EXHIBIT (A)(1)(G)



                                 RAYMOND JAMES
                                 -------------


February 14, 2002




Special Committee of the Board of Directors
Kinam Gold Inc.
Scotia Plaza
52nd Floor
Toronto, Ontario
M5H 3Y2

Dear Sirs:

We understand that Kinross Gold U.S.A., Inc., a wholly owned subsidiary of
Kinross Gold Corporation ("Kinross" or the "Company"), will commence a tender
offer (the "Offer") to purchase, at a price of $16.00 per share (the "Offer
Price") and on the terms set forth on the attached draft Offer to Purchase (the
"Offer to Purchase") all of the publicly-held shares of the $3.75 Series B
Convertible Preferred Stock of Kinam Gold Inc. ("Kinam") (the "Preferred Stock")
issued by Kinam on August 11, 1994. The Offer is not conditional upon a minimum
number of shares being tendered but is subject to certain other conditions as
set forth in the Offer to Purchase.

You have asked for our opinion as to whether the Offer Price to be received by
the holders of shares of Preferred Stock pursuant to the Offer is fair from a
financial point of view to such holders.

For purposes of the opinion, we have:

(i)      reviewed certain publicly available financial statements and other
         information of Kinross and Kinam, respectively;

(ii)     reviewed certain internal financial statements and forecasts including
         life of mine analysis for Kinross and Kinam, respectively;

(iii)    reviewed the trading activity and prices for the Preferred Stock and
         the common shares of Kinross;

(iv)     compared the trading activity and price of the Preferred Stock and the
         common shares of Kinross with other publicly-traded companies
         comparable to Kinam and Kinross;

(v)      reviewed certain gold industry reports and certain research reports
         published by U.S. and Canadian investment banks on Kinross and other
         gold producers;

(vi)     reviewed the Articles of Incorporation for Kinam;

(vii)    reviewed the past, current and anticipated financial returns of the
         Preferred Stock under different gold price scenarios;

(viii)   reviewed the financial terms, to the extent publicly available, of
         certain similar tender offers;

(ix)     discussed the strategic and financial considerations for the Offer with
         the management of Kinross and the Special Committee of the Board of
         Directors of Kinam;



(x)      discussed the current and prospective outlook of Kinross and Kinam with
         the management of Kinross and Kinam, respectively;

(xi)     reviewed correspondence from counsel for Franklin Funds relating to its
         negotiations with the management of Kinross over the sale of its shares
         of the Preferred Stock;

(xii)    held discussions with the auditors of Kinross and Kinam;

(xiii)   held discussions with the legal advisors of Kinross and Kinam; and

(xiv)    performed such other analyses and considered other factors as we deemed
         appropriate.

We have assumed and relied upon, without independent verification, the accuracy
and completeness of the information reviewed by us for the purposes of this
opinion including, without limitation, any information obtained in the contact
of the actions outlined above and any information provided by Kinross or Kinam
and their legal or accounting advisors. With respect to the financial forecasts,
we have assumed that they have been reasonably prepared on a basis reflecting
the best currently available estimates and judgements of the future financial
performance of Kinam and Kinross, respectively. We have not made any independent
valuation or appraisal for the assets or liabilities of Kinam or Kinross; nor
have we been furnished with any such appraisals. Our opinion is necessarily
based on financial, economic, market and other conditions as in effect on, and
the information made available to us as of, the date hereof.

In April 1998, Goepel McDermid Securities, the predecessor of Raymond James,
provided a fairness opinion to Kinross on an unrelated matter and received usual
and customary fees for the rendering of these services.

It is understood that this letter is for the Special Committee of the Board of
Directors of Kinam and may not be used for any other purpose without our prior
written consent, except that this opinion may be included in its entirety in any
filing of any tender offer, proxy or registration statement made by Kinam or
Kinross with the Securities and Exchange Commission in connection with the
Offer.

We are expressing no opinion herein as to the prices at which the Preferred
Stock will trade at any time. In addition, Raymond James expresses no opinion or
recommendation as to how the holders of the Preferred Stock should act with
respect to the Offer.

Based upon and subject to the foregoing, we are of the opinion on the date
hereof that the Offer Price to be received by the holders of shares of Preferred
Stock pursuant to the Offer is fair from a financial point of view to such
holders and within the range of value that we provided in our oral report of
February 14, 2002.

Yours very truly,




RAYMOND JAMES LTD.










                               RAYMOND JAMES LTD.
                 Scotia Plaza, Suite 5300, 40 King Street West,
                     P.O. Box 415 o Toronto, Ontario M5H 3Y2
                       416-777-7000 Tel o 416-777-7114 Fax
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                   MEMBER OF CANADIAN INVESTOR PROTECTION FUND