<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tex99_2-4059.txt
<DESCRIPTION>EX-99.2
<TEXT>
<PAGE>





9 November 2004


Kinross Gold Corporation
Suite 5200
Scotia Plaza
40 King Street West
Toronto
Ontario M5H 3YZ
Canada ("KINROSS")


STRICTLY PRIVATE AND CONFIDENTIAL

Dear Sirs

1.      PROPOSED ACQUISITION OF RIO PARACATU MINERACAO S.A. SHARES AND OTHER
        ASSETS

We write to confirm the terms which have been agreed between us for our disposal
of our indirect interest in Rio Paracatu Mineracao S.A ("RPM").

Subject to the terms of this letter agreement, we will:

o       procure the disposal by Rio Tinto Brazilian Investments Limited and Rio
        Tinto Brazilian Holdings Limited (together the "VENDORS") of the entire
        issued share capital of Morro do Ouro Investimentos S.A. ("MOI") after
        the reorganization described in 3(a) is fully implemented;

o       sign a transfer agreement to transfer the floating rate notes (tranches
        2, 3 and 5) issued by RPM on, respectively, 17 July 1996, 22 January
        1997 and 13 May 1999 (the "NOTES") and held by Rio Tinto European
        Holdings Limited ("RTEH"); and

o       sign a transfer agreement to transfer any additional loans made by us or
        our affiliates to RPM between the date of this letter agreement and the
        date of the Sale Agreement (the "ADDITIONAL LOANS"),

<PAGE>

(together the "PROPOSED DISPOSAL") to TVX Participacoes S.A., and/or one of your
other wholly owned subsidiaries (the "PURCHASER") and you will agree to procure
that the Purchaser acquires the same.

This letter agreement is intended to be legally binding.

2.      CONDITIONS

This letter agreement is subject to agreement between the parties on all
documentation in respect of the Proposed Disposal, which documentation includes
an agreement for the sale of the shares in MOI (the "SALE AGREEMENT"), to be
governed by English law, and satisfactory completion of due diligence by the
Purchaser in respect of the Proposed Disposal in the scope and subject to the
time scale as described in paragraph 5(a).

3.      THE TERMS OF THE PROPOSED DISPOSAL

(a)     [Information Omitted]

                                      -2-

<PAGE>

(b)     Subject to paragraphs 2 and 3(a), the Proposed Disposal will be made
        (inter alia) on the following terms:

        (i)     the Sale Agreement will be completed on 31 December 2004,
                subject to satisfaction or waiver by the party entitled to waive
                of any condition precedent contained therein. You agree that
                completion will not be conditional in any way upon your or your
                affiliates' financing of the acquisition of the shares in MOI,
                the Notes or the Additional Loans.

        (ii)    The initial consideration for the sale of the shares in MOI and
                the transfer to the Purchaser of the principal amount of the
                Notes (and all interest accrued and unpaid thereon up to
                completion of the Proposed Disposal) will be an aggregate amount
                of US$260,000,000 (the "INITIAL CONSIDERATION"), plus an amount
                of US$750,000 in respect of the principal amount of the
                Additional Loans (and interest accrued and unpaid thereon up to
                completion of the Proposed Disposal), payable in US dollars in
                cash by the Purchaser in cleared funds on completion by transfer
                to a bank account offshore Brazil nominated by us. All payments
                made to us or the Vendors by you or the Purchaser (including the
                Initial Consideration and any adjustment under paragraph (iii)
                below) or made by us or the Vendors to you or the Purchaser
                pursuant only to the adjustment described in paragraph (iii)
                below will be made free and clear of and without deduction or
                withholding for or on account of any and all taxes, deductions
                and other withholdings and if you, the Purchaser or we or the
                Vendors are required by law to make any such payment subject to
                any such deduction or withholding, the sum(s) payable shall be
                increased to the extent necessary to ensure that, after the
                making of such deduction or withholding, we or the Vendors or
                you or the Purchaser (as appropriate) receive and retain (free
                from any liability in respect of any such deduction or
                withholding) a net sum equal to the sum(s) we, they or you would
                have received and so retained had no such deduction or
                withholding been made or required to be made, [Information
                omitted]

