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<SEC-DOCUMENT>0001188112-05-001855.txt : 20051026
<SEC-HEADER>0001188112-05-001855.hdr.sgml : 20051026
<ACCEPTANCE-DATETIME>20051026164056
ACCESSION NUMBER:		0001188112-05-001855
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051031
FILED AS OF DATE:		20051026
DATE AS OF CHANGE:		20051026

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KINROSS GOLD CORP
		CENTRAL INDEX KEY:			0000701818
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				650430083
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13382
		FILM NUMBER:		051157490

	BUSINESS ADDRESS:	
		STREET 1:		185 SOUTH STATE STREET
		STREET 2:		STE 400
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84111
		BUSINESS PHONE:		8013639152

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PLEXUS RESOURCES CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>t6k-8017.txt
<DESCRIPTION>6-K
<TEXT>
<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 6-K

                        REPORT OF FOREIGN PRIVATE ISSUER
                        PURSUANT TO RULE 13a-16 OR 15d-16
                    UNDER THE SECURITIES EXCHANGE ACT OF 1934

                         For the month of October, 2005
                        Commission File Number: 001-13382
                            KINROSS GOLD CORPORATION
                 (Translation of registrant's name into English)

                  52ND FLOOR, SCOTIA PLAZA, 40 KING STREET WEST
                            TORONTO, ONTARIO M5H 3Y2
                    (Address of principal executive offices)

        Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:

                 Form 20-F                        Form 40-F  X
                          -----                            -----

        Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):_____

        Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper
of a Form 6-K if submitted solely to provide an attached annual report to
security holders.

        Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):_____

        Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper
of a Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of
the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.

        Indicate by check mark whether by furnishing the information contained
in this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                    Yes                           No  X
                       -----                        -----

        If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2b:

- ----------

<PAGE>

                                                                          Page 2

This report on Form 6-K is being furnished for the sole purpose of providing a
copy of the material change report announcing that the Company had
satisfactorily responded to comments to date regarding the new methodology for
accounting for the assets acquired in the TVX/Echo Bay merger in January, 2003
and that its board of directors had adopted the new methodology and approved the
unaudited preliminary financial statements for the year ended December 31, 2004
and the restated, comparative financial statements for the year ended December
31, 2003 and Kinross released the preliminary 2004 financial results and 2003
preliminary restated financial results.


                                      INDEX




                                Table of Contents


SIGNATURES
EXHIBIT INDEX
99.1     Material Change Report dated October 26, 2005

<PAGE>

                                                                          Page 3

                                   SIGNATURES


        Pursuant to the requirements of Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                         KINROSS GOLD CORPORATION


                                         Signed: /s/ Shelley M. Riley
                                                ---------------------
                                                Vice President, Administration &
                                                  Corporate Secretary



October 26, 2005.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tex99_1-8017.txt
<DESCRIPTION>EX-99.1
<TEXT>
<PAGE>

                                  FORM 51-102F3
                             MATERIAL CHANGE REPORT

ITEM 1.     NAME AND ADDRESS OF COMPANY
            Kinross Gold Corporation ("Kinross" or the "Company"),
            52nd Floor, 40 King St. West,
            Toronto, ON   M5H 3Y2

ITEM 2.     DATE OF MATERIAL CHANGE
            October 17 and 20, 2005

ITEM 3.     NEWS RELEASE
            News releases were issued by Kinross in Toronto on October 17 and
            20, 2005 respectively with respect to the material changes and filed
            via SEDAR.

ITEM 4.     SUMMARY OF MATERIAL CHANGE

            Kinross announced that it had satisfactorily responded to comments
            to date regarding the new methodology for accounting for the assets
            acquired in the TVX/Echo Bay merger in January, 2003 and that its
            board of directors had adopted the new methodology and approved the
            unaudited, preliminary financial statements for the year ended
            December 31, 2004 and the restated, comparative financial statements
            for the year ended December 31, 2003 and Kinross released the
            preliminary 2004 results and preliminary restated 2003 results.

ITEM 5.     FULL DESCRIPTION OF MATERIAL CHANGE

            Kinross announced that it had satisfactorily responded to comments
            to date regarding the new methodology for accounting for the assets
            acquired in the TVX/Echo Bay merger in January, 2003 and that its
            board of directors had adopted the new methodology and approved the
            unaudited, preliminary financial statements for the year ended
            December 31, 2004 and the restated, comparative financial statements
            for the year ended December 31, 2003 and Kinross released the
            preliminary 2004 results and preliminary restated 2003 results. See
            also schedule "A".

ITEM 6.     RELIANCE ON SUBSECTION 7.1(2) OR (3) OF NATIONAL INSTRUMENT 51-102
            N/A

ITEM 7.     OMITTED INFORMATION
            N/A

ITEM 8.     EXECUTIVE OFFICER
            Ms. Shelley M. Riley
            Vice President, Administration and Corporate Secretary
            Telephone: (416) 365-5198
            Facsimile: (416) 365-0237

                                                                          Page 1

<PAGE>

ITEM 9.     DATE OF REPORT
            October 26, 2005.
                                            KINROSS GOLD CORPORATION

                                            PER: /s/ Shelley Riley
                                                 ------------------------------
                                                 Shelley Riley
                                                 Vice President Administration
                                                 and Corporate Secretary








                                                                          Page 2

<PAGE>

                                  SCHEDULE "A"

Kinross provided preliminary financial information for 2004 and preliminary
restated financial information for 2003. This financial information has not been
audited and is subject to change as a result of the audit process. Investors
should not place undue reliance on these preliminary numbers.

