New global “Achieving Excellence” program launches

In late March, Kinross launched “Achieving Excellence”, a new global operational program that focuses on our relentless effort to produce the most ounces in the most efficient and cost-effective way possible.

While Achieving Excellence has a target of lowering the Company’s all-in sustaining cost, the program is about more than cutting costs, it is also about increasing productivity and achieving sustainable improvements.

“Achieving Excellence is an evolution of our operating strategy and will help us deliver on our goals,” said J. Paul Rollinson, President & CEO.

As Achieving Excellence will focus on our operations, it will be site-led and site-owned. Warwick Morley-Jepson, Executive Vice-President & COO, will lead the overall initiative. To ensure the program’s success, each site has identified a dedicated team that will be working on opportunities with the support from our key vendors and subject matter experts from Kinross Technical Services and Operations Strategy in Toronto.

We have also established a Global Coordination office to ensure our approach is consistent where appropriate and to share best practices across the sites. The program will include making strategic step changes, ones that may require initial resources and investment, to attain significant results.

“We have made great strides in our cost cutting initiatives. We have significantly reduced capital expenditures, targeted quality ounces over quantity in our mine planning and lowered our overall G&A costs. However, we must remain diligent and set new targets to continue our momentum to strengthen our business and deliver value, especially in today’s challenging gold price environment,” continued J. Paul Rollinson.

Achieving Excellence has already started at Round Mountain, Paracatu and Kupol-Dvoinoye. The remaining sites will follow in a staged approach in early Q3.