        (iii)

                o       An adjustment will be made to the Initial Consideration
                        after completion to reflect 100% of the working capital
                        of MOI and its wholly owned subsidiaries (being for the
                        purposes of this letter agreement MOEM and Rio Santo
                        Antonio Empreendimentos Minerais S.A.) and 51% of the
                        working capital of RPM as at completion (together the
                        "ADJUSTMENT AMOUNT").

                o       Working capital will be the current assets less current
                        liabilities, subject to any specific policies as may be
                        agreed between the parties.

                o       If the Adjustment Amount is negative (so as to show
                        overall a greater amount of current liabilities than
                        current assets) the Vendors will pay to

                                      -3-

<PAGE>

                        the Purchaser an amount equal to the Adjustment Amount
                        and if the Adjustment Amount is positive (so as to show
                        overall a greater amount of current assets than current
                        liabilities) the Purchaser will pay to the Vendors an
                        amount equal to the Adjustment Amount.

                o       The working capital of each of MOI, its wholly owned
                        subsidiaries and RPM will be calculated on the basis of
                        the statutory accounts for MOI and its subsidiaries
                        (including RPM) for year ending 31 December 2004 (which
                        will be prepared and signed off by the auditors of MOI,
                        its wholly owned subsidiaries and RPM without any undue
                        delay) adopting the same accounting principles,
                        policies, treatments and categorisations as used in the
                        last statutory accounts of MOEM (in the case of MOI and
                        its wholly owned subsidiaries) and RPM (in the case of
                        RPM), save for certain specific policies to be agreed
                        between the parties which will take precedence.

                o       Such specific policies will include (A) an exclusion
                        from current liabilities in the accounts of RPM of the
                        principal amount of short term loans (including the
                        Notes but not the Additional Loans) provided by us or
                        our affiliates to RPM and the principal amount of short
                        term loans (including all floating rate notes equivalent
                        to the Notes and the Additional Loans) provided by
                        Kinross or its affiliates to RPM and (B) an exclusion
                        from current liabilities in the accounts of RPM of
                        interest on short term loans provided by us or Kinross
                        or our respective affiliates to RPM (including the
                        Notes, the Additional Loans and the short term loans
                        provided by Kinross or its affiliates equivalent to the
                        Notes and Additional Loans) in relation only to interest
                        accrued and unpaid up to completion of the Sale
                        Agreement. It is acknowledged that there is a debt owed
                        by Rio Tinto Brasil Ltda to MOI as at the date of this
                        letter agreement. It is the intention of the parties
                        that Rio Tinto Brasil Ltda will repay such debt prior to
                        the date of the Sale Agreement and it is agreed that the
                        Vendors or one of their affiliates will receive an
                        amount equal to the full amount of such debt (plus
                        interest accrued thereon) in a manner to be agreed
                        between the parties.

                o       The Purchaser and the Vendors (and/or their respective
                        accountants) will calculate the aggregate amount of
                        working capital and the relevant party will pay the
                        relevant amount within 30 days of the date of
                        finalisation of such statutory accounts of MOI, its
                        wholly owned subsidiaries and RPM (and in any event
                        before 28 February 2005), save in the event of a bona
                        fide dispute which will be referred to an independent
                        accountant (acting as expert) for final resolution. Such
                        independent accountant will be asked to decide which of
                        the parties' calculation of working capital most closely
                        approximates the working capital and that party's
                        calculation shall be the working capital for the
                        purposes of the Sale Agreement.

                o       Payment of any amount to the Vendors as a result of such
                        adjustment will be made in US dollars in cash in cleared
                        funds by transfer to a

                                      -4-
<PAGE>

                        bank account offshore Brazil nominated by us. Payment of
                        any amount to the Purchaser as a result of such
                        adjustment will be made in US dollars in cash in cleared
                        funds by transfer to a bank account nominated by the
                        Purchaser.

