dollar forward buy contracts | 2022
Financial Instruments
Foreign currency net working capital	$ 12
Average price | $ / $	1.40
Canadian dollar forward buy contracts | From 2021 to 2022
Financial Instruments
New derivative contracts	$ 25.2
Average price | $ / $	1.40
Russian rouble zero cost collar contracts
Financial Instruments
New derivative contracts	$ 82.8
Unrealized Gain (loss) on Derivative Financial Instruments	1.1	$ 2.2
Russian rouble zero cost collar contracts | 2021
Financial Instruments
Foreign currency net working capital	51.6
Russian rouble zero cost collar contracts | 2022
Financial Instruments
Foreign currency net working capital	36
Russian rouble zero cost collar contracts | 2023
Financial Instruments
Foreign currency net working capital	$ 20.4
Put | Brazilian real forward buy contracts | 2021
Financial Instruments
Average price | R$ / $	4.35
Put | Brazilian real forward buy contracts | 2022
Financial Instruments
Average price | R$ / $	4.62
Put | Brazilian real forward buy contracts | 2023
Financial Instruments
Average price | R$ / $	5
Put | Brazilian real forward buy contracts | From 2021 to 2023
Financial Instruments
Average price | R$ / $	4.81
Put | Russian rouble zero cost collar contracts
Financial Instruments
Average price | ₽ / $	75.35
Put | Russian rouble zero cost collar contracts | 2021
Financial Instruments
Average price | ₽ / $	70.3
Put | Russian rouble zero cost collar contracts | 2022
Financial Instruments
Average price | ₽ / $	75
Put | Russian rouble zero cost collar contracts | 2023
Financial Instruments
Average price | ₽ / $	77
Call | Brazilian real forward buy contracts | 2021
Financial Instruments
Average price | R$ / $	5.39
Call | Brazilian real forward buy contracts | 2022
Financial Instruments
Average price | R$ / $	6.56
Call | Brazilian real forward buy contracts | 2023
Financial Instruments
Average price | R$ / $	7.26
Call | Brazilian real forward buy contracts | From 2021 to 2023
Financial Instruments
Average price | R$ / $	6.94
Call | Russian rouble zero cost collar contracts
Financial Instruments
Average price | ₽ / $	96.93
Call | Russian rouble zero cost collar contracts | 2021
Financial Instruments
Average price | ₽ / $	87.8
Call | Russian rouble zero cost collar contracts | 2022
Financial Instruments
Average price | ₽ / $	100.6
Call | Russian rouble zero cost collar contracts | 2023
Financial Instruments
Average price | ₽ / $	97.8

FAIR VALUE MEASUREMENT - Energy

FAIR VALUE MEASUREMENT - Energy swap contracts (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)$ / bblbbl	Dec. 31, 2019USD ($)
Derivative Contracts
Financial Instruments
Unrealized gain (loss) recorded in AOCI | $	$ 2.2	$ 5.8
Energy Swap
Financial Instruments
Unrealized gain (loss) recorded in AOCI | $	$ 4.7	$ 3.2
Energy Swap | 2021
Financial Instruments
WTI oil swap contracts (barrels) | bbl	1,054,400
Average price | $ / bbl	47.52
Energy Swap | 2022
Financial Instruments
WTI oil swap contracts (barrels) | bbl	822,600
Average price | $ / bbl	42.14
Energy Swap | 2023
Financial Instruments
WTI oil swap contracts (barrels) | bbl	565,200
Average price | $ / bbl	39.58
Energy Swap | From 2021 to 2023
Financial Instruments
WTI oil swap contracts (barrels) | bbl	1,759,100
Average price | $ / bbl	40.52

FAIR VALUE MEASUREMENT - Total

FAIR VALUE MEASUREMENT - Total return swap contracts (Details)	Dec. 31, 2020shares
Total return swap contract
Financial Instruments
Units outstanding	5,695,000

CAPITAL AND FINANCIAL RISK MA_3

CAPITAL AND FINANCIAL RISK MANAGEMENT - Capital management (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Capital and financial risk management
Long-term debt and credit facilities	$ 1,424.2	$ 1,837.4
Current portion of long-term debt and credit facilities	499.7
Total debt	1,923.9	1,837.4
Common shareholders' equity	$ 6,596.5	$ 5,318.5
Total debt/ total debt and common shareholders' equity ratio	22.60%	25.70%
Minimum
Capital and financial risk management
Company target	0.00%	0.00%
Maximum
Capital and financial risk management
Company target	30.00%	30.00%

CAPITAL AND FINANCIAL RISK MA_4

CAPITAL AND FINANCIAL RISK MANAGEMENT - Gold and silver price risk management (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Gold and silver price risk
Capital and financial risk management
Derivatives to hedge metal sales	$ 0	$ 0

CAPITAL AND FINANCIAL RISK MA_5

CAPITAL AND FINANCIAL RISK MANAGEMENT - Currency risk management (Details) - Currency risk $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Capital and financial risk management
Percentage of strengthening in U.S. dollar	10.00%
Percentage of weakening in U.S. dollar	10.00%
Foreign currency forward and collar contracts
Capital and financial risk management
Percentage of strengthening in U.S. dollar	10.00%
Percentage of weakening in U.S. dollar	10.00%
Canadian dollar
Capital and financial risk management
Foreign currency net working capital	$ (43.7)
Strengthening in U.S dollar effect on earnings before taxes, gain (loss)	4
Weakening in U.S dollar effect on earnings before taxes, gain (loss)	(4.9)
Brazilian real
Capital and financial risk management
Foreign currency net working capital	(158.9)
Strengthening in U.S dollar effect on earnings before taxes, gain (loss)	14.4
Weakening in U.S dollar effect on earnings before taxes, gain (loss)	(17.7)
Chilean pesos
Capital and financial risk management
Foreign currency net working capital	(13.4)
Strengthening in U.S dollar effect on earnings before taxes, gain (loss)	1.2
Weakening in U.S dollar effect on earnings before taxes, gain (loss)	(1.5)
Russian rouble
Capital and financial risk management
Foreign currency net working capital	33.5
Strengthening in U.S dollar effect on earnings before taxes, gain (loss)	(3)
Weakening in U.S dollar effect on earnings before taxes, gain (loss)	3.7
Mauritanian ouguiya
Capital and financial risk management
Foreign currency net working capital	3
Strengthening in U.S dollar effect on earnings before taxes, gain (loss)	(0.3)
Weakening in U.S dollar effect on earnings before taxes, gain (loss)	0.3
Ghanaian cedi
Capital and financial risk management
Foreign currency net working capital	9.2
Strengthening in U.S dollar effect on earnings before taxes, gain (loss)	(0.8)
Weakening in U.S dollar effect on earnings before taxes, gain (loss)	1
Other
Capital and financial risk management
Foreign currency net working capital	(1.7)
Strengthening in U.S dollar effect on earnings before taxes, gain (loss)	0.2
Weakening in U.S dollar effect on earnings before taxes, gain (loss)	$ (0.2)

CAPITAL AND FINANCIAL RISK MA_6

CAPITAL AND FINANCIAL RISK MANAGEMENT - Currency risk management impact on OCI (Details) - Currency risk $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Capital and financial risk management
Percentage of strengthening in U.S. dollar	10.00%
Foreign currency forward and collar contracts
Capital and financial risk management
Percentage of strengthening in U.S. dollar	10.00%
Foreign currency forward and collar contracts | Canadian dollar
Capital and financial risk management
Strengthening in U.S dollar Effect on OCI before taxes, gain (loss)	$ (3.6)
Weakening in U.S dollar Effect on OCI before taxes, gain (loss)	4.5
Foreign currency forward and collar contracts | Brazilian real
Capital and financial risk management
Strengthening in U.S dollar Effect on OCI before taxes, gain (loss)	(10.1)
Weakening in U.S dollar Effect on OCI before taxes, gain (loss)	11.8
Foreign currency forward and collar contracts | Russian rouble
Capital and financial risk management
Strengthening in U.S dollar Effect on OCI before taxes, gain (loss)	(4.8)
Weakening in U.S dollar Effect on OCI before taxes, gain (loss)	$ 6.4

CAPITAL AND FINANCIAL RISK MA_7

CAPITAL AND FINANCIAL RISK MANAGEMENT - Energy price risk (Details) - Price Risk $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Capital and financial risk management
Percentage of increase in price	10.00%
Percentage of decrease in price	10.00%
Increase in price Effect on OCI before taxes, gain (loss)	$ 11.4
Decrease in price Effect on OCI before taxes, gain (loss)	$ (11.3)

CAPITAL AND FINANCIAL RISK MA_8

CAPITAL AND FINANCIAL RISK MANAGEMENT - Liquidity risk (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt repayments
Cash and cash equivalents	$ 1,210.9	$ 575.1	$ 349
Liquidity risk | Long-term debt
Debt repayments
Contractual cash flow	2,640
Liquidity risk | 2021 | Long-term debt
Debt repayments
Contractual cash flow	604.5
Liquidity risk | 2022-2025 | Long-term debt
Debt repayments
Contractual cash flow	870.9
Liquidity risk | 2026+ | Long-term debt
Debt repayments
Contractual cash flow	$ 1,164.6

