[PPT] - 2014 Lou Naumovski, Vice President and General Director, Moscow PowerPoint Presentation

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KINROSS GOLD CORPORATION: Perspectives on Institutional Opportunities and Barriers to Increased Investment in Russian Mining

Lou Naumovski, Vice President and General Director, Moscow Office, Kinross Gold Corporation

January 15

2014

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Kinross Gold Corporation January 15, 2014 www.kinrossgold.ru

AGENDA:
Background on Kinross Gold Corporation
Global Portfolio and Russian Operations
Perspectives on Institutional Opportunities and barriers to

increased investment in Russian mining

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Kinross Gold Corporation January 15, 2014 www.kinrossgold.ru

OPERATING MINES IN 4 CORE REGIONS

Diversified portfolio of assets located in some of the world’s best gold districts producing

2.4 – 2.6 mm oz. in 2013(1)

Tasiast Fort Knox Paracatu Kupol Kettle River - Buckhorn Round Mountain La Coipa Maricunga Chirano

NORTH AMERICA

2013E: 680-720k oz.

SOUTH AMERICA

2013E: 800-870k oz.

WEST AFRICA

2013E: 415-480k oz.

RUSSIA

2013E: 505-535k oz.

KINROSS OPERATIONS IN RUSSIA

Investments of more than $3 billion
More than 3.3 mln ounces of Gold and 33 mln
unces of Silver produced since 2008
About 2000 employees
More than 20% of Kinross global production
Proven track record of adding quality ounces
High-grade epithermal district with exploration

upside

(

Dvoinoye

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Kinross Gold Corporation January 15, 2014 www.kinrossgold.ru

KINROSS IN RUSSIA

DVO KUP

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KUPOL FOUNDATION:

> 42 PROJECTS: > 28.5 million rubles

CONTRIBUTING TO ECONOMIC & SOCIAL DEVELOPMENT

Jobs: Taxes & Royalties: Wages & Benefits: Purchased Goods & Services in Russia: Total Community Investment: ≈ 2000 > 6 billion rubles > 2 billion rubles > 7 billion rubles > 15 million rubles

Kupol Foundation Projects Funding from Kupol Foundation

(in Rubles) SMEs (3) Local Traditions of Indigenous People (26) Education (6) Health (7) SMEs > 1 mln Local Traditions of Indigenous Peoples (> 19,5 mln) Education (> 5 mln) Health (> 3 mln)

2012 2009 – 1H2013

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PERSPECTIVES ON INSTITUTIONAL

OPPORTUNITIES AND BARRIERS TO INCREASED INVESTMENT IN RUSSIAN MINING

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Perspectives on Mining Investment in Russia

Russia’s Share of Selected Mineral Wealth Global Exploration Budgets (2012 - $20.5B)

Source: Metals Economics Group

Reserves Russia % Commodity Unit Russia Global Total Diamonds m carats 40 600 6.7% Gold tonnes 5,000 52,000 9.6% Nickel tonnes 6,100,000 75,000,000 8.1% Potash mm tonnes 3,300,000 9,500,000 34.7% Iron Ore mm tonnes 14,000 80,000 17.5%

Source: US Geological Survey, Mineral Commodity Summaries, January 2013

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The Canadian Experience

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Relatively young country that has evolved into a

global mining leader

Culture rooted in exploration and trade
Mineral wealth encouraged risk capital and

entrepreneurialism

Supportive mining investment framework
Straight-forward mineral claims systems
Competitive royalty and tax regimes
Transparent markets and business laws
Federal and provincial cooperation
$58B in DIA / $60B in FDI
Robust capital markets have evolved along with

the mining industry

Key source of capital for both Canadian and

international companies

Robust junior sector driving global exploration
M&A pipeline for larger companies
Fostered industry leaders like Kinross, Barrick,

Teck, Alcan, Inco, Potash and Cameco

TSX/TSX-V Highlights TSX / TSX-V Financing Activity (2008-2012)

Value of Financings ($184B) Number of Financings (11,662) Source: Gamah International

Over 1,600 Canadian and international mining issuers
57% of the world’s public mining companies
35% of world’s public oil and gas companies
Over 1/3 of global mining equity over past 5 years
83% of global mining deals over past 5 years

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Kinross Gold Corporation January 15, 2014 www.kinrossgold.ru

Summary of Policy Options

General Economic Policy / Foreign Investment Policy Mineral resources and Exploration 1. Encourage Foreign Investment that Benefits the State;.

1. Further Definition of Strategically-

Important Mineral Deposits. 2. Property Rights Protection to Encourage Exploration Investment.

2. Encourage Expansion of Mining

Development. 3. Tax Policy to Encourage Exploration and Development..

3. Definition of Investment

Operatorship Agreements in Russian Law.

4. Greater Emphasis on

Established Civil Laws.

4. Internationally-Recognized Mineral

Resource and Reserve Classification System.

5. Clarification on Project

Infrastructure Turnover and Transfer.

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Policy Options (con’t)

Licensing and Land Use Capital Markets More Open and Transparent Tender Process.

1. Development of Russia’s Mining

Capital Markets.

2. Narrowing of License Revocation

Provisions.

3. Clarification of Land Use Issues.
4. More Open and Transparent

Access to Geologic Information.

5. Clarifying Gaps and Overlaps in

Russian Laws Regulating Subsoil Investments.

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KINROSS GOLD CORPORATION

www.kinrossgold.ru │ www.kinross.com │ www.кинросс.рф