Following discussions with regulators Kinross has adopted a new methodology for
accounting for the assets acquired in the merger with TVX Gold Inc. and Echo Bay
Mines Ltd. (the "merger") completed on January 31, 2003. Kinross will file its
audited 2004 financial statements and restated 2003 financial statements in the
next few weeks, after its auditors have concluded their work. Kinross will also
file its restated quarterly financial statements for 2004 and quarterly
financial statements for 2005 and other regulatory filings as soon as
practicable. An amended registration statement for the transaction with Crown
Resources Corporation ("Crown") will be filed thereafter. The regulators may
have comments on these filings.

ALL DOLLAR AMOUNTS IN THIS MATERIAL CHANGE REPORT ARE EXPRESSED IN US DOLLARS,
UNLESS OTHERWISE STATED

================================================================================
2004 HIGHLIGHTS
(UNAUDITED)

o       Gold equivalent production of 1,653,784 ounces.

o       Cash flow provided from operating activities of $161.2 million for the
        year.

o       Capital expenditures of $169.5 million for the year.

o       Net loss of $55.9 million ($0.16 per share) for 2004, which includes
        impairment charges totaling $59.9 million ($0.17 per share) primarily
        relating to properties that were closed in 2004 or were nearing the end
        of their mine life at year end 2004.

o       Completed the acquisition of the 51% share of Paracatu from Rio Tinto
        Plc. for $261.2 million on December 31, 2004.

================================================================================
================================================================================

o       Net additions to proven and probable reserves of 5.3 million ounces to
        total 19.4 million ounces at year end 2004.

o       The previously recorded goodwill impairment charge of $143.0 million in
        the third quarter of 2004 has been reversed as part of the 2003
        restatement.

2003 RESTATEMENT
================================================================================
(UNAUDITED)

o       As a result of the independent valuation of the assets acquired in the
        merger, the value of the acquired mineral interests on the date of the
        merger has increased by $304.4 million, the future income tax liability
        has increased by $83.5 million and the amount recorded as goodwill was
        reduced by $175.5 million. Annual depreciation, depletion and
        amortization charges for 2003 increased by $31.8 million over previously
        released results due to this restatement.

o       Impairment charges for the year ended December 31, 2003 included $400.1
        million for goodwill, $14.7 million for property, plant and equipment
        and $1.9 million for investments.

================================================================================

                                                                          Page 3

<PAGE>

2004 AND 2003 CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS

<TABLE>
<CAPTION>
=====================================================================================================
(UNAUDITED)                                                                       YEAR ENDED
(ALL DOLLARS AMOUNTS ARE EXPRESSED IN MILLIONS, EXCEPT PER SHARE AMOUNTS)        DECEMBER 31
- -----------------------------------------------------------------------------------------------------
                                                                             2004          2003(a)
- ------------------------------------------------------------------------ -------------- -------------
<S>                                                                       <C>            <C>
OPERATING HIGHLIGHTS:
      Gold equivalent ounces - produced (b)                                 1,653,784      1,620,410
      Gold equivalent ounces - sold                                         1,654,617      1,600,246
FINANCIAL HIGHLIGHTS:
      Revenue                                                             $     666.8    $     571.9
          Cost of sales                                                   $    (449.6)   $    (387.5)
          Depreciation, depletion and amortization                        $    (170.1)   $    (172.7)
                                                                         -------------- -------------
                                                                          $      47.1    $      11.7
      Impairment charges                                                  $     (59.9)   $    (416.7)
      Net loss                                                            $     (55.9)   $    (416.0)
      Net loss attributable to common shares                              $     (55.9)   $    (406.0)
      Cash flow from operating activities                                 $     161.2    $      89.5
      Total assets                                                        $   1,834.9    $   1,789.7
      Long-term financial liabilities (c)                                 $     333.2    $     248.5
PER OUNCE DATA:
      Average spot gold price                                             $       410    $       364
      Average realized gold price                                         $       401    $       357
PER SHARE DATA:
      Loss per share - basic and diluted                                  $     (0.16)   $     (1.32)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC (MILLIONS)                   346.0          308.6
=====================================================================================================
</TABLE>

(a)     2003 revenues associated with TVX and Echo Bay properties include only
        11 months from February to December.
(b)     Gold equivalent ounces include silver ounces produced converted to gold
        based on the ratio of the average spot market prices for the commodities
        for each year. The ratios were 2004 - 61.46:1 and 2003 - 74.79:1.
(c)     Long-term financial liabilities represents the long-term portions of
        debt and reclamation and remediation obligations, future income and
        mining taxes, redeemable retractable preferred shares and other
        long-term liabilities.

CONSOLIDATED FINANCIAL PERFORMANCE

Increased production and sales and higher average gold prices resulted in
increased revenues in 2004 over 2003. Equivalent gold ounces sold increased from
1,600,246 ounces in 2003 to 1,654,617 ounces in 2004. The increase in production
from 2003 to 2004 was primarily due to the inclusion of the TVX and Echo Bay
properties for only 11 months in 2003.

The Company's average realized gold price increased from $357 per ounce in 2003
to $401 per ounce in 2004, positively impacting earnings and cash flow from
operations.

Cost of sales increased from $387.5 million in 2003 to $449.6 million in 2004 as
a result of higher production volumes and increases in the costs of fuel, power,
labour and other production costs. In addition, the appreciation of foreign
currencies against the U.S. dollar has increased the Company's cost of sales at
those mines not located in the United States. Included in cost of sales is a
revision to accretion expense of $12 million, primarily related to the closure
of the Lupin mine.

General and administrative costs increased by $11.4 million from $25.0 million
in 2003 to $36.4 million in 2004 as a result of increased severance and stock
options expense.

                                                                          Page 4

<PAGE>

The net loss for 2004 was $55.9 million compared with a restated net loss in
2003 of $416.0 million. The loss in 2003 included restated higher depreciation,
depletion and amortization of $172.7 million, an increase of $31.8 million over
previously reported results. The loss in 2003 also included total impairment
charges of $416.7 million. The Company's financial results in 2004 were
negatively affected by the impairment charges of $59.9 million, primarily
related to the write-down of the carrying value of assets and inventory at
Kubaka, Lupin, Gurupi and New Britannia.