LONG-TERM DEBT AND CREDIT FAC_3

LONG-TERM DEBT AND CREDIT FACILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Long-term debt
Notional amount	$ 1,947.7
Deferred Financing Costs	(23.8)
Carrying Amount	1,923.9	$ 1,837.4
Fair Value	2,199.5	1,981.9
Senior notes
Long-term debt
Notional amount	1,747.7
Deferred Financing Costs	(7.9)
Carrying Amount	1,739.8	1,737.4
Fair Value	$ 1,999.5	$ 1,881.9
Senior notes | Minimum
Long-term debt
Interest rate (as a percent)	4.50%	4.50%
Senior notes | Maximum
Long-term debt
Interest rate (as a percent)	6.875%	6.875%
Revolving credit facility
Long-term debt
Carrying Amount		$ 100
Fair Value		$ 100
Interest rate (as a percent)	1.625%	1.625%
Long-term debt and credit facility
Long-term debt
Notional amount	$ 1,447.7
Deferred Financing Costs	(23.5)
Carrying Amount	1,424.2	$ 1,837.4
Fair Value	1,690.2	$ 1,981.9
Less: current portion
Long-term debt
Notional amount	(500)
Deferred Financing Costs	0.3
Carrying Amount	(499.7)
Fair Value	(509.3)
Tasiat Mauritamie Ltd. S.A
Long-term debt
Notional amount	200
Deferred Financing Costs	(15.9)
Carrying Amount	184.1
Fair Value	$ 200
Interest rate (as a percent)	4.38%

LONG-TERM DEBT AND CREDIT FAC_4

LONG-TERM DEBT AND CREDIT FACILITIES - Debt repayments (Details) $ in Millions	Dec. 31, 2020USD ($)
Long-term debt
Total debt payable	$ 1,950
2021
Long-term debt
Total debt payable	500
2022
Long-term debt
Total debt payable	40
2023
Long-term debt
Total debt payable	36
2024
Long-term debt
Total debt payable	532
2025
Long-term debt
Total debt payable	4
2026+
Long-term debt
Total debt payable	838
Senior notes
Long-term debt
Total debt payable	1,750
Senior notes | 2021
Long-term debt
Total debt payable	500
Senior notes | 2024
Long-term debt
Total debt payable	500
Senior notes | 2026+
Long-term debt
Total debt payable	750
Tasiat Mauritamie Ltd. S.A
Long-term debt
Total debt payable	200
Tasiat Mauritamie Ltd. S.A | 2022
Long-term debt
Total debt payable	40
Tasiat Mauritamie Ltd. S.A | 2023
Long-term debt
Total debt payable	36
Tasiat Mauritamie Ltd. S.A | 2024
Long-term debt
Total debt payable	32
Tasiat Mauritamie Ltd. S.A | 2025
Long-term debt
Total debt payable	4
Tasiat Mauritamie Ltd. S.A | 2026+
Long-term debt
Total debt payable	$ 88

LONG-TERM DEBT AND CREDIT FAC_5

LONG-TERM DEBT AND CREDIT FACILITIES - Senior notes (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019
Long-term debt
Principal amount	$ 1,947.7
Senior notes
Long-term debt
Principal amount	$ 1,747.7
Redemption price (as a percent)	100.00%
Redeem of the principal amount (as a percent)	100.00%
Prior to maturity upon certain fundamental changes	101.00%
Senior notes | Minimum
Long-term debt
Interest rate (as a percent)	4.50%	4.50%
Premium add to the redemption price (as a percent)	45
Senior notes | Maximum
Long-term debt
Interest rate (as a percent)	6.875%	6.875%
Premium add to the redemption price (as a percent)	50
5.125% senior notes
Long-term debt
Interest rate (as a percent)	5.125%
Principal amount	$ 500
Redeemable period, before maturity date	3 months
5.950% senior notes
Long-term debt
Interest rate (as a percent)	5.95%
Principal amount	$ 500
Redeemable period, before maturity date	3 months
4.50% senior notes
Long-term debt
Interest rate (as a percent)	4.50%
Principal amount	$ 500
Redeemable period, before maturity date	3 months
6.875% senior notes
Long-term debt
Interest rate (as a percent)	6.875%
Principal amount	$ 250
Redeemable period, before maturity date	6 months

LONG-TERM DEBT AND CREDIT FAC_6

LONG-TERM DEBT AND CREDIT FACILITIES - Revolving credit and term loan facilities (Details) - USD ($) $ in Millions	Sep. 18, 2020	Jul. 24, 2020	Mar. 20, 2020	Dec. 16, 2019	Jul. 25, 2019	Feb. 29, 2020	Dec. 31, 2020	Dec. 31, 2019
Long-term debt
Repayment of debt							$ 850	$ 200
Proceeds from drawdown of debt							950	300
Letters of credit and surety bonds							1,923.9	1,837.4
Tasiat Mauritamie Ltd. S.A
Long-term debt
Maximum borrowing capacity				$ 300
Proceeds from drawdown of debt				200
Remaining borrowing capacity				$ 100
Amount held in separate bank account for repayments							$ 25
Interest rate (as a percent)							4.38%
Standby fee (as percent of unused availablity)							1.60%
Revolving Credit Facility
Long-term debt
Facility utilized							$ 7.5	$ 119.1
Maximum borrowing capacity					$ 1,500		$ 1,500
Repayment of debt	$ 500	$ 250				$ 100
Proceeds from drawdown of debt			$ 750
Borrowings, maturity					August 10, 2024
Interest rate (as a percent)							1.625%
Standby fee (as percent of unused availablity)							0.325%
Letter of credit | Minimum
Long-term debt
Interest rate (as a percent)							1.0833%
Letter of credit | Maximum
Long-term debt
Interest rate (as a percent)							1.625%

LONG-TERM DEBT AND CREDIT FAC_7

LONG-TERM DEBT AND CREDIT FACILITIES - Other (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Long-term debt
Long-term debt and credit facilities	$ 1,424.2	$ 1,837.4
Operations in Brazil, Mauritania, Ghana and Chile
Long-term debt
Surety bonds	$ 175.6	184.7
Fees incured (as a percentage)	0.74%
Letter of Credit guarantee facility
Long-term debt
Maximum borrowing capacity	$ 300
Borrowings, maturity	June 30, 2022
Long-term debt and credit facilities	$ 228.9	227.8
Fees incured (as a percentage)	0.75%
Surety bonds
Long-term debt
Surety bonds	$ 290.1	$ 276.5
Fees incured (as a percentage)	0.50%

LONG-TERM DEBT AND CREDIT FAC_8

LONG-TERM DEBT AND CREDIT FACILITIES - Changes in liabilities arising from financing activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Changes from financing cash flows
Balance at the beginning	$ 1,925.6	$ 1,811.2
Debt issued	950	300
Debt repayments	(850)	(200)
Interest paid	(63.1)	(55.6)
Payments of lease liabilities	(20.7)	(14.3)
Changes for financing cash flows	1,941.8	1,841.3
Other changes
Interest expense and accretion	86.6	74
Capitalized interest	49.1	47.4
Capitalized interest paid	(47.9)	(45)
Additions of lease liabilities	38.2	22.9
Accretion of lease liabilities	3	2.9
Other cash changes	(26.6)	(10)
Other non cash changes	(11.9)	(7.9)
Other changes	90.5	84.3
Balance at the end	2,032.3	1,925.6
Total lease liabilities	2,032.3	1,925.6
Long-term debt
Changes from financing cash flows
Balance at the beginning	1,837.4	1,735
Debt issued	950	300
Debt repayments	(850)	(200)
Changes for financing cash flows	1,937.4	1,835
Other changes
Other cash changes	(12.8)
Other non cash changes	(0.7)	2.4
Other changes	(13.5)	2.4
Balance at the end	1,923.9	1,837.4
Total lease liabilities	1,923.9	1,837.4
Lease liabilities
Changes from financing cash flows
Balance at the beginning	54.9	42.9
Payments of lease liabilities	(20.7)	(14.3)
Changes for financing cash flows	34.2	28.6
Other changes
Additions of lease liabilities	38.2	22.9
Accretion of lease liabilities	3	2.9
Other non cash changes	(0.7)	0.5
Other changes	40.5	26.3
Balance at the end	74.7	54.9
Total lease liabilities	74.7	54.9
Accrued interest payable
Changes from financing cash flows
Balance at the beginning	33.3	33.3
Interest paid	(63.1)	(55.6)
Changes for financing cash flows	(29.8)	(22.3)
Other changes
Interest expense and accretion	86.6	74
Capitalized interest	49.1	47.4
Capitalized interest paid	(47.9)	(45)
Other cash changes	(13.8)	(10)
Other non cash changes	(10.5)	(10.8)
Other changes	63.5	55.6
Balance at the end	33.7	33.3
Total lease liabilities	$ 33.7	$ 33.3
IFRS 16 | Lease liabilities
Other changes
Total lease liabilities			$ 42.9

LEASES - Lease liabilities (Det

LEASES - Lease liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
LEASES
Current portion of lease liabilities	$ 28.4	$ 16
Long-term lease liabilities	46.3	38.9
Total lease liabilities	$ 74.7	$ 54.9

LEASES - Undiscounted lease lia

LEASES - Undiscounted lease liabilities (Details) $ in Millions	Dec. 31, 2020USD ($)
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	$ 88.7
2021
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	28.6
2022-2025
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	45.8
2026+
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	$ 14.3

LEASES - Lease payments (Detail

LEASES - Lease payments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
LEASES
Lease with a term of 12 months or less	$ 4.8	$ 23.7
Leases of assets with underlying value, when new, of $5,000 or less	0.1	0.4
Leases with variable lease payments	31.2	23.3
Total	$ 36.1	$ 47.4

PROVISIONS (Details)

PROVISIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Provisions reconciliation
Provisions at beginning of period	$ 896.5
Additions	53.6
Reductions	(15.2)
Reclamation spending	(39.6)
Accretion	23
Reclamation expense	6.6
Provisions at end of period	924.9	$ 896.5
Current portion	63.8
Non-current portion	861.1
Other operating expense	186.5	108.5
Reclamation and remediation obligations
Provisions reconciliation
Provisions at beginning of period	866.1
Additions	45
Reductions	(5)
Reclamation spending	(39.6)
Accretion	23
Reclamation expense	6.6
Provisions at end of period	896.1	866.1
Current portion	58.7
Non-current portion	837.4
Other operating expense	6.6	11.9
Letter of credit issued to various agencies	379.9	391.9
Surety bonds	$ 289.3	$ 275.7
Reclamation and remediation obligations | Minimum
Provisions reconciliation
Discount rate used in estimating site restoration cost obligation (in percent)	0.40%	1.70%
Inflation rate used in estimating the site restoration cost obligation (in percent)	2.10%	2.20%
Reclamation and remediation obligations | Maximum
Provisions reconciliation
Discount rate used in estimating site restoration cost obligation (in percent)	13.30%	14.70%
Inflation rate used in estimating the site restoration cost obligation (in percent)	4.00%	4.00%
Other
Provisions reconciliation
Provisions at beginning of period	$ 30.4
Additions	8.6
Reductions	(10.2)
Provisions at end of period	28.8	$ 30.4
Current portion	5.1
Non-current portion	$ 23.7

COMMON SHARE CAPITAL (Details)

COMMON SHARE CAPITAL (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
COMMON SHARE CAPITAL
Balance at beginning of the period	$ 5,332.6
Balance at end of the period	6,663	$ 5,332.6
Total common share capital	$ 4,473.7	$ 14,926.2
Common share capital
COMMON SHARE CAPITAL
Balance at beginning of the period (shares)	1,253,766	1,250,229
Issued under share option and restricted share plans (shares)	4,554	3,537
Balance at end of the period (shares)	1,258,320	1,253,766
Balance at beginning of the period	$ 14,926.2	$ 14,913.4
Transfer to contributed surplus on reduction of stated capital	(10,473.4)
Issued under share option and restricted share plans	20.9	12.8
Balance at end of the period	4,473.7	14,926.2
Total common share capital	$ 4,473.7	$ 14,926.2

COMMON SHARE CAPITAL - Dividend

COMMON SHARE CAPITAL - Dividends on common shares (Details) - USD ($)	Feb. 10, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
COMMON SHARE CAPITAL
Dividend declared, per share	$ 0.03	$ 0.03	$ 0.03
Dividend declared, Total amount		$ 37,800,000	$ 37,700,000	$ 75,500,000
Dividend paid, per share		$ 0.06
Dividend paid, Total amount		$ 75,500,000		75,500,000	$ 0
Dividend declared and unpaid		$ 0		$ 0

SHARE-BASED PAYMENTS - Share-ba

SHARE-BASED PAYMENTS - Share-based compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based payment transaction
Share-based compensation expense	$ 34.4	$ 30.2
Share options
Share-based payment transaction
Share-based compensation expense	1	2.4
Restricted share unit plan
Share-based payment transaction
Share-based compensation expense	29.7	24.6
Deferred share unit plan
Share-based payment transaction
Share-based compensation expense	1.3	1.1
Employee share purchase plan
Share-based payment transaction
Share-based compensation expense	$ 2.4	$ 2.1

SHARE-BASED PAYMENTS - Share op

SHARE-BASED PAYMENTS - Share option plan (Details) - Share options shares in Millions	12 Months Ended
	Dec. 31, 2020Yshares
Share-based payment transaction
Ratio of options granted exercisable each year	33.33%
Commencement period for exercise of options	1 year
Number of common shares available for grant of options	14.6
Maximum
Share-based payment transaction
Aggregate number of shares reserved for issuance	31.2
The aggregate percentage of common shares reserved for issuance under the plan	10
On or after February 16, 2011 | Maximum
Share-based payment transaction
Term of share options | Y	7

SHARE-BASED PAYMENTS - Share _2

SHARE-BASED PAYMENTS - Share option plan changes (Details) - Share options Options in Thousands	12 Months Ended
	Dec. 31, 2020OptionsUSD ($)$ / shares	Dec. 31, 2020OptionsUSD ($)$ / shares$ / shares	Dec. 31, 2019Options$ / shares	Dec. 31, 2019Options$ / shares$ / shares
Share-based payment transaction
Balance at January 1 | Options	10,170	10,170	12,344	12,344
Granted	0	0	2,042	2,042
Exercised | Options	(2,566)	(2,566)	(1,577)	(1,577)
Forfeited | Options	(808)	(808)	(741)	(741)
Expired | Options	(1,195)	(1,195)	(1,898)	(1,898)
Outstanding at end of period | Options	5,601	5,601	10,170	10,170
Exercisable at end of period | Options	3,813	3,813	6,459	6,459
Balance at January 1	$ 5.16		$ 5.77
Granted			4.59
Exercised	4.90		4.41
Forfeited	5.02		4.42
Expired	8.03		9.42
Outstanding at end of period	4.68		5.16
Weighted average exercise price exercisable at end of period	4.68	$ 4.68	5.38	$ 5.38
Weighted average share price at the date of exercise | (per share)	$ 8.63	$ 7	$ 6.20	$ 3.97

SHARE-BASED PAYMENTS - Share _3

SHARE-BASED PAYMENTS - Share option plan stock options outstanding (Details) - Share options Options in Thousands	12 Months Ended
	Dec. 31, 2020OptionsUSD ($)$ / shares	Dec. 31, 2019Options$ / shares	Dec. 31, 2018Options$ / shares
Share options outstanding
Exercise price range		$ 4.59
Number of options | Options	5,601	10,170	12,344
Weighted average exercise price	$ 4.68	$ 5.16	$ 5.77
Weighted average remaining contractual life (years)	2 years 9 months
Share options exercisable
Number of options | Options	3,813	6,459
Weighted average exercise price	$ 4.68	$ 5.38
Weighted average remaining contractual life (years)	2 years 2 months 1 day
Options granted	0	2,042
$3.73 to $4.50
Share options outstanding
Number of options | Options	1,438
Weighted average exercise price	$ 3.89
Weighted average remaining contractual life (years)	1 year 5 months 23 days
Share options exercisable
Number of options | Options	1,438
Weighted average exercise price	$ 3.89
Weighted average remaining contractual life (years)	1 year 5 months 23 days
$4.51 to $5.00
Share options outstanding
Number of options | Options	2,794
Weighted average exercise price	$ 4.74
Weighted average remaining contractual life (years)	3 years 10 months 24 days
Share options exercisable
Number of options | Options	1,006
Weighted average exercise price	$ 4.82
Weighted average remaining contractual life (years)	3 years 9 months 4 days
$5.01 to $5.82
Share options outstanding
Number of options | Options	1,369
Weighted average exercise price	$ 5.39
Weighted average remaining contractual life (years)	1 year 8 months 27 days
Share options exercisable
Number of options | Options	1,369
Weighted average exercise price	$ 5.40
Weighted average remaining contractual life (years)	1 year 8 months 27 days
Minimum | $3.73 to $4.50
Share options outstanding
Exercise price range	$ 3.73
Minimum | $4.51 to $5.00
Share options outstanding
Exercise price range	4.51
Minimum | $5.01 to $5.82
Share options outstanding
Exercise price range	5.01
Maximum | $3.73 to $4.50
Share options outstanding
Exercise price range	4.50
Maximum | $4.51 to $5.00
Share options outstanding
Exercise price range	5
Maximum | $5.01 to $5.82
Share options outstanding
Exercise price range	$ 5.82

SHARE-BASED PAYMENTS - Share _4

SHARE-BASED PAYMENTS - Share option plan black-scholes option pricing model (Details) - Share options $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019CAD ($)$ / shares
Weighted average assumptions used in computing the fair value of stock options granted
Weighted average share price (CDN$) | $ / shares	$ 4.59
Expected dividend yield	0.00%
Expected volatility	44.80%
Risk-free interest rate	1.80%
Expected option life (in years)	4 years 6 months
Weighted average fair value per stock option granted (CDN$) | $	$ 1,790

SHARE-BASED PAYMENTS - Restrict

SHARE-BASED PAYMENTS - Restricted share unit plan (Details) shares in Millions	Dec. 31, 2020shares
Maximum | Restricted share unit plan
Share-based payment transaction
Shares authorized (in shares)	21.9

SHARE-BASED PAYMENTS - Restri_2

SHARE-BASED PAYMENTS - Restricted share units (Details) - Restricted share units	12 Months Ended
	Dec. 31, 2020CAD ($)EquityInstruments$ / shares	Dec. 31, 2019CAD ($)EquityInstruments$ / shares	Dec. 31, 2020USD ($)EquityInstruments	Dec. 31, 2019USD ($)
Share-based payment transaction
Exercisable at end of period			1
Additional consideration to acquire common share | $			$ 0
Vesting period	3 years
Summary of information about share units outstanding
Balance at January 1	8,512,000	7,626,000
Granted	3,106,000	5,740,000
Redeemed	(4,199,000)	(3,888,000)
Forfeited	(944,000)	(966,000)
Outstanding at end of period	6,475,000	8,512,000
Balance at January 1 | $	$ 4.68	$ 4.88
Granted | $ / shares	$ 7.42	$ 4.56
Redeemed | $ / shares	4.78	4.86
Forfeited | $ / shares	$ 5.17	$ 4.81
Outstanding at end of period | $	$ 5.86	$ 4.68
Liability recognized in respect of cash settled RSUs | $			$ 17,600,000	$ 13,900,000

SHARE-BASED PAYMENTS - Restri_3

SHARE-BASED PAYMENTS - Restricted performance share units outstanding (Details) - Restricted performance share units $ / shares in Units, EquityInstruments in Thousands	12 Months Ended
	Dec. 31, 2020CAD ($)EquityInstruments$ / shares	Dec. 31, 2019CAD ($)EquityInstruments$ / shares
Share-based payment transaction
Vesting period	3 years
Balance at January 1	4,937	4,990
Granted	1,436	2,263
Redeemed	(1,575)	(1,702)
Forfeited	(339)	(614)
Outstanding at end of period	4,459	4,937
Balance at January 1 | $	$ 5.16	$ 5.14
Granted | $ / shares	$ 7.76	$ 4.54
Redeemed | $ / shares	5.32	4.45
Forfeited | $ / shares	$ 5.02	$ 4.71
Outstanding at end of period | $	$ 5.95	$ 5.16