        (iv)    You will guarantee the obligations (including as to payment) of
                the Purchaser and RTEH will guarantee the payment obligations of
                the Vendors in respect only of any claim made by the Purchaser
                under the warranties [Information omitted]

        (v)     The Vendors will provide limited warranties to the Purchaser as
                at the date of the Sale Agreement only as to:

                1.      due incorporation, corporate power and authority to
                        complete the disposal, in respect of the Vendors and
                        RTEH;

                2.      due incorporation, in respect of MOI and its wholly
                        owned subsidiaries;

                3.      so far as the Vendors are aware, the transaction not
                        violating or conflicting with other agreements to which
                        MOI or its wholly owned subsidiaries are a party or laws
                        binding on it;

                4.      MOI and its wholly owned subsidiaries not being
                        insolvent or their assets being subject to seizure as at
                        the date of the Sale Agreement;

                5.      the Vendors being registered and beneficial owners of
                        the shares in MOI free and clear of any and all
                        encumbrances as at the date of the Sale Agreement;

                6.      as at the date of the Sale Agreement, no current legal
                        proceedings or judgements nor (so far as the Vendors are
                        aware) pending or threatened legal proceedings or
                        judgments, in respect of MOI or its wholly owned
                        subsidiaries;

                7.      there being no agreements giving rise to brokers' fees
                        at the date of the Sale Agreement which are payable by
                        MOI or its wholly owned subsidiaries;

                8.      the statutory accounts of MOEM as at 31 December 2003
                        showing a true and fair view of the state of affairs of
                        MOEM as at that date and the management accounts of MOI
                        and its other wholly owned subsidiary as at 31 October
                        2004 presenting fairly, in all material respects, the
                        financial position of MOI and its other wholly owned
                        subsidiary as at that date;

                9.      so far as the Vendors are aware, all taxation required
                        to be paid by MOI or its wholly owned subsidiaries in
                        respect of the period prior to the date of the Sale
                        Agreement being paid and all returns which have been
                        required to be made by MOI and its wholly owned

                                      -5-
<PAGE>

                        subsidiaries prior to the date of the Sale Agreement
                        having, so far as the Vendors are aware, been made
                        within the requisite periods and on a proper basis;

                10.     at the date of the Sale Agreement, MOI and its wholly
                        owned subsidiaries having no employees and no
                        liabilities relating to employment of any person;

                11.     save in respect of items provided for in the management
                        accounts of MOI as at 31 October 2004, MOI having no
                        material liabilities at the date of the Sale Agreement;

                12.     at the date of the Sale Agreement, title to the assets
                        free of encumbrances of MOI and the assets of its wholly
                        owned subsidiaries,

                subject to disclosure at the date of the Sale Agreement (if and
                where necessary), but neither the Vendors nor any other Rio
                Tinto company will provide any warranty in relation to RPM other
                than title to its shares being held by MOEM.

                Any warranty given by the Vendors in relation to MOI and its
                wholly owned subsidiaries will be subject to customary
                provisions on limitation of liabilities on the part of the
                Vendors (including as to amount and specific period of time).
                Without prejudice to the foregoing, the liability of the Vendors
                in relation to the warranty set out in paragraph 3(b)(v)(5)
                above will be subject to a maximum cap on a claim by the
                Purchaser in relation thereto in the amount of the Initial
                Consideration and to a time limitation for claims under that
                warranty of a period of two years from the date of the Sale
                Agreement. The time limitation for all other claims under the
                terms of the Sale Agreement (or the documents referred to in
                that agreement) shall be a period of one year from the date of
                the Sale Agreement. For the avoidance of doubt, the parties
                acknowledge that such specific limitations on liability on the
                part of the Vendors will not necessarily apply to the other
                warranties and other provisions of the final agreements (save as
                stated herein), limitations on liability in respect of which are
                subject to negotiation.