Cash flow from operating activities increased in 2004 to $161.2 million from
$89.5 million in 2003. At December 31, 2004, Kinross' cash and cash equivalents,
including restricted cash and short-term investments, had decreased by $195.9
million from the previous year end to $55.0 million. In addition, total debt had
increased during the year by $92.8 million to $122.9 million. The change during
the year in the Company's financial position resulted from:

        o       The use of $261.2 million in cash (including preliminary
                estimates of working capital adjustments) to acquire the
                remaining 51% of the Paracatu mine in Brazil;
        o       Capital expenditures of $169.5 million;
        o       Net investment of $11.8 million in long-term investments;
        o       Reclamation expenditures of $17.9 million;
        o       Repurchase of common shares for $8.7 million;
        o       Cash flow from operating activities of $161.2 million, which
                partially offset the uses of cash.

OPERATIONS UPDATE

PARACATU (Brazil; 100%)
Gold production was slightly higher in 2004 vs. 2003. Grade and recovery rates
were similar in both periods. Higher costs were the result of higher energy
costs, increased contracted service costs and a strengthening of the Brazilian
Real against the U.S. dollar of approximately 5%.

Production in 2005 is forecast to be slightly lower on a 100% basis as a result
of the refurbishment of the ball mills in first quarter of 2005.

In February 2005, Kinross' Board of Directors approved funding for basic
engineering for a semi-autogenous grinding ("SAG") mill expansion project. The
mill is planned to be expanded over a four-year period from its current capacity
of 18 million tonnes per year. After basic engineering is completed in early
2006, a final capital cost estimate will form the basis for a final funding
decision by the Board of Directors in 2006. Exploration drilling is continuing
onsite.

FORT KNOX (USA; 100%)
Gold equivalent ounces produced declined by 14% as a result of the decision to
defer production from the higher grade True North deposit for the first half of
2004, which resulted in lower ore grade and fewer tonnes of ore processed. The
decrease in ore milled in 2004 was also the result of harder ore from the Fort
Knox pit being processed through the mill for the first six months, compared
with the blended ore from True North and Fort Knox for the full year in 2003. A
slight decrease in operating costs reflects the suspension of mining at True
North for the latter half of 2004. The decrease in costs was offset by higher
reagent costs and higher labour costs, as increased manpower was required to
operate a larger fleet, which included the addition of larger capacity mining
equipment.

                                                                          Page 5
<PAGE>

Production for 2005 is forecast to be slightly lower compared to 2004 as a
result of lower grades, partially offset by improved recovery rates.

ROUND MOUNTAIN (USA; 50%, operator)
An increase in production and operating costs in 2004 was due to the inclusion
of only 11 months of operations in 2003. Production and costs were also affected
by the failure of an electrical transformer in the second half of 2003. As a
result, the focus shifted to accelerating ore placement on the leach pads, to
help offset milling and crushing limitations due to power constraints. A
feasibility study has been completed on the possibility of a pit expansion to
extend the mine life beyond its current limit and will be reviewed by the joint
venture partners, Kinross and Barrick. In addition, an underground exploration
program has begun to evaluate a known target with preliminary results expected
in 2006.

Production in 2005 is expected to be lower due to lower forecasted grades and
recovery rates.

LA COIPA (Chile; 50%)
Gold equivalent production was higher in 2004 due to the inclusion of only 11
months in 2003. On a full year basis, production was 4% lower due to lower
grade, lower recovery rates and fewer tonnes.

Production, on a gold equivalent basis, is expected to be slightly lower in 2005
due to the mining of lower grade ore.

PORCUPINE JV (Canada; 49%)
Production in 2004, as compared with 2003, was lower due to lower grades and
fewer tonnes processed resulting from the planned closure of the Dome
underground mine in late May 2004. Mining continued at the Dome open pit and
Hoyle underground mines. Costs, on a per ounce basis, were higher due to lower
production, rising operating costs and a stronger Canadian dollar.

Production for 2005 is expected to be slightly lower than 2004. The closure of
the Dome open pit later in 2005 is expected to be offset by the commencement of
production from the Pamour open pit.

REFUGIO (Chile; 50%, operator)
In 2001, due to low gold prices and operational difficulties, mining activities
were suspended and the operation was placed on care and maintenance. In late
2002, a multi-phase exploration program commenced and in 2003 it was determined
that the mine would be recommissioned.

Production in 2005 is forecast to be significantly higher as a result of the
restart of mining in the second half of 2005.

The recommissioning is going well, with a production rate of 40,000 tonnes per
day being achieved during the third quarter of 2005. The Company's share of the
capital costs totaled approximately $67 million. The increased costs as compared
to the original plan were due to unexpected delays and higher input costs. The
recommissioned mine is capable of producing approximately 115,000 to 130,000
ounces annually to Kinross' account.

                                                                          Page 6
<PAGE>

CRIXAS (Brazil; 50%)
Gold production was higher in 2004 due to the inclusion of only 11 months in
2003. While grade and recovery rates were similar, operating costs increased due
to higher labour and power costs and the appreciation of the Brazilian Real
against the U.S. dollar.

Production in 2005 is expected to be similar to 2004.

MUSSELWHITE (Canada; 32%)
Gold production was up 18% in 2004 due to the inclusion of only 11 months in
2003, but also due to more ore being processed (up by 13%), as a result of
improved equipment utilization. With the increased production along with higher
realized gold prices. Operating costs were up 32% during the year as a result of
increased mining activity along with increased labour and consumable costs, and
a stronger Canadian dollar.