SHARE-BASED PAYMENTS - Deferred

SHARE-BASED PAYMENTS - Deferred share unit plan (Details) - Deferred share unit plan $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)EquityInstruments$ / shares	Dec. 31, 2019USD ($)EquityInstruments$ / shares
Share-based payment transaction
Minimum percentage of compensation for computing number of share units to outside director (as a percent)	50.00%
DSUs granted	203,000	269,000
Weighted average grant-date fair value (CDN$/ unit) | $ / shares	$ 8.66	$ 5.39
Number of share units outstanding	1,422,650
Recognized liability | $	$ 10.4	$ 7.8

SHARE-BASED PAYMENTS - Employee

SHARE-BASED PAYMENTS - Employee share purchase plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based payment transaction
Total share-based compensation	$ 34.4	$ 30.2
Employee share purchase plan
Share-based payment transaction
Maximum contribution of annual base salary of employees (as a percent)	10.00%
Employer contributions (as a percent)	50.00%
Total share-based compensation	$ 2.4	$ 2.1

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020$ / shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019$ / shares	Dec. 31, 2019USD ($)$ / sharesshares
Earnings per share
Basic net earnings (loss) attributable to common shareholders | $		$ 1,342.4		$ 718.6
Diluted net earnings (loss) attributable to common shareholders | $		$ 1,342.4		$ 718.6
Basic weighted average shares outstanding		1,257,163		1,252,316
Weighted average shares dilution adjustments:
Stock options		3,218		1,679
Restricted share units		2,929		3,181
Restricted performance share units		4,660		5,168
Diluted weighted average shares outstanding		1,267,970		1,262,344
Share options
Weighted average shares dilution adjustments - exclusions:
Antidilutive securities excluded from computation of earnings per share (in shares)		165		3,870
Weighted average share price | (per share)	$ 8.63	$ 7	$ 6.20	$ 3.97

INCOME TAX EXPENSE - Current an

INCOME TAX EXPENSE - Current and deferred tax expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Current tax expense
Current period	$ 297.7	$ 206.6
Adjustment for prior periods	(75.8)	(1)
Deferred tax expense
Origination and reversal of temporary differences	335.5	223
Impact of changes in tax rate	(0.8)	(1.6)
Change in unrecognized deductible temporary differences	(73.4)	(156.3)
Recognition of previously unrecognized tax losses	(43.4)	(24)
Total tax expense	$ 439.8	$ 246.7

INCOME TAX EXPENSE - Impact of

INCOME TAX EXPENSE - Impact of U.S Tax reform (Details) - USD ($) $ in Millions	Mar. 27, 2020	Jan. 01, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Tax Reform
Income tax expense			$ 439.8	$ 246.7
Applicable tax rate			26.50%	26.50%
Federal Alternative Minimum Tax credits	$ 33.1
Additional federal tax refunds	$ 73.7
U.S Tax Reform
Tax Reform
Applicable tax rate					35.00%
Alternative Minimum Tax
Tax Reform
Income tax expense					$ 25.4
Applicable tax rate		21.00%

INCOME TAX EXPENSE - Reconcilia

INCOME TAX EXPENSE - Reconciliation of tax rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of average effective tax rate and applicable tax rate
Combined statutory income tax rate (as a percent)	26.50%	26.50%
Increase (decrease) resulting from:
Mining taxes	1.70%	1.20%
Percentage of depletion	(0.90%)	(1.40%)
Difference in foreign tax rates and foreign exchange on deferred income taxes within income tax expense (as a percent)	5.50%	4.50%
Change in unrecognized deferred tax assets (as a percent)	(0.40%)	(4.10%)
Over provided in prior periods (as a percent)		(0.40%)
Income not subject to tax (as a percent)	(0.70%)	(0.70%)
Effect of non-taxable impairment reversals (as a percent)	(6.90%)	(4.20%)
Accounting expenses disallowed for tax (as a percent)	1.70%	2.30%
Taxes on repatriation of foreign earnings (as a percent)	0.10%	0.50%
Impact of CARES Act	(1.40%)
AMT credit receivable due to U.S.Tax Reform (as a percent)		(0.50%)
Other (as a percent)	(0.70%)	1.90%
Effective tax rate (as a percent)	24.50%	25.60%

INCOME TAX EXPENSE - Components

INCOME TAX EXPENSE - Components of deferred tax (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income tax expense
Deferred tax assets	$ 254.8	$ 190.1
Deferred tax liabilities - net	485.1	269.3	$ 220.2
Accrued expenses and other
Income tax expense
Deferred tax assets	51.1	29
Deferred tax liabilities	2.4	2.7
Property, plant and equipment
Income tax expense
Deferred tax assets	5.2
Deferred tax liabilities	677.5	423.4
Reclamation and remediation obligations
Income tax expense
Deferred tax assets	123.3	109.6
Deferred tax liabilities		2.8
Inventory capitalization
Income tax expense
Deferred tax assets	20.8	16.8
Deferred tax liabilities	60	30.5
Non-capital loss
Income tax expense
Deferred tax assets	$ 54.4	$ 34.7

INCOME TAX EXPENSE - Movements

INCOME TAX EXPENSE - Movements of deferred tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in deferred tax liability (asset)
Balance at the beginning of the period	$ 269.3	$ 220.2
Recognized in the statement of operations	217.9	41.1
Recognized in OCI	(2.1)	8
Balance at the end of the period	485.1	269.3
Unrecognized deferred tax assets and liabilities
Aggregated temporary differences associated with investments in subsidiaries	8,900	7,300
Deductible temporary differences	535.2	656.5
Tax losses	394.1	$ 441.3
Canada | 2027 - 2040
Non-capital losses that can be applied against future taxable profit
Unused tax losses	1,011.9
United States | 2021 - 2033
Non-capital losses that can be applied against future taxable profit
Unused tax losses	33.6
Chile | No expiry
Non-capital losses that can be applied against future taxable profit
Unused tax losses	243.8
Brazil | No expiry
Non-capital losses that can be applied against future taxable profit
Unused tax losses	2.1
Russia | No expiry
Non-capital losses that can be applied against future taxable profit
Unused tax losses	2.5
Mauritania | 2021 - 2025
Non-capital losses that can be applied against future taxable profit
Unused tax losses	88.6
Barbados | 2020 - 2026
Non-capital losses that can be applied against future taxable profit
Unused tax losses	144.9
Luxembourg | Various
Non-capital losses that can be applied against future taxable profit
Unused tax losses	75.1
Other | Various
Non-capital losses that can be applied against future taxable profit
Unused tax losses	$ 57.5

SEGMENTED INFORMATION (Details)

SEGMENTED INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue
Metal sales	$ 4,213.4	$ 3,497.3
Cost of sales
Production cost of sales	1,725.7	1,778.9
Depreciation, depletion and amortization	842.3	731.3
Reversals of impairment charges - net	(650.9)	(361.8)
Total cost of sales	1,917.1	2,148.4
Gross profit	2,296.3	1,348.9
Other operating expense (income)	186.5	108.5
Exploration and business development	92.5	113.5
General and administrative	117.9	135.8
Operating earnings	1,899.4	991.1
Other income - net	7.4	72.7
Finance income	4.3	7.9
Finance expense	(112.6)	(107.9)
Earnings before tax	1,798.5	963.8
Property, plant and equipment	7,653.5	6,340
Total assets	10,933.2	9,076
Capital expenditures for year ended December 31, 2020	1,061.9	1,207.3
Maricunga
Revenue
Metal sales	16.1	61.2
Cost of sales
Operating earnings	(12.5)	10.9
Corporate and other
Revenue
Metal sales	16.1	61.2
Cost of sales
Production cost of sales	3.7	31.5
Depreciation, depletion and amortization	10.2	10.4
Reversals of impairment charges - net	(185)
Total cost of sales	(171.1)	41.9
Gross profit	187.2	19.3
Other operating expense (income)	59.8	50.2
Exploration and business development	58.4	59.9
General and administrative	117.9	135.8
Operating earnings	(48.9)	(226.6)
Property, plant and equipment	1,154.5	421.5
Total assets	2,075.6	1,088.6
Capital expenditures for year ended December 31, 2020	82.3	27.1
Operating segments | Fort Knox
Revenue
Metal sales	422.9	279.6
Cost of sales
Production cost of sales	251.3	213.7
Depreciation, depletion and amortization	97.2	90.3
Total cost of sales	348.5	304
Gross profit	74.4	(24.4)
Other operating expense (income)	2.6	25.1
Exploration and business development	4.8	3.4
Operating earnings	67	(52.9)
Property, plant and equipment	488.7	421.1
Total assets	719.7	633.2
Capital expenditures for year ended December 31, 2020	150.1	149.3
Operating segments | Round Mountain
Revenue
Metal sales	565.5	502.2
Cost of sales
Production cost of sales	219.6	250.6
Depreciation, depletion and amortization	49.6	39.8
Total cost of sales	269.2	290.4
Gross profit	296.3	211.8
Other operating expense (income)	3.9	(0.3)
Exploration and business development	5.6	4.8
Operating earnings	286.8	207.3
Property, plant and equipment	774.6	653.7
Total assets	1,028	846.8
Capital expenditures for year ended December 31, 2020	180.6	241.5
Operating segments | Bald Mountain
Revenue
Metal sales	330.5	249.2
Cost of sales
Production cost of sales	155.9	136.6
Depreciation, depletion and amortization	128.3	79.5
Total cost of sales	284.2	216.1
Gross profit	46.3	33.1
Other operating expense (income)	5.2	7.8
Exploration and business development	6.5	12.6
Operating earnings	34.6	12.7
Property, plant and equipment	635.7	685.1
Total assets	857.1	862.5
Capital expenditures for year ended December 31, 2020	129.1	249.3
Operating segments | Paracatu
Revenue
Metal sales	960.7	856.3
Cost of sales
Production cost of sales	358.9	412.3
Depreciation, depletion and amortization	183.5	163.4
Reversals of impairment charges - net		(200.7)
Total cost of sales	542.4	375
Gross profit	418.3	481.3
Other operating expense (income)	11.3	(10.9)
Operating earnings	407	492.2
Property, plant and equipment	1,718.8	1,748.1
Total assets	2,226.3	2,024
Capital expenditures for year ended December 31, 2020	161.3	113.5
Operating segments | Kupol
Revenue
Metal sales	904.6	734.4
Cost of sales
Production cost of sales	304.5	314.1
Depreciation, depletion and amortization	123.5	125.1
Reversals of impairment charges - net	27.8
Total cost of sales	455.8	439.2
Gross profit	448.8	295.2
Other operating expense (income)	32.5	(8.9)
Exploration and business development	5.8	23
Operating earnings	410.5	281.1
Property, plant and equipment	271.2	332.8
Total assets	896.9	1,053.4
Capital expenditures for year ended December 31, 2020	32.9	39.7
Operating segments | Tasiast
Revenue
Metal sales	718	532.8
Cost of sales
Production cost of sales	235.7	230.4
Depreciation, depletion and amortization	191.8	130.2
Reversals of impairment charges - net	(289.2)	(161.1)
Total cost of sales	138.3	199.5
Gross profit	579.7	333.3
Other operating expense (income)	73.4	46.4
Exploration and business development	2	1.8
Operating earnings	504.3	285.1
Property, plant and equipment	2,277.3	1,924.8
Total assets	2,699.8	2,312.5
Capital expenditures for year ended December 31, 2020	302.2	370.5
Operating segments | Chirano
Revenue
Metal sales	295.1	281.6
Cost of sales
Production cost of sales	196.1	189.7
Depreciation, depletion and amortization	58.2	92.6
Reversals of impairment charges - net	(204.5)
Total cost of sales	49.8	282.3
Gross profit	245.3	(0.7)
Other operating expense (income)	(2.2)	(0.9)
Exploration and business development	9.4	8
Operating earnings	238.1	(7.8)
Property, plant and equipment	332.7	152.9
Total assets	429.8	255
Capital expenditures for year ended December 31, 2020	$ 23.4	$ 16.4