                [Information omitted]

                                      -6-

<PAGE>

        (vii)   You will procure the full release and discharge at completion of
                the Proposed Disposal of all indemnities, guarantees, letters of
                comfort and any similar arrangements provided by us or any of
                our affiliates in respect of MOI, its wholly owned subsidiaries
                and RPM or their respective businesses or operations (without
                any liability whatsoever remaining with us or our affiliates)
                and to the extent that the same cannot be fully released and
                discharged at completion of the Proposed Disposal, you will
                indemnify us and our affiliates until such full release and
                discharge shall have been obtained. It is also acknowledged that
                it is the intention of the parties that, after completion of the
                Sale Agreement, RTEH and its affiliates will not have any
                obligations in respect of or retain any interest in relation to
                MOI, its wholly owned subsidiaries or RPM or their businesses or
                interests.

4.      TIMING

Each party agrees to use its best endeavours and to procure that its relevant
affiliates and representatives use their best endeavours to agree and enter into
the Sale Agreement on or before 1 December 2004, subject to paragraphs 2 and
3(a). In the event that such agreement is not entered into by such date
[Information omitted] each of us will have the right to terminate this letter
agreement on or after 1 December 2004 or 15 December 2004 (as the case may be)
forthwith upon giving written notice to the other, without prejudice to our
respective rights in relation to antecedent breach of this letter agreement. The
following paragraphs will survive termination of this letter agreement:
paragraphs 5(b), 6, 7, 8, 9, 10, 11 and 12. [Information omitted]

We agree that, for a period of two weeks commencing on the effective date of
this letter agreement, we will not, and will procure that no affiliate will,
negotiate with any person other than you and your affiliates in relation to the
Proposed Disposal, or enter into any agreement to dispose of our indirect 51%
interest in RPM. The period of two weeks set out in this paragraph may be
extended by RTEH (at our sole discretion) by notice in writing to you at any
time on or before the expiry of such period if the process of negotiation
between us and our respective affiliates of the final agreements relating to the
Proposed Disposal is progressing to the satisfaction of RTEH. In any event, the
parties emphasize that the existing shareholders'

                                      -7-
<PAGE>

agreement dated 20 June 2003 between Rio Tinto Brasil Ltda (as assigned to MOEM)
and TVX Participacoes Ltda in relation to RPM (the "SHAREHOLDERS' AGREEMENT")
will remain in full force and effect until terminated at closing of the Proposed
Disposal and that at closing the parties will sign full and final releases in
respect of the termination of such agreement and the operator agreement in
relation thereto.

5.      ACCESS TO INFORMATION

(a)     We will provide you and your affiliates and representatives with access
        to information and materials in relation to MOEM, MOI and their wholly
        owned subsidiaries and the geological model and data in relation to RPM,
        as soon as reasonably practicable after the date of this letter
        agreement, and will co-operate with any other reasonable requests made
        by you in relation to your due diligence exercise on MOI, MOEM and their
        wholly owned subsidiaries made during the term of this letter agreement,
        in each case up to 1 December 2004. [Information omitted]

(b)     You acknowledge that no representations or warranties have been or will
        be given by us, our affiliates, MOEM, MOI, their wholly owned
        subsidiaries or RPM or our respective representatives concerning the
        Proposed Disposal or any other transaction contemplated herein, and that
        none of us will have any liability as a result of any reliance by you,
        your affiliates and your respective representatives on information
        supplied to you or your affiliates and your respective representatives
        and in connection with the Proposed Disposal or otherwise, other than as
        may be provided in the Sale Agreement (when signed).