During 2005, grade, recovery rate and production are expected to be similar to
2004.

KETTLE RIVER (USA; 100%)
At the time Kinross acquired Kettle River in January 2003, the mine was idled.
The Company recommenced operations in December 2003. Operating costs were higher
than expected due to increased fuel and consumable costs. A toll milling
agreement between the Company and Crown Resources has allowed the permitting to
proceed at Buckhorn. Permitting should be completed in 2006.

Production in 2005 is forecast to be lower than 2004 as a result of the
cessation of mining in the fourth quarter of 2004 as the mine ran out of ore as
expected.

KUBAKA (Russia; 98.1%)
Gold equivalent production in 2004 was approximately 25% lower than in 2003 due
to the processing of lower grade stockpiles and an 8-week scheduled shutdown of
the mill. The shutdown was to allow for more efficient operations of the mill
and to eliminate overtime-related labour costs associated with vacations. The
cost increase, despite lower production, reflects lower grades and additional
costs to transport the ore from the Birkachan property to the mill, partially
offset by reduced selling costs and lower property taxes. The lower gold
production was partially offset by higher realized gold prices.

Production in 2005 is forecast to increase as a result of the full availability
of the Birkachan deposit and higher grades at Birkachan.

NEW BRITANNIA (Canada; 50%, operator)
Development activities at the New Britannia mine were suspended in the first
quarter of 2004. In early 2005, after exploration efforts were unable to define
extensions to the ore body that could be mined profitably, the decision was made
to place the mine on care and maintenance. As a result of the suspension of
development activities in 2004, production dropped to 23,652 gold equivalent
ounces, compared with 31,627 ounces in 2003.

No production will come from the mine in 2005 as it is shut down.

LUPIN (Canada; 100%)
In August 2003, the Company announced the suspension of operations at Lupin due
to lower than expected gold production and higher costs. Plant and equipment
were placed on care and maintenance pending a review of alternatives for the
mine. This review concluded that the

                                                                          Page 7
<PAGE>

development of a mine plan to extract previously developed remnant ore was
appropriate. Accordingly, the mine recommenced production in March 2004 and
produced 66,577 gold equivalent ounces during the balance of the year, an
increase of 19% over 2003.

No production will come from the mine in 2005 as it is shut down.

RESERVES & EXPLORATION

Reserves increased from 14.1 million ounces at the end of 2003 to 19.4 million
ounces at the end of 2004. The acquisition of the remaining 51% interest in the
Paracatu mine in Brazil at the end of 2004 increased reserves by 4.3 million
ounces. The remainder of the increase came from net additions to reserves (after
production) at existing operations as well as increases in the gold price used
to calculate reserves at the end of 2004 of $350 per ounce compared to $325 per
ounce at the end of 2003. Porcupine, Refugio and Fort Knox all had net additions
to reserves after production in 2004. A total of 380,000 meters of drilling was
completed at Kinross properties in 2004. The largest programs were at Porcupine,
Musselwhite and Round Mountain.

380,000 METERS DRILLED IN 2004



                               [BAR CHART OMITTED]



Porcupine - 94,122
Musselwhite - 70,462
Round Mountain - 72,061
Kubaka - 24,161
Gurupi - 21,806
La Coipa - 21,631
Crixas - 20,638
Kettle River - 13,247
Back River* - 11,090
Fort Knox - 10,375
Other - 19,831

*       BACK RIVER INCLUDES THE GEORGE/GOOSE LAKE PROPERTIES IN NUNAVUT.

At ROUND MOUNTAIN, drilling was completed to determine the economics of a pit
expansion. A total of 183 holes and over 39,000 meters of drilling was completed
on this project.

Exploration in and around the current pit at FORT KNOX continues to indicate
that the ore body is open to the south and northeast. Additional drilling is
planned in 2005.

Kinross became operator of the PARACATU mine in December 2004. A 30,000-meter
drilling campaign for 2005 was rolled out and commenced in January. Results from
this campaign are pending and are expected to add to reserves.

                                                                          Page 8
<PAGE>

INVESTING ACTIVITIES

Net cash used in investing activities was $442.3 million in 2004 versus $50.1
million in 2003. The increase in 2004 included $261.2 million used in the
acquisition of the remaining 51% of the Paracatu mine. Additions to property,
plant and equipment were $169.5 million in 2004 compared to $73.4 million in
2003. The following unaudited schedule provides a breakdown by mine of the
capital expenditures:

- ---------------------------------------------------- ------------- -------------

(MILLIONS)                                               2004        2003 (A)
- ---------------------------------------------------- ------------- -------------

Fort Knox                                             $     58.7    $     26.5
Paracatu                                                     5.8           5.2
Round Mountain                                               8.8           5.7
Porcupine                                                   24.5           8.3
La Coipa                                                     1.0           0.5
Crixas                                                       3.6           3.2
Musselwhite                                                  3.9           2.7
Kettle River                                                 1.6           9.4
Refugio                                                     43.4           1.5
Other Operations                                            17.5           4.0
Corporate & Other                                            0.7           6.4
- ---------------------------------------------------- ------------- -------------
TOTAL                                                 $    169.5    $     73.4
- ---------------------------------------------------- ------------- -------------

(a)     2003 results include TVX and Echo Bay properties for 11 months only.

Capital expenditures increased $96.1 million from $73.4 million in 2003 to
$169.5 million in 2004. The major focus included expenditures at FORT KNOX on
mine development, the tailings dam and equipment, the recommissioning of REFUGIO
and development of the Pamour pit at PORCUPINE.

Capital expenditures for 2005 are forecast to be between $160 - $170 million,
with the largest spending at Fort Knox, Paracatu and Refugio.