SEGMENTED INFORMATION - Geograp

SEGMENTED INFORMATION - Geographic segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Segmented Information
Metal sales	$ 4,213.4	$ 3,497.3
Property, plant and equipment	7,653.5	6,340
United States
Segmented Information
Metal sales	1,318.9	1,031
Property, plant and equipment	2,043.7	1,765
Russia
Segmented Information
Metal sales	904.6	734.4
Property, plant and equipment	604	337.4
Brazil
Segmented Information
Metal sales	960.7	856.3
Property, plant and equipment	1,721.5	1,749.3
Chile
Segmented Information
Metal sales	16.1	61.2
Property, plant and equipment	653.5	394.1
Mauritania
Segmented Information
Metal sales	718	532.8
Property, plant and equipment	2,289.2	1,932.4
Ghana
Segmented Information
Metal sales	295.1	281.6
Property, plant and equipment	$ 341.6	$ 161.8

SEGMENTED INFORMATION - Signifi

SEGMENTED INFORMATION - Significant customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Segmented Information
Metal sales	$ 4,213.4	$ 3,497.3
Percentage of total metal sales	37.40%	36.30%
Customers exceeding 10% of annual metal sales
Segmented Information
Metal sales	$ 1,575.6	$ 1,270.1
Customer 1
Segmented Information
Metal sales	648.6	517.3
Customer 2
Segmented Information
Metal sales	498.5	397.8
Customer 3
Segmented Information
Metal sales	428.5	355
Fort Knox | Operating segments
Segmented Information
Metal sales	422.9	279.6
Fort Knox | Operating segments | Customer 1
Segmented Information
Metal sales	36.1	11.3
Fort Knox | Operating segments | Customer 2
Segmented Information
Metal sales	17.6	31.5
Fort Knox | Operating segments | Customer 3
Segmented Information
Metal sales	73.1	24.2
Round Mountain | Operating segments
Segmented Information
Metal sales	565.5	502.2
Round Mountain | Operating segments | Customer 1
Segmented Information
Metal sales	83.7	56.3
Round Mountain | Operating segments | Customer 2
Segmented Information
Metal sales	22.9	49
Round Mountain | Operating segments | Customer 3
Segmented Information
Metal sales	81.6	14.5
Bald Mountain | Operating segments
Segmented Information
Metal sales	330.5	249.2
Bald Mountain | Operating segments | Customer 1
Segmented Information
Metal sales	48.3	17
Bald Mountain | Operating segments | Customer 2
Segmented Information
Metal sales	14.9	40.4
Bald Mountain | Operating segments | Customer 3
Segmented Information
Metal sales	43.7	16.7
Paracatu | Operating segments
Segmented Information
Metal sales	960.7	856.3
Paracatu | Operating segments | Customer 1
Segmented Information
Metal sales	109.4	59.4
Paracatu | Operating segments | Customer 2
Segmented Information
Metal sales	54.3	76.8
Paracatu | Operating segments | Customer 3
Segmented Information
Metal sales	121.5	181.1
Kupol | Operating segments
Segmented Information
Metal sales	904.6	734.4
Kupol | Operating segments | Customer 1
Segmented Information
Metal sales	100.6	145.4
Kupol | Operating segments | Customer 2
Segmented Information
Metal sales	225.5	55.8
Tasiast | Operating segments
Segmented Information
Metal sales	718	532.8
Tasiast | Operating segments | Customer 1
Segmented Information
Metal sales	233.1	175.5
Tasiast | Operating segments | Customer 2
Segmented Information
Metal sales	109.3	78.5
Tasiast | Operating segments | Customer 3
Segmented Information
Metal sales	45	66.6
Chirano | Operating segments
Segmented Information
Metal sales	295.1	281.6
Chirano | Operating segments | Customer 1
Segmented Information
Metal sales	36.8	51.7
Chirano | Operating segments | Customer 2
Segmented Information
Metal sales	54	57.8
Chirano | Operating segments | Customer 3
Segmented Information
Metal sales	61.9	47.8
Corporate and other
Segmented Information
Metal sales	16.1	61.2
Corporate and other | Operating segments | Customer 1
Segmented Information
Metal sales	0.6	0.7
Corporate and other | Operating segments | Customer 2
Segmented Information
Metal sales		8
Corporate and other | Operating segments | Customer 3
Segmented Information
Metal sales	$ 1.7	$ 4.1

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 02, 2016lawsuit
Commitments and contingencies
Future purchase commitments	$ 992.6	$ 1,104.3
Commitments for capital expenditures	$ 153.1	$ 186.6
Compania Minera Maricunga | Other regulatory matters
Commitments and contingencies
Number of lawsuits | lawsuit			2

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Key Managment - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Related party transactions
Cash compensation - salaries, short-term incentives, and other benefits	$ 7.4	$ 7.3
Long-term incentives, including share-based payments	8.8	8.5
Termination and post-retirement benefits	1.1	10.2
Total compensation paid to key management personnel	$ 17.3	$ 26

CONSOLIDATING FINANCIAL STATE_3

CONSOLIDATING FINANCIAL STATEMENTS - Balance sheet (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 1,210.9	$ 575.1	$ 349
Restricted cash	13.7	15.2
Accounts receivable and other assets	122.3	137.4
Current income tax recoverable	29.9	43.2
Inventories	1,072.9	1,053.8
Current assets	2,449.7	1,824.7
Non-current assets
Property, plant and equipment	7,653.5	6,340
Goodwill	158.8	158.8
Long-term investments	113	126.2
Investments in joint ventures	18.3	18.4
Other long-term assets	537.2	572.7
Deferred tax assets	2.7	35.2
Total assets	10,933.2	9,076
Current liabilities
Accounts payable and accrued liabilities	479.2	469.3
Current income tax payable	114.5	68
Current portion of long-term debt and credit facilities	499.7
Current portion of provisions	63.8	57.9
Other current liabilities	49.7	20.3
Deferred payment obligation	141.5
Current liabilities	1,348.4	615.5
Non-current liabilities
Long-term debt and credit facilities	1,424.2	1,837.4
Provisions	861.1	838.6
Long-term lease liabilities	46.3	38.9
Other long-term liabilities	102.4	108.5
Deferred tax liabilities	487.8	304.5
Total liabilities	4,270.2	3,743.4
Common shareholders' equity
Common share capital	4,473.7	14,926.2
Contributed surplus	10,709	242.1
Accumulated deficit	(8,562.5)	(9,829.4)
Accumulated other comprehensive income (loss)	(23.7)	(20.4)	(98.5)
Total common shareholders' equity	6,596.5	5,318.5
Non-controlling interests	66.5	14.1
Total equity	6,663	5,332.6
Total liabilities and equity	10,933.2	9,076
Total Guarantors
Current assets
Cash and cash equivalents	482.3	243	118.9
Restricted cash	5.7	6.6
Accounts receivable and other assets	59	68.2
Intercompany receivables	1,863.5	1,538.4
Current income tax recoverable	0.7	0.7
Inventories	588	510.5
Current assets	2,999.2	2,367.4
Non-current assets
Property, plant and equipment	3,695.1	3,575.1
Goodwill	158.8	158.8
Long-term investments	103	116.5
Intercompany investments	1,538.6	566.3
Other long-term assets	228.6	183.7
Long-term intercompany receivables	3,089.6	3,448.8
Total assets	11,812.9	10,416.6
Current liabilities
Accounts payable and accrued liabilities	298.2	297.7
Intercompany payables	674.1	663.4
Current income tax payable	112.6	65.4
Current portion of long-term debt and credit facilities	499.7
Current portion of provisions	30.6	25.7
Other current liabilities	41.7	13.4
Current liabilities	1,656.9	1,065.6
Non-current liabilities
Long-term debt and credit facilities	1,240.2	1,837.4
Provisions	474.4	459.8
Long-term lease liabilities	43.2	29.9
Other long-term liabilities	37.9	45.3
Long-term intercompany payables	1,441.1	1,395.5
Deferred tax liabilities	322.7	264.6
Total liabilities	5,216.4	5,098.1
Common shareholders' equity
Common share capital	4,473.7	14,926.2
Contributed surplus	10,709	242.1
Accumulated deficit	(8,562.5)	(9,829.4)
Accumulated other comprehensive income (loss)	(23.7)	(20.4)
Total common shareholders' equity	6,596.5	5,318.5
Total equity	6,596.5	5,318.5
Total liabilities and equity	11,812.9	10,416.6
Kinross Gold Corp.
Current assets
Cash and cash equivalents	115.5	124.9	29.7
Accounts receivable and other assets	13.7	10.6
Intercompany receivables	610.1	601.5
Inventories	3.9	3.4
Current assets	743.2	740.4
Non-current assets
Property, plant and equipment	76.1	77.8
Long-term investments	103	116.5
Intercompany investments	5,779.7	4,354
Other long-term assets	18.9	17.2
Long-term intercompany receivables	3,024.9	3,215.1
Total assets	9,745.8	8,521
Current liabilities
Accounts payable and accrued liabilities	96.2	89.1
Intercompany payables	102.4	123
Current portion of long-term debt and credit facilities	499.7
Other current liabilities	13.9	2.6
Current liabilities	712.2	214.7
Non-current liabilities
Long-term debt and credit facilities	1,240.2	1,837.4
Provisions	13.3	11.4
Long-term lease liabilities	17.3	18.4
Other long-term liabilities	0.5	0.3
Long-term intercompany payables	1,165.8	1,120.3
Total liabilities	3,149.3	3,202.5
Common shareholders' equity
Common share capital	4,473.7	14,926.2
Contributed surplus	10,709	242.1
Accumulated deficit	(8,562.5)	(9,829.4)
Accumulated other comprehensive income (loss)	(23.7)	(20.4)
Total common shareholders' equity	6,596.5	5,318.5
Total equity	6,596.5	5,318.5
Total liabilities and equity	9,745.8	8,521
Guarantor Subsidiaries
Current assets
Cash and cash equivalents	366.8	118.1	89.2
Restricted cash	5.7	6.6
Accounts receivable and other assets	45.3	57.6
Intercompany receivables	1,553.5	1,217.6
Current income tax recoverable	0.7	0.7
Inventories	584.1	507.1
Current assets	2,556.1	1,907.7
Non-current assets
Property, plant and equipment	3,619	3,497.3
Goodwill	158.8	158.8
Intercompany investments	3,241.6	2,206.8
Other long-term assets	209.7	166.5
Long-term intercompany receivables	66.2	234.8
Total assets	9,851.4	8,171.9
Current liabilities
Accounts payable and accrued liabilities	202	208.6
Intercompany payables	871.8	821.1
Current income tax payable	112.6	65.4
Current portion of provisions	30.6	25.7
Other current liabilities	27.8	10.8
Current liabilities	1,244.8	1,131.6
Non-current liabilities
Provisions	461.1	448.4
Long-term lease liabilities	25.9	11.5
Other long-term liabilities	37.4	45
Long-term intercompany payables	276.8	276.3
Deferred tax liabilities	322.7	264.6
Total liabilities	2,368.7	2,177.4
Common shareholders' equity
Common share capital	1,786.7	1,786.6
Contributed surplus	2,187.6	2,187.6
Accumulated deficit	3,527.4	2,039.8
Accumulated other comprehensive income (loss)	(19)	(19.5)
Total common shareholders' equity	7,482.7	5,994.5
Total equity	7,482.7	5,994.5
Total liabilities and equity	9,851.4	8,171.9
Guarantor Adjustments
Current assets
Intercompany receivables	(300.1)	(280.7)
Current assets	(300.1)	(280.7)
Non-current assets
Intercompany investments	(7,482.7)	(5,994.5)
Long-term intercompany receivables	(1.5)	(1.1)
Total assets	(7,784.3)	(6,276.3)
Current liabilities
Intercompany payables	(300.1)	(280.7)
Current liabilities	(300.1)	(280.7)
Non-current liabilities
Long-term intercompany payables	(1.5)	(1.1)
Total liabilities	(301.6)	(281.8)
Common shareholders' equity
Common share capital	(1,786.7)	(1,786.6)
Contributed surplus	(2,187.6)	(2,187.6)
Accumulated deficit	(3,527.4)	(2,039.8)
Accumulated other comprehensive income (loss)	19	19.5
Total common shareholders' equity	(7,482.7)	(5,994.5)
Total equity	(7,482.7)	(5,994.5)
Total liabilities and equity	(7,784.3)	(6,276.3)
Non-guarantors
Current assets
Cash and cash equivalents	728.6	332.1	$ 230.1
Restricted cash	8	8.6
Accounts receivable and other assets	63.3	69.2
Intercompany receivables	4,293.7	4,420
Current income tax recoverable	29.2	42.5
Inventories	484.9	543.3
Current assets	5,607.7	5,415.7
Non-current assets
Property, plant and equipment	3,958.4	2,764.9
Long-term investments	10	9.7
Investments in joint ventures	18.3	18.4
Intercompany investments	18,247.8	17,765.7
Other long-term assets	308.6	389
Long-term intercompany receivables	5,242.1	5,230.2
Deferred tax assets	2.7	35.2
Total assets	33,395.6	31,628.8
Current liabilities
Accounts payable and accrued liabilities	181	171.6
Intercompany payables	5,483.1	5,295
Current income tax payable	1.9	2.6
Current portion of provisions	33.2	32.2
Other current liabilities	8	6.9
Deferred payment obligation	141.5
Current liabilities	5,848.7	5,508.3
Non-current liabilities
Long-term debt and credit facilities	184
Provisions	386.7	378.8
Long-term lease liabilities	3.1	9
Other long-term liabilities	64.5	63.2
Long-term intercompany payables	6,890.6	7,283.5
Deferred tax liabilities	165.1	39.9
Total liabilities	13,542.7	13,282.7
Common shareholders' equity
Common share capital	19,619.5	19,285.5
Contributed surplus	7,943.3	7,844.4
Accumulated deficit	(7,727.4)	(8,744)
Accumulated other comprehensive income (loss)	(49)	(53.9)
Total common shareholders' equity	19,786.4	18,332
Non-controlling interests	66.5	14.1
Total equity	19,852.9	18,346.1
Total liabilities and equity	33,395.6	31,628.8
Eliminations
Current assets
Intercompany receivables	(6,157.2)	(5,958.4)
Current assets	(6,157.2)	(5,958.4)
Non-current assets
Intercompany investments	(19,786.4)	(18,332)
Long-term intercompany receivables	(8,331.7)	(8,679)
Total assets	(34,275.3)	(32,969.4)
Current liabilities
Intercompany payables	(6,157.2)	(5,958.4)
Current liabilities	(6,157.2)	(5,958.4)
Non-current liabilities
Long-term intercompany payables	(8,331.7)	(8,679)
Total liabilities	(14,488.9)	(14,637.4)
Common shareholders' equity
Common share capital	(19,619.5)	(19,285.5)
Contributed surplus	(7,943.3)	(7,844.4)
Accumulated deficit	7,727.4	8,744
Accumulated other comprehensive income (loss)	49	53.9
Total common shareholders' equity	(19,786.4)	(18,332)
Total equity	(19,786.4)	(18,332)
Total liabilities and equity	$ (34,275.3)	$ (32,969.4)

CONSOLIDATING FINANCIAL STATE_4

CONSOLIDATING FINANCIAL STATEMENTS - Statement of operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue
Metal sales	$ 4,213.4	$ 3,497.3
Cost of sales
Production cost of sales	1,725.7	1,778.9
Depreciation, depletion and amortization	842.3	731.3
Reversals of impairment charges - net	(650.9)	(361.8)
Total cost of sales	1,917.1	2,148.4
Gross profit	2,296.3	1,348.9
Other operating expense	186.5	108.5
Exploration and business development	92.5	113.5
General and administrative	117.9	135.8
Operating earnings	1,899.4	991.1
Other income (expense) - net	7.4	72.7
Finance income	4.3	7.9
Finance expense	(112.6)	(107.9)
Earnings before tax	1,798.5	963.8
Income tax expense - net	(439.8)	(246.7)
Net earnings	1,358.7	717.1
Net earnings (loss) attributable to:
Non-controlling interests	16.3	(1.5)
Common shareholders	1,342.4	718.6
Total Guarantors
Revenue
Metal sales	2,288.6	1,945.3
Cost of sales
Production cost of sales	996.9	1,072.8
Depreciation, depletion and amortization	463.9	376.8
Reversals of impairment charges - net		(200.7)
Total cost of sales	1,460.8	1,248.9
Gross profit	827.8	696.4
Other operating expense	31.4	39.6
Exploration and business development	43	50.4
General and administrative	83.1	90.1
Operating earnings	670.3	516.3
Other income (expense) - net	30.5	34.9
Equity in earnings (losses) of intercompany investments	882.7	341.9
Finance income	82.9	95.4
Finance expense	(107.5)	(108)
Earnings before tax	1,558.9	880.5
Income tax expense - net	(216.5)	(161.9)
Net earnings	1,342.4	718.6
Net earnings (loss) attributable to:
Common shareholders	1,342.4	718.6
Kinross Gold Corp.
Revenue
Metal sales	2,225.4	1,892
Cost of sales
Production cost of sales	2,181.9	1,857.5
Depreciation, depletion and amortization	5	3.3
Total cost of sales	2,186.9	1,860.8
Gross profit	38.5	31.2
Other operating expense	8.3	18
Exploration and business development	25.6	29.6
General and administrative	80.4	86.1
Operating earnings	(75.8)	(102.5)
Other income (expense) - net	22.8	33
Equity in earnings (losses) of intercompany investments	1,389.2	767.1
Finance income	80.6	83.5
Finance expense	(75.6)	(63.7)
Earnings before tax	1,341.2	717.4
Income tax expense - net	1.2	1.2
Net earnings	1,342.4	718.6
Net earnings (loss) attributable to:
Common shareholders	1,342.4	718.6
Guarantor Subsidiaries
Revenue
Metal sales	2,229	1,848
Cost of sales
Production cost of sales	980.8	1,009.8
Depreciation, depletion and amortization	458.9	373.7
Reversals of impairment charges - net		(200.7)
Total cost of sales	1,439.7	1,182.8
Gross profit	789.3	665.2
Other operating expense	23.1	21.6
Exploration and business development	17.4	20.8
General and administrative	2.7	4
Operating earnings	746.1	618.8
Other income (expense) - net	7.7	1.9
Equity in earnings (losses) of intercompany investments	1,016.2	399.2
Finance income	2.7	12.3
Finance expense	(32.3)	(44.7)
Earnings before tax	1,740.4	987.5
Income tax expense - net	(217.7)	(163.1)
Net earnings	1,522.7	824.4
Net earnings (loss) attributable to:
Common shareholders	1,522.7	824.4
Guarantor Adjustments
Revenue
Metal sales	(2,165.8)	(1,794.7)
Cost of sales
Production cost of sales	(2,165.8)	(1,794.5)
Depreciation, depletion and amortization		(0.2)
Total cost of sales	(2,165.8)	(1,794.7)
Equity in earnings (losses) of intercompany investments	(1,522.7)	(824.4)
Finance income	(0.4)	(0.4)
Finance expense	0.4	0.4
Earnings before tax	(1,522.7)	(824.4)
Net earnings	(1,522.7)	(824.4)
Net earnings (loss) attributable to:
Common shareholders	(1,522.7)	(824.4)
Non-guarantors
Revenue
Metal sales	1,924.8	1,552
Cost of sales
Production cost of sales	728.8	706.1
Depreciation, depletion and amortization	378.4	354.5
Reversals of impairment charges - net	(650.9)	(161.1)
Total cost of sales	456.3	899.5
Gross profit	1,468.5	652.5
Other operating expense	155.1	68.9
Exploration and business development	49.5	63.1
General and administrative	34.8	45.7
Operating earnings	1,229.1	474.8
Other income (expense) - net	188.2	249.5
Finance income	143.5	134.5
Finance expense	(227.2)	(221.9)
Earnings before tax	1,333.6	636.9
Income tax expense - net	(223.3)	(84.8)
Net earnings	1,110.3	552.1
Net earnings (loss) attributable to:
Non-controlling interests	16.3	(1.5)
Common shareholders	1,094	553.6
Eliminations
Cost of sales
Other income (expense) - net	(211.3)	(211.7)
Equity in earnings (losses) of intercompany investments	(882.7)	(341.9)
Finance income	(222.1)	(222)
Finance expense	222.1	222
Earnings before tax	(1,094)	(553.6)
Net earnings	(1,094)	(553.6)
Net earnings (loss) attributable to:
Common shareholders	$ (1,094)	$ (553.6)

CONSOLIDATING FINANCIAL STATE_5

CONSOLIDATING FINANCIAL STATEMENTS - Comprehensive income (loss) statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Consolidating financial statements
Net earnings (loss)	$ 1,358.7	$ 717.1
Items that will not be reclassified to profit or loss:
Equity investments at fair value through other comprehensive income - net change in fair value	0.3	49
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)	(27.7)	23.6
Cash flow hedges - reclassified out of accumulated other comprehensive income ("AOCI") (c)	24.1	5.5
Total other comprehensive income (loss), net of tax	(3.3)	78.1
Total comprehensive income	1,355.4	795.2
Attributable to non-controlling interest	16.3	(1.5)
Attributable to common shareholders	1,339.1	796.7
Income tax expense, equity investments		0.3
Income tax expense (recovery), cash flow hedges - effective portion	(12.5)	4.5
Income tax expense, cash flow hedges - reclassified out of accumulated other comprehensive income	10.4	3.2
Total Guarantors
Consolidating financial statements
Net earnings (loss)	1,342.4	718.6
Items that will not be reclassified to profit or loss:
Equity investments at fair value through other comprehensive income - net change in fair value	(5.9)	49.6
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)	(27.7)	23.6
Cash flow hedges - reclassified out of accumulated other comprehensive income ("AOCI") (c)	24.1	5.5
Total other comprehensive income (loss), net of tax	(9.5)	78.7
Equity in other comprehensive income (loss) of intercompany investments	6.2	(0.6)
Total comprehensive income	1,339.1	796.7
Attributable to common shareholders	1,339.1	796.7
Income tax expense (recovery), cash flow hedges - effective portion	(12.5)	4.5
Income tax expense, cash flow hedges - reclassified out of accumulated other comprehensive income	10.4	3.2
Kinross Gold Corp.
Consolidating financial statements
Net earnings (loss)	1,342.4	718.6
Items that will not be reclassified to profit or loss:
Equity investments at fair value through other comprehensive income - net change in fair value	(5.9)	49.6
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)	(1.9)	14.2
Cash flow hedges - reclassified out of accumulated other comprehensive income ("AOCI") (c)	5.2	(0.3)
Total other comprehensive income (loss), net of tax	(2.6)	63.5
Equity in other comprehensive income (loss) of intercompany investments	(0.7)	14.6
Total comprehensive income	1,339.1	796.7
Attributable to common shareholders	1,339.1	796.7
Income tax expense (recovery), cash flow hedges - effective portion	(0.7)	1.3
Income tax expense, cash flow hedges - reclassified out of accumulated other comprehensive income	1.9	(0.1)
Guarantor Subsidiaries
Consolidating financial statements
Net earnings (loss)	1,522.7	824.4
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)	(25.8)	9.4
Cash flow hedges - reclassified out of accumulated other comprehensive income ("AOCI") (c)	18.9	5.8
Total other comprehensive income (loss), net of tax	(6.9)	15.2
Total comprehensive income	1,515.8	839.6
Attributable to common shareholders	1,515.8	839.6
Income tax expense (recovery), cash flow hedges - effective portion	(11.8)	3.2
Income tax expense, cash flow hedges - reclassified out of accumulated other comprehensive income	8.5	3.3
Guarantor Adjustments
Consolidating financial statements
Net earnings (loss)	(1,522.7)	(824.4)
Items that are or may be reclassified to profit or loss in subsequent periods:
Equity in other comprehensive income (loss) of intercompany investments	6.9	(15.2)
Total comprehensive income	(1,515.8)	(839.6)
Attributable to common shareholders	(1,515.8)	(839.6)
Non-guarantors
Consolidating financial statements
Net earnings (loss)	1,110.3	552.1
Items that will not be reclassified to profit or loss:
Equity investments at fair value through other comprehensive income - net change in fair value	6.2	(0.6)
Items that are or may be reclassified to profit or loss in subsequent periods:
Total other comprehensive income (loss), net of tax	6.2	(0.6)
Total comprehensive income	1,116.5	551.5
Attributable to non-controlling interest	16.3	(1.5)
Attributable to common shareholders	1,100.2	553
Income tax expense, equity investments		0.3
Eliminations
Consolidating financial statements
Net earnings (loss)	(1,094)	(553.6)
Items that are or may be reclassified to profit or loss in subsequent periods:
Equity in other comprehensive income (loss) of intercompany investments	(6.2)	0.6
Total comprehensive income	(1,100.2)	(553)
Attributable to common shareholders	$ (1,100.2)	$ (553)