6.      ANNOUNCEMENTS

Neither party nor its respective affiliates and representatives will make any
announcement with respect to the Proposed Disposal or any other transaction
contemplated by this letter agreement at any time without the written agreement
of the other as to the form, content and timing of the announcement, save:

(a)     as required by the regulations of any stock exchange or regulatory
        authority to which such party or its respective affiliates is subject;
        and

(b)     for the announcements in the forms attached to this letter agreement as
        Attachment II which each of us agrees to make or procure that our
        relevant affiliates will make to the relevant stock exchanges on which
        our or their securities are listed one business day after the effective
        date of this letter agreement. We each agree (A) to co-operate with each
        other and our respective relevant affiliates as regards the timing of
        such announcements and (B) to consult with each other and our respective
        affiliates and representatives (in advance where practicable) in
        relation to any other communications made (whether orally or in writing)
        by us or our respective affiliates and representatives in relation to
        the same including to analysts and

                                      -8-
<PAGE>

        other investors in our respective groups and each party agrees to have
        and agrees to procure that its affiliates have due regard to the other
        party's views to resolve any concerns raised by the other in relation to
        such communications.

7.      CONFIDENTIALITY

You undertake to us (for our benefit and for the benefit of our relevant
affiliates) that (unless our prior written consent will first have been
obtained) you will, and will procure that your respective affiliates and
representatives will keep confidential for a period of two years from the
effective date of this letter agreement and not by failure to exercise due care
or otherwise by any act or omission disclose to any person whatever, or use or
exploit commercially for your or their own purposes any information of whatever
nature concerning the business, finances, assets, liabilities, dealings,
transactions or affairs of MOEM, MOI or any of their wholly owned subsidiaries
(but not, for the avoidance of doubt, RPM to which the terms of clause 10.4 of
the Shareholders' Agreement will continue to apply). You agree to promptly
deliver to us all such information which is in written form together with any
copies thereof and permanently remove all such information from any computer,
disk or other device upon termination of this letter agreement.

The consent referred to in this paragraph 7 will not be required for disclosure
by a party of any confidential information relating to MOEM, MOI or any of their
wholly owned subsidiaries:

(a)     to your affiliates and their respective officers, employees and agents,
        in each case, to the extent required to enable you to carry out your
        obligations under this letter agreement and who will in each case be
        made aware by you of its obligations under this letter agreement and
        will be required by you to observe the same restrictions on the use of
        the relevant information as are contained in this paragraph;

(b)     to your or your affiliates' professional advisers who are bound to you
        or your affiliates by a duty of confidence which applies to any
        information disclosed;

(c)     to the extent required by applicable law or by the regulations of any
        stock exchange or regulatory authority to which you or your affiliates
        are subject or pursuant to any order of court or other competent
        authority or tribunal;

(d)     to the extent that the relevant confidential information is in the
        public domain otherwise than by breach of this letter agreement by you
        or your affiliates; or

(e)     which you or your affiliates lawfully possessed prior to obtaining it
        from us or our affiliates and representatives.

If you or your affiliates become required, in circumstances contemplated by this
paragraph 7, to disclose any information you will give us such notice as is
practical in the circumstances of such disclosure and will co-operate with us,
having due regard

                                      -9-
<PAGE>

to our views, and take such steps we may reasonably require in order to enable
us to mitigate the effects of, or avoid the requirements for, any such
disclosure.

You acknowledge and agree (for yourself and on behalf of your relevant
affiliates) that monetary damages may not be a sufficient remedy for any breach
of this paragraph 7 and that we and our affiliates may be entitled to specific
performance and injunctive relief and any other equitable remedy as remedies for
breach or threatened breach of this paragraph 7.

8.      EXPRESS REQUEST FOR COMMUNICATIONS

We, the parties, confirm for the purposes of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2001 that each expressly requests the other
and its directors, and employees and advisers to communicate with it and its
directors, employers and advisers in relation to the Proposed Disposal by way of
personal visits, telephone calls and other interactive dialogue. Accordingly,
such personal visits, telephone calls and other interactive dialogue will be
treated as solicited by the parties and each of their directors, employees and
advisers as the case may be, for the purposes of that Order.