RESTATEMENT OF PURCHASE PRICE ALLOCATION

The original allocation of the purchase price to the assets acquired in the
merger as at January 31, 2003 has been restated as follows:

                                                                          Page 9

<PAGE>
<TABLE>
<CAPTION>
=================================================================== =============== =============== ==============
(UNAUDITED)                                                            PREVIOUS        REVISED
(all amounts are expressed in millions, except per share amounts)        2003            2003          CHANGE
- ------------------------------------------------------------------- --------------- --------------- --------------
<S>                                                                  <C>             <C>             <C>
Common shares of Kinross issued to Echo Bay and TVX
shareholders                                                                177.8           177.8              -
Value of Kinross common stock per share                              $       7.14    $       7.14    $         -
Fair value of the Company's common stock issued                      $    1,269.8    $    1,269.8    $         -
Other items                                                          $       48.9    $       48.9    $         -
                                                                    --------------- --------------- --------------
TOTAL PURCHASE PRICE                                                 $    1,318.7    $    1,318.7    $         -
                                                                    --------------- --------------- --------------
Add:   Future income tax liabilities                                 $       52.8    $      136.3    $      83.5
Less:  Property, plant and equipment (a)                             $     (213.7)   $     (168.3)   $      45.4
       Mineral interests                                             $     (283.9)   $     (588.3)   $    (304.4)
Other items                                                          $       44.1    $       44.1    $         -
- ------------------------------------------------------------------- --------------- --------------- --------------
RESIDUAL PURCHASE PRICE ALLOCATED TO GOODWILL                        $      918.0    $      742.5    $    (175.5)
=================================================================== =============== =============== ==============
</TABLE>

(a)     Reclassification from property, plant and equipment to mineral
        interests.

RESTATEMENT OF 2003 FINANCIAL STATEMENTS

Following comments from, and discussions with, regulatory authorities, Kinross
has adopted a new methodology to allocate the purchase price in the merger and
assess the value of the associated goodwill. This resulted in the need to
restate its consolidated financial statements for the year ended December 31,
2003 and its interim financial statements for the quarters in 2003 and 2004.
Changes were made to the purchase price allocation, allocation of goodwill to
reporting units and subsequent impairment testing of the assets and liabilities
acquired in the TVX and Echo Bay transaction. An independent valuation firm was
engaged to provide valuations of the significant assets and liabilities acquired
as part of the merger. The independent valuations resulted in an increase in the
fair value of the assets acquired and a consequential reduction in goodwill as
of the acquisition date. The revised purchase price allocation resulted in
$742.5 million of goodwill, down from the $918.0 million previously recorded.
The goodwill was then allocated to reporting units acquired in the merger.

The independent valuation firm also reviewed the impairment testing as at
December 31, 2003. Based on the results of the impairment testing, Kinross has
recognized for the 2003 fiscal year an impairment of long-lived assets of $14.7
million relating to property, plant and equipment, $1.9 million relating to
investments and $400.1 million relating to goodwill. The total impairment of
$416.7 million for the year ended December 31, 2003 compares with an impairment
of $9.9 million to long-lived assets and investments and no impairment to
goodwill that had been previously recorded. In addition to the impairment
losses, depreciation, depletion and amortization increased from $140.9 million
to $172.7 million, the provision for income taxes decreased from $13.1 million
to $1.3 million and net earnings attributable to common shareholders of $19.7
million has been restated to a net loss of $406.0 million. The restatement also
reflects the impact of the adoption of CICA Handbook section 3110 "Asset
Retirement Obligations", which was adopted by the Company effective January 1,
2004 and applied retroactively. A more detailed description of the adoption,
including the impact on prior financial results will be provided in the notes to
the audited financial statements.

The following table highlights the impact of the restatement on previously
reported 2003 results:

                                                                         Page 10

<PAGE>
<TABLE>
<CAPTION>

=================================================================== =============== =============== ==============
(UNAUDITED)                                                            PREVIOUS        REVISED
(ALL AMOUNTS ARE EXPRESSED IN MILLIONS, EXCEPT PER SHARE AMOUNTS)        2003            2003          CHANGE
- ------------------------------------------------------------------- --------------- --------------- --------------
<S>                                                                  <C>             <C>             <C>
Revenue                                                              $      571.9    $          -    $     571.9
Depreciaton, depletion and amortization                              $      140.9    $       31.8    $     172.7
Impairment charges                                                   $        9.9    $      406.8    $     416.7
Net earnings (loss) attributable to common shareholders              $       19.7    $     (425.7)   $    (406.0)
Basic and diluted earnings (loss) per share                          $       0.06    $      (1.38)   $     (1.32)
- ------------------------------------------------------------------- --------------- --------------- --------------

Cash and cash equivalents                                            $      245.8    $          -    $     245.8
Goodwill                                                             $      918.0    $     (575.6)   $     342.4
Total assets                                                         $    2,142.5    $     (352.8)   $   1,789.7
Total shareholders' equity                                           $    1,814.7    $     (437.3)   $   1,377.4
=================================================================== =============== =============== ==============
</TABLE>

SIGNIFICANT EVENTS IN 2004

ACQUISITION OF THE REMAINING 51% INTEREST IN THE PARACATU MINE FROM RIO TINTO
PLC.

On December 31, 2004, the Company completed the purchase of the remaining 51% of
Rio Paracatu Mineracao ("RPM"), the owner of the Morro do Ouro mine (also known
as Paracatu) in Brazil from Rio Tinto Plc. ("Rio Tinto") for $261.2 million in
cash, subject to a working capital adjustment following the completion of the
transaction. A difference of opinion regarding the adjustment exists between
Kinross and Rio Tinto and, as per the share sale agreement, the matter has been
referred to binding arbitration. The Paracatu mine is located near Brasilia in
the state of Minas Gerais, Brazil. It has been in operation since 1987. As a
result of this transaction, the Company owns 100% of the property and is now the
operator. Kinross acquired its initial 49% interest in the mine on January 31,
2003 when it merged with TVX. The Company financed the transaction with a
combination of existing cash balances and debt.