CONSOLIDATING FINANCIAL STATE_6

CONSOLIDATING FINANCIAL STATEMENTS - Cash flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating:
Net earnings (loss)	$ 1,358.7	$ 717.1
Adjustments to reconcile net earnings (loss) to net cash provided from (used in) operating activities:
Depreciation, depletion and amortization	842.3	731.3
Reversals of impairment charges - net	(650.9)	(361.8)
Share-based compensation expense	13.7	14.3
Finance expense	112.6	107.9
Deferred tax expense (recovery)	217.9	41.1
Foreign exchange (gains) losses and other	11.8	(53.2)
Reclamation expense (recovery)	6.6	(11.9)
Changes in operating assets and liabilities:
Accounts receivable and other assets	(120.9)	(64.5)
Inventories	(6.8)	53.8
Accounts payable and accrued liabilities	279	165.9
Cash flow provided from operating activities	2,064	1,340
Income taxes paid	(106.4)	(115.1)
Net cash flow provided from operating activities	1,957.6	1,224.9
Investing:
Additions to property, plant and equipment	(916.1)	(1,060.2)
Interest paid capitalized to property, plant and equipment	(47.9)	(45)
Acquisitions	(267)	(30)
Net proceeds from the sale of (additions to) long-term investments and other assets	(5.9)	71.6
Net proceeds from the sale of property, plant and equipment	8.4	31.9
(Increase) decrease in restricted cash - net	(23.5)	(2.5)
Interest received and other - net	2.9	7.6
Net cash flow used in investing activities	(1,249.1)	(1,026.6)
Financing:
Proceeds from drawdown of debt	950	300
Repayment of debt	(850)	(200)
Interest paid	(63.1)	(55.6)
Payment of lease liabilities	(20.7)	(14.3)
Dividends received from (paid to) common shareholders and subsidiaries	(75.5)
Dividends paid to non-controlling interest	(6)	(5)
Other - net	(2.4)
Net cash flow (used in) provided from financing activities	(67.7)	25.1
Effect of exchange rate changes on cash and cash equivalents	(5)	2.7
Increase in cash and cash equivalents	635.8	226.1
Cash and cash equivalents, beginning of period	575.1	349
Cash and cash equivalents, end of period	1,210.9	575.1
Total Guarantors
Operating:
Net earnings (loss)	1,342.4	718.6
Adjustments to reconcile net earnings (loss) to net cash provided from (used in) operating activities:
Depreciation, depletion and amortization	463.9	376.8
Reversals of impairment charges - net		(200.7)
Equity in (earnings) losses of intercompany investments	(882.7)	(341.9)
Share-based compensation expense	13.7	14.3
Finance expense	107.5	108
Deferred tax expense (recovery)	59.9	64.6
Foreign exchange (gains) losses and other	15.5	(20.2)
Changes in operating assets and liabilities:
Accounts receivable and other assets	1.3	(15.6)
Inventories	(62.4)	12
Accounts payable and accrued liabilities	119	79.1
Cash flow provided from operating activities	1,178.1	795
Income taxes paid	(88.4)	(51.7)
Net cash flow provided from operating activities	1,089.7	743.3
Investing:
Additions to property, plant and equipment	(557.2)	(694.2)
Interest paid capitalized to property, plant and equipment	(26.9)	(32.9)
Acquisitions	1.3
Net proceeds from the sale of (additions to) long-term investments and other assets	(14.4)	104.2
Net proceeds from the sale of property, plant and equipment	1.8	12.3
(Increase) decrease in restricted cash - net	1	(0.4)
Interest received and other - net	1.2	2.1
Net cash flow used in investing activities	(593.2)	(608.9)
Financing:
Proceeds from drawdown of debt	750	300
Repayment of debt	(850)	(200)
Interest paid	(63.1)	(55.6)
Payment of lease liabilities	(12.6)	(10.6)
Dividends received from (paid to) common shareholders and subsidiaries	(120.4)	(22.3)
Intercompany advances	29.7	(25.7)
Other - net	9.2	3.9
Net cash flow (used in) provided from financing activities	(257.2)	(10.3)
Increase in cash and cash equivalents	239.3	124.1
Cash and cash equivalents, beginning of period	243	118.9
Cash and cash equivalents, end of period	482.3	243
Kinross Gold Corp.
Operating:
Net earnings (loss)	1,342.4	718.6
Adjustments to reconcile net earnings (loss) to net cash provided from (used in) operating activities:
Depreciation, depletion and amortization	5	3.3
Equity in (earnings) losses of intercompany investments	(1,389.2)	(767.1)
Share-based compensation expense	13.7	14.3
Finance expense	75.6	63.7
Deferred tax expense (recovery)	(1.2)	(1.2)
Foreign exchange (gains) losses and other	15	(9.8)
Changes in operating assets and liabilities:
Accounts receivable and other assets	(2.4)	(1.2)
Inventories	(0.5)	(0.8)
Accounts payable and accrued liabilities	(5.5)	4.1
Cash flow provided from operating activities	52.9	23.9
Net cash flow provided from operating activities	52.9	23.9
Investing:
Additions to property, plant and equipment	(3.2)	(30.4)
Interest paid capitalized to property, plant and equipment	(0.1)	(0.3)
Acquisitions	1.3
Net proceeds from the sale of (additions to) long-term investments and other assets	7.5	126.8
Net proceeds from the sale of property, plant and equipment		12
Interest received and other - net	0.7	0.5
Net cash flow used in investing activities	6.2	108.6
Financing:
Proceeds from drawdown of debt	750	300
Repayment of debt	(850)	(200)
Interest paid	(63.1)	(55.6)
Payment of lease liabilities	(1.8)	(2)
Dividends received from (paid to) common shareholders and subsidiaries	(72)
Intercompany advances	159.2	(83.6)
Other - net	9.2	3.9
Net cash flow (used in) provided from financing activities	(68.5)	(37.3)
Increase in cash and cash equivalents	(9.4)	95.2
Cash and cash equivalents, beginning of period	124.9	29.7
Cash and cash equivalents, end of period	115.5	124.9
Guarantor Subsidiaries
Operating:
Net earnings (loss)	1,522.7	824.4
Adjustments to reconcile net earnings (loss) to net cash provided from (used in) operating activities:
Depreciation, depletion and amortization	458.9	373.7
Reversals of impairment charges - net		(200.7)
Equity in (earnings) losses of intercompany investments	(1,016.2)	(399.2)
Finance expense	32.3	44.7
Deferred tax expense (recovery)	61.1	65.8
Foreign exchange (gains) losses and other	0.5	(10.4)
Changes in operating assets and liabilities:
Accounts receivable and other assets	3.7	(14.4)
Inventories	(61.9)	12.6
Accounts payable and accrued liabilities	124.5	75
Cash flow provided from operating activities	1,125.6	771.5
Income taxes paid	(88.4)	(51.7)
Net cash flow provided from operating activities	1,037.2	719.8
Investing:
Additions to property, plant and equipment	(554)	(663.8)
Interest paid capitalized to property, plant and equipment	(26.8)	(32.6)
Net proceeds from the sale of (additions to) long-term investments and other assets	(21.9)	(22.6)
Net proceeds from the sale of property, plant and equipment	1.8	0.3
(Increase) decrease in restricted cash - net	1	(0.4)
Interest received and other - net	0.5	1.6
Net cash flow used in investing activities	(599.4)	(717.5)
Financing:
Payment of lease liabilities	(10.8)	(8.6)
Dividends received from (paid to) common shareholders and subsidiaries	(48.4)	(22.3)
Intercompany advances	(129.9)	57.5
Net cash flow (used in) provided from financing activities	(189.1)	26.6
Increase in cash and cash equivalents	248.7	28.9
Cash and cash equivalents, beginning of period	118.1	89.2
Cash and cash equivalents, end of period	366.8	118.1
Guarantor Adjustments
Operating:
Net earnings (loss)	(1,522.7)	(824.4)
Adjustments to reconcile net earnings (loss) to net cash provided from (used in) operating activities:
Depreciation, depletion and amortization		(0.2)
Equity in (earnings) losses of intercompany investments	1,522.7	824.4
Finance expense	(0.4)	(0.4)
Changes in operating assets and liabilities:
Inventories		0.2
Cash flow provided from operating activities	(0.4)	(0.4)
Net cash flow provided from operating activities	(0.4)	(0.4)
Financing:
Intercompany advances	0.4	0.4
Net cash flow (used in) provided from financing activities	0.4	0.4
Non-guarantors
Operating:
Net earnings (loss)	1,110.3	552.1
Adjustments to reconcile net earnings (loss) to net cash provided from (used in) operating activities:
Depreciation, depletion and amortization	378.4	354.5
Reversals of impairment charges - net	(650.9)	(161.1)
Finance expense	227.2	221.9
Deferred tax expense (recovery)	158	(23.5)
Foreign exchange (gains) losses and other	(3.7)	(33)
Reclamation expense (recovery)	6.6	(11.9)
Changes in operating assets and liabilities:
Accounts receivable and other assets	(122.2)	(48.9)
Inventories	55.6	41.8
Accounts payable and accrued liabilities	160	86.8
Cash flow provided from operating activities	1,319.3	978.7
Income taxes paid	(18)	(63.4)
Net cash flow provided from operating activities	1,301.3	915.3
Investing:
Additions to property, plant and equipment	(358.9)	(366)
Interest paid capitalized to property, plant and equipment	(21)	(12.1)
Acquisitions	(268.3)	(30)
Net proceeds from the sale of (additions to) long-term investments and other assets	8.5	(32.6)
Net proceeds from the sale of property, plant and equipment	6.6	19.6
(Increase) decrease in restricted cash - net	(24.5)	(2.1)
Interest received and other - net	1.7	5.5
Net cash flow used in investing activities	(655.9)	(417.7)
Financing:
Proceeds from drawdown of debt	200
Payment of lease liabilities	(8.1)	(3.7)
Dividends received from (paid to) common shareholders and subsidiaries	(166.4)	(189.4)
Dividends paid to non-controlling interest	(6)	(5)
Intercompany advances	(251.8)	(196.3)
Other - net	(11.6)	(3.9)
Net cash flow (used in) provided from financing activities	(243.9)	(398.3)
Effect of exchange rate changes on cash and cash equivalents	(5)	2.7
Increase in cash and cash equivalents	396.5	102
Cash and cash equivalents, beginning of period	332.1	230.1
Cash and cash equivalents, end of period	728.6	332.1
Eliminations
Operating:
Net earnings (loss)	(1,094)	(553.6)
Adjustments to reconcile net earnings (loss) to net cash provided from (used in) operating activities:
Equity in (earnings) losses of intercompany investments	882.7	341.9
Finance expense	(222.1)	(222)
Changes in operating assets and liabilities:
Cash flow provided from operating activities	(433.4)	(433.7)
Net cash flow provided from operating activities	(433.4)	(433.7)
Financing:
Dividends received from (paid to) common shareholders and subsidiaries	211.3	211.7
Intercompany advances	222.1	222
Net cash flow (used in) provided from financing activities	$ 433.4	$ 433.7