9.      NOTICES

A notice, approval, consent or other communication given under or in connection
with this letter agreement (in this paragraph known as a "NOTICE"):

        a.      must be in writing; and

        b.      must be sent by facsimile to the facsimile number of the
                addressee which is specified in this paragraph, and marked for
                the attention of the person so specified, or to such other
                facsimile number and/or marked for the attention of such other
                person as the relevant party may from time to time specify by
                Notice given in accordance with this paragraph.

The relevant details of each party are:

RIO TINTO EUROPEAN HOLDINGS LIMITED
Facsimile: +44 207 753 2254
Attention: Doug Ritchie

KINROSS GOLD CORPORATION
Facsimile: +1 416 363 6622
Attention: John Ivany

In the absence of evidence of earlier receipt, any Notice will take effect from
the time that it is deemed to be received. A Notice is deemed to be received on
production of a transmission report from the machine from which the facsimile
was sent which indicates that the facsimile was sent in its entirety to the
facsimile number of the recipient.

                                      -10-
<PAGE>

A Notice received or deemed to be received in accordance with this paragraph 9
on a day which is not a business day in London or Toronto or after 5 p.m. on any
such business day according to local time in the place of receipt, will be
deemed to be received on the next following business day.

10.     GENERAL

For the purposes of this letter agreement, "AFFILIATE" means a company which
directly or indirectly controls, or is controlled by or is under the common
control with, a party. For this purpose, "CONTROL" means the right to exercise,
directly or indirectly, more than 50 per cent. of the voting rights attributable
to the shares of the relevant company. For the purposes of this Agreement, Rio
Tinto plc, incorporated in England, and Rio Tinto Limited, incorporated in
Victoria, Australia, and the affiliates of each of them, will be considered as
our affiliates.

No party may assign (whether absolutely or by way of security and whether in
whole or in part), transfer, mortgage, charge, declare itself a trustee for a
third party of, or otherwise dispose of (in any manner whatsoever) the benefit
of this letter agreement or sub-contract or delegate in any manner whatsoever
its performance under this letter agreement (each of the above a "DEALING") and
any such purported dealing in contravention of this paragraph will be
ineffective, save as otherwise contemplated by this letter agreement.

No term of this Agreement is enforceable under the Contracts (Rights of Third
Parties) Act 1999 by any person who is not a party to this Agreement, other than
our relevant affiliates under paragraphs 5(b), 6, 7 and 12 and the Vendors.

11.     SUBMISSION TO THE BRAZILIAN ANTI-TRUST AUTHORITIES

You hereby agree to submit or procure the submission of this letter agreement
and all other relevant information to the relevant Brazilian anti-trust
regulatory bodies (the "REGULATORS") within 15 business days of the effective
date of this letter agreement, as required by Brazilian law and to bear all
associated costs arising therefrom. You have the responsibility of contacting
and corresponding with the Regulators in relation to this letter agreement and
seeking their approval to its terms rather than us or our affiliates but we each
agree to:

(a)     consult with each other and our respective relevant affiliates at all
        times;

(b)     promptly provide to the other and our respective relevant affiliates
        and/or respective professional advisers such information and assistance
        as they may reasonably request in connection therewith and the progress
        thereof; and

(c)     provide to the Regulators such information as they may reasonably
        request in relation thereto.

                                      -11-

<PAGE>

12.     ARBITRATION AND GOVERNING LAW

This letter agreement and the negotiations between us and our respective
affiliates and representatives concerning the Proposed Disposal and the
documentation relating to the Proposed Disposal are governed by and construed in
accordance with the laws of England. We agree (for ourselves and for each of our
affiliates) that that any dispute arising in relation to or in connection with
the terms of this letter agreement (other than a dispute to be referred to the
independent accountant pursuant to paragraph 3(b)(iii)) will be referred to and
finally settled by arbitration under and in accordance with the Rules of
Conciliation and Arbitration of the International Chamber of Commerce by one or
more arbitrators appointed in accordance with those Rules. The seat of
arbitration will be London but meetings may be held at such other place as the
parties and the arbitrator(s) may agree. The language of arbitration proceedings
will be English and all documents submitted to the arbitration will be submitted
in their original form together with an English translation.

Please sign and return the attached duplicate of this letter agreement by no
later than close of business (Toronto time) on Tuesday 9 November 2004
indicating your agreement to the above, which date of signature (subject to it
being signed in the form agreed between us) will be the effective date of this
letter agreement.

Yours faithfully,
FOR AND ON BEHALF OF RIO TINTO EUROPEAN HOLDINGS LIMITED

"IAN RATNAGE"
Director

We confirm our agreement to the terms of this letter agreement.
FOR AND ON BEHALF OF KINROSS GOLD CORPORATION

"JOHN IVANY"
Executive Vice President

                            DATE


                                      -12-
<PAGE>

                                  ATTACHMENT I


                              [Information omitted]














                                      -13-

<PAGE>

                                  ATTACHMENT II

           TO THE LETTER AGREEMENT REGARDING THE PROPOSED ACQUISITION
                OF RIO PARACATU MINERACAO S.A. AND OTHER ASSETS

                       FORM OF THE RIO TINTO ANNOUNCEMENT

Rio Tinto and Kinross Gold Corporation (Kinross) have signed a letter of intent
for the sale of Rio Tinto's 51 per cent interest in Rio Paracatu Mineracao
(RPM), the owner of the Morro do Ouro gold mine in Brazil.

The proposed consideration for Rio Tinto's interest in RPM is an amount of
approximately US$260 million, payable in cash on completion. The consideration
for the sale of the shares is subject to a working capital adjustment to be made
after completion on the basis of the working capital position of RPM and its
immediate holding companies, the subject of the sale, as at the date of
completion.

The sale is subject to Kinross and Rio Tinto reaching agreement on all terms and
entering into a definitive agreement. The transaction is expected to be
completed by the end of 2004.

                        FORM OF THE KINROSS ANNOUNCEMENT

                          KINROSS ANNOUNCES PURCHASE OF
                     REMAINING 51% OF PARACATU MINE, BRAZIL


NOVEMBER XX, 2004...TORONTO, ONTARIO - KINROSS GOLD CORPORATION (TSX-K;
NYSE-KGC) ("KINROSS") is pleased to announce that it has signed a letter of
intent for the purchase of 51% of the Rio Paracatu Mineracao (RPM) gold mine in
Brazil from Rio Tinto. Kinross will own 100% of the property and become the
operator. The proposed consideration for Rio Tinto's 51% shareholding in RPM
(and its immediate holding companies) is approximately US$260 million payable in
cash on completion, with a working capital adjustment made after completion on
the basis of the working capital position of RPM and its immediate holding
companies, the subject of the sale, as at the date of completion. Kinross
intends to finance the proposed transaction with a combination of cash and debt.
The sale is subject to Kinross and Rio Tinto reaching agreement on all terms and
entering into a definitive agreement. The transaction is expected to be
completed by the end of 2004.

The RPM gold mine is located near Brasilia in the state of Minas Gerais, Brazil.
It has been in operation since 1987. Kinross acquired its 49% interest in the
mine on January 31, 2003 when it merged with TVX Gold Inc.

Bob Buchan, President and C.E.O. said, "I am very excited to see Kinross
becoming 100% owner and operator of the Paracatu mine in Brazil. We are very
comfortable with the mine, and with operating in Brazil. This transaction will
solidify our presence in the region, and is a positive step forward in terms of
increasing our reserves and in reducing the number of joint ventures we are

                                      -14-
<PAGE>

involved in. This transaction will increase Kinross' proven and probable
reserves by roughly 4.0* million gold equivalent ounces, a 28% increase over our
December 2003 reported reserves of 14.1 million gold equivalent ounces."












                                      -15-

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</DOCUMENT>