AGREEMENT TO ACQUIRE CROWN RESOURCES CORPORATION

On November 20, 2003, Kinross announced that it had executed a definitive
acquisition agreement (the "Agreement") with Crown whereby Kinross will acquire
Crown and its wholly-owned Buckhorn gold deposit located in north central
Washington State, approximately 70 kilometres by road from the Company's Kettle
River mill. The original agreement was based on an exchange ratio of 0.2911 of a
common share of Kinross for each outstanding common share of Crown and is
subject to the effectiveness of a registration statement covering the issuance
of common shares filed with the United States Securities and Exchange Commission
and approval by Crown shareholders. As a result of the review undertaken of the
accounting for goodwill in the TVX and Echo Bay transaction, the completion of
the registration statement has been delayed.

On January 7, 2005, the Company and Crown announced that the termination date
for the Agreement had been extended from December 31, 2004 to May 31, 2005.
Kinross also agreed to acquire 511,640 newly issued shares of Crown in a private
placement for $1.0 million.

Prior to the revised deadline of May 31, 2005, an amendment was signed that
extended the termination date of the Agreement to March 31, 2006, subject to
Kinross being current with its

                                                                         Page 11
<PAGE>

filings no later than December 31, 2005. Shareholders of Crown will now receive
0.34 shares of Kinross for each share of Crown. A valuation collar was also
agreed upon in which the aggregate maximum value of Kinross common shares to be
issued to Crown shareholders would be $110 million and the minimum value would
be $77.5 million, excluding, in both cases, shares of Crown held by Kinross. The
Company also agreed to purchase a $10 million convertible debenture from Crown.
The debenture is convertible into 5.8 million common shares of Crown. In the
event the Agreement is terminated, Crown will have the right to convert all
amounts due under this debenture by providing 30 days' prior notice to Kinross.

NEW CREDIT FACILITY

In December 2004, Kinross replaced its existing $125 million credit facility
with a new three-year $200 million revolving credit facility. $105.0 million of
the new facility was used to satisfy a portion of the $261.2 million cost to
purchase the remaining 51% interest in the Paracatu mine. The facility allowed
for the limit to be increased to up to $300 million and allows for up to 70% of
the outstanding limit to be drawn in gold. In April 2005, the outstanding limit
was increased to $295 million and the maturity date extended to April 30, 2008.
A total of ten financial institutions have participated in the facility.
Obligations under the facility are secured by the assets of the Fort Knox mine
as well as by the pledge of shares in various wholly-owned subsidiaries.

CONSOLIDATION AND DECONSOLIDATION OF COMMON SHARES

Kinross has grown largely through mergers and acquisitions. As a result, over
45% of the Company's shareholders, prior to the Company's implementation of a
consolidation, had fewer than 100 shares, including many with fewer than 10
shares. Accordingly, in order to reduce the number of shareholders with fewer
than 100 shares, on November 26, 2004, the Company held a special meeting of its
shareholders at which they approved an amendment to the Company's articles to
effect a consolidation (reverse split) of its common shares on a 100:1 basis,
followed by an immediate deconsolidation (split) of such shares on a 1:100
basis. The effective date for the consolidation was December 5, 2004, with the
deconsolidation on December 6, 2004. Shareholders holding less than 100
pre-consolidation shares received a cash payment of CDN$9.71 or U.S.$8.19 per
share (equal to the weighted average trading price per share on the Toronto
Stock Exchange for the five trading days prior to November 26, 2004), less
withholding tax. Shareholders holding 100 or more pre-consolidation shares were
not affected by this action except for the change in the CUSIP number on the
stock. As a result of this transaction, Kinross repurchased 1,608,844 of its
common shares for $11.8 million and reduced the number of shareholders by
approximately 45%.


THIS MATERIAL CHANGE REPORT INCLUDES CERTAIN "FORWARD-LOOKING STATEMENTS" WITHIN
THE MEANING OF SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934,
AS AMENDED. ALL STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACT, INCLUDED
HEREIN, INCLUDING WITHOUT LIMITATION, STATEMENTS REGARDING KINROSS' UNAUDITED
FINANCIAL RESULTS FOR THE FISCAL YEARS ENDED DECEMBER 31, 2003 AND 2004,
POTENTIAL MINERALIZATION AND RESERVES, EXPLORATION RESULTS AND FUTURE PLANS AND
OBJECTIVES OF KINROSS GOLD CORPORATION, ARE FORWARD-LOOKING STATEMENTS THAT
INVOLVE VARIOUS RISKS AND UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH
STATEMENTS WILL PROVE TO BE ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD
DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENTS. THE RESTATEMENT OF
THE 2003 HISTORICAL FINANCIAL STATEMENTS AND THE PRESENTATION OF THE 2004
FINANCIAL STATEMENTS IS DEPENDANT ON THE OUTCOME OF THE INDEPENDENT AUDIT OF
THOSE FINANCIAL STATEMENTS. OTHER IMPORTANT FACTORS THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY FROM KINROSS' EXPECTATIONS ARE DISCLOSED UNDER THE
HEADING "RISK FACTORS" AND ELSEWHERE IN KINROSS' DOCUMENTS FILED FROM TIME TO
TIME WITH THE TORONTO STOCK EXCHANGE, THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION AND OTHER REGULATORY AUTHORITIES.

                                                                         Page 12

<PAGE>

THE MINERAL RESERVE ESTIMATES DISCLOSED HEREIN HAVE BEEN REVIEWED BY MR. ROD
COOPER, P.ENG, AN OFFICER OF KINROSS, WHO IS A QUALIFIED PERSON UNDER NATIONAL
INSTRUMENT 43-101. REFER TO KINROSS' FEBRUARY 15, 2005 PRESS RELEASE FOR MORE
DETAILS ON THE MINERAL RESERVE ESTIMATES AND UNDERLYING INFORMATION.

- --------------------------------------------------------------------------------






                                                                         Page 13

<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED BALANCE SHEETS
(EXPRESSED IN MILLIONS OF U.S. DOLLARS) (UNAUDITED)
As at December 31

================================================================================ ================
                                                                     2004             2003
- -------------------------------------------------------------------------------- ----------------
ASSETS                                                                              RESTATED
<S>                                                               <C>              <C>
  Current assets
    Cash and cash equivalents                                     $      47.9      $      245.8
    Restricted cash                                                       1.4               5.1
    Short-term investments                                                5.7                 -
    Accounts receivable and other assets                                 40.9              42.2
    Inventories                                                         111.0             109.2
                                                                ---------------- ----------------
                                                                        206.9             402.3
  Property, plant and equipment                                       1,243.8           1,005.5
  Goodwill                                                              330.9             342.4
  Future income and mining taxes                                            -               1.5
  Long-term investments                                                  25.7               2.1
  Deferred charges and other long-term assets                            27.6              35.9
                                                                ---------------- ----------------
                                                                  $   1,834.9      $    1,789.7
                                                                ================ ================
LIABILITIES
  Current liabilities
    Accounts payable and accrued liabilities                      $     143.2      $      101.9
    Current portion of long-term debt                                     6.0              29.4
    Current portion of reclamation and remediation obligations           23.6              19.2
                                                                ---------------- ----------------
                                                                        172.8             150.5
  Long-term debt                                                        116.9               0.7
  Reclamation and remediation obligations                               108.1             111.1
  Future income and mining taxes                                         96.1             126.9
  Other long-term liabilities                                             9.5               6.8
  Redeemable retractable preferred shares                                 2.6               3.0
                                                                ---------------- ----------------
                                                                        506.0             399.0
                                                                ---------------- ----------------
COMMITMENTS AND CONTINGENCIES
                                                                ---------------- ----------------
NON-CONTROLLING INTEREST                                                  0.4               0.7
                                                                ---------------- ----------------
CONVERTIBLE PREFERRED SHARES OF SUBSIDIARY COMPANY                       13.3              12.6
                                                                ---------------- ----------------
COMMON SHAREHOLDERS' EQUITY
  Common share capital and common share purchase warrants             1,777.1           1,783.5
  Contributed surplus                                                    32.6              30.0
  Accumulated deficit                                                  (492.5)           (434.1)
  Cumulative translation adjustments                                     (2.0)             (2.0)
                                                                ---------------- ----------------
                                                                      1,315.2           1,377.4
                                                                ---------------- ----------------
                                                                  $   1,834.9      $    1,789.7
                                                                ================ ================

TOTAL ISSUED AND OUTSTANDING COMMON SHARES (MILLIONS)                   345.1             345.5
================================================================================ ================
</TABLE>

                                                                         Page 14

<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF OPERATIONS
(EXPRESSED IN MILLIONS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
For the years ended December 31

==================================================================================================================
                                                                                 2004          2003          2002
- ----------------------------------------------------------------------- --------------- --------------------------
                                                                                           RESTATED     RESTATED*
<S>                                                                       <C>           <C>           <C>
REVENUE AND OTHER OPERATING INCOME

  Metal sales                                                             $     666.8   $     571.9   $     261.0

OPERATING COSTS AND EXPENSES

  Cost of sales  (excluding depreciation, depletion and amortization)           449.6         387.5         174.1
  Depreciation, depletion and amortization                                      170.1         172.7          85.6
                                                                        --------------- --------------------------
                                                                                 47.1          11.7           1.3
  Exploration and business development                                           20.4          24.3          11.6
  General and administrative                                                     36.4          25.0          11.3
  Impairment charges:
    Goodwill                                                                     12.4         400.1             -
    Property, plant and equipment                                                46.1          14.7             -
    Investments                                                                   1.4           1.9           0.2
  Gain on disposal of assets                                                     (1.7)        (29.5)         (2.7)
                                                                        --------------- --------------------------
OPERATING LOSS                                                                  (67.9)       (424.8)        (19.1)

  Other income - net                                                             3.7          11.1           4.9
                                                                        --------------- --------------------------
LOSS BEFORE TAXES AND OTHER ITEMS                                               (64.2)       (413.7)        (14.2)

  Income and mining taxes recovery (expense)                                      8.8          (1.3)         (6.5)
  Non-controlling interest                                                        0.3          (0.2)            -
  Share in loss of investee companies                                               -             -          (0.6)
  Dividends on convertible preferred shares of subsidiary                        (0.8)         (0.8)         (1.5)
                                                                        --------------- --------------------------
NET LOSS                                                                  $     (55.9)  $    (416.0)  $     (22.8)
                                                                        =============== ==========================

ATTRIBUTABLE TO COMMON SHAREHOLDERS:

  Net loss                                                                $     (55.9)  $    (416.0)  $     (22.8)
  Increase in equity component of convertible debentures                            -          (6.5)         (7.3)
  Gain on redemption of equity component of convertible debentures                  -          16.5             -
                                                                        --------------- --------------------------
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS                              $     (55.9)  $    (406.0)  $     (30.1)
                                                                        =============== ==========================

LOSS PER SHARE

  Basic and diluted                                                       $     (0.16)  $     (1.32)  $     (0.25)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (MILLIONS)

  Basic and diluted                                                             346.0         308.6         119.7
==================================================================================================================
*Revised to show the retroactive application of CICA Section 5110 "Asset Retirement Obligations".


                                                                                                            Page 15
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF CASH FLOWS
(EXPRESSED IN MILLIONS OF U.S. DOLLARS) (UNAUDITED)
For the years ended December 31

============================================================================================ ===============================
                                                                                    2004           2003           2002
- -------------------------------------------------------------------------------------------- -------------------------------
                                                                                                 RESTATED       RESTATED*
<S>                                                                            <C>            <C>             <C>
NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES:
OPERATING:
Net loss                                                                       $      (55.9)  $      (416.0)  $      (22.8)
Items not affecting cash:
  Depreciation, depletion and amortization                                            170.1           172.7           85.6
  Impairment charges                                                                   59.9           416.7            0.2
  Gain on disposal of assets                                                           (1.7)          (29.5)          (2.7)
  Future income and mining taxes                                                      (26.1)          (15.0)             -
  Deferred revenue recognized                                                          (6.3)           (2.3)          (5.1)
  Other                                                                                (7.2)            5.8            3.3
  Changes in operating assets and liabilities:
    Accounts receivable and other assets                                                4.2            (1.7)          (1.6)
    Inventories                                                                       (19.4)          (11.3)           2.4
    Accounts payable and accrued liabilities                                           43.6           (29.9)          (2.6)
                                                                              --------------- ------------------------------
CASH FLOW PROVIDED FROM OPERATING ACTIVITIES                                          161.2            89.5           56.7
                                                                              --------------- ------------------------------
INVESTING:

  Additions to property, plant and equipment                                         (169.5)          (73.4)         (22.6)
  Business acquisitions, net of cash acquired                                        (261.2)          (81.9)          (0.1)
  Proceeds on sale of marketable securities                                             0.7             4.6            2.8
  Long-term investments and other assets                                              (11.8)           57.2            1.8
  Proceeds from the sale of property, plant and equipment                               1.5             5.9            1.3
  Additions to short-term investments                                                  (5.7)              -              -
  Decrease (increase) in restricted cash                                                3.7            37.5          (21.1)
                                                                              --------------- ------------------------------
CASH FLOW USED IN INVESTING ACTIVITIES                                               (442.3)          (50.1)         (37.9)
                                                                              --------------- ------------------------------
FINANCING:

  (Repurchase) issuance of common shares and common share purchase warrants            (8.7)          187.9          112.8
  Redemption of convertible debentures                                                    -          (144.8)             -
  Acquisition of convertible preferred shares of subsidiary company                       -            (0.3)         (11.4)
  Reduction of debt component of convertible debentures                                   -            (4.2)          (5.1)
  Debt issue costs                                                                     (1.4)              -              -
  Proceeds from issuance of debt                                                      119.5               -              -
  Repayment of debt                                                                   (26.8)          (10.5)         (28.5)
                                                                              --------------- ------------------------------
CASH FLOW PROVIDED FROM FINANCING ACTIVITIES                                           82.6            28.1           67.8
                                                                              --------------- ------------------------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH                                                 0.6             7.7            3.0
                                                                              --------------- ------------------------------
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                                     (197.9)           75.2           89.6
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR                                          245.8           170.6           81.0
                                                                              --------------- ------------------------------
CASH AND CASH EQUIVALENTS, END OF YEAR                                         $       47.9   $       245.8   $      170.6
============================================================================================================================

*Revised to show the retroactive application of CICA Section 5110 "Asset Retirement Obligations".

                                                                                                                      Page 16
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY
(EXPRESSED IN MILLIONS OF U.S. DOLLARS) (UNAUDITED)
For the years ended December 31

============================================================================= ==============================
                                                                   2004            2003           2002
- ----------------------------------------------------------------------------- ------------------------------
                                                                                 RESTATED       RESTATED*
<S>                                                             <C>            <C>            <C>
COMMON SHARES
  Balance at the beginning of the year                          $    1,783.5   $    1,058.5   $      945.7
    Common shares issued                                                   -          145.9          102.2
    Common shares issued for acquisitions                                  -        1,334.0              -
    Fair value of common share warrants                                    -              -            9.4
    Expiry of TVX and Echo Bay options and warrants                     (1.1)          (0.6)             -
    Reduction of legal stated capital                                      -         (761.4)             -
    Common shares issued for stock-based awards                          5.9            7.1            1.2
    Conversion of redeemable retractable preferred shares                0.6              -              -
    Repurchase of common shares                                        (11.8)             -              -
- ----------------------------------------------------------------------------- ------------------------------
  Balance at the end of the year                                $    1,777.1   $    1,783.5   $    1,058.5
- ----------------------------------------------------------------------------- ------------------------------

CONTRIBUTED SURPLUS
  Balance at the beginning of the year                          $       30.0   $       12.9   $       12.9
    Transfer of fair value of expired warrants                           1.1            0.6              -
    Transfer of fair value of exercised options                         (1.5)             -              -
    Redemption of convertible debentures                                   -           16.5              -
    Stock option compensation                                            1.8              -              -
    Adoption of new accounting standards                                 2.5              -              -
    Redemption on share consolidation                                   (1.3)             -              -
- ----------------------------------------------------------------------------- ------------------------------
  Balance at the end of the year                                $       32.6   $       30.0   $       12.9
- ----------------------------------------------------------------------------- ------------------------------

EQUITY COMPONENT OF CONVERTIBLE DEBENTURES
  Balance at the beginning of the year                          $          -   $      132.3   $      124.8
    Increase in equity component of convertible debentures                 -            6.7            7.5
    Redemption of convertible debentures                                   -         (139.0)             -
- ----------------------------------------------------------------------------- ------------------------------
  Balance at the end of the year                                $          -   $          -   $      132.3
- ----------------------------------------------------------------------------- ------------------------------

ACCUMULATED DEFICIT
  Balance at the beginning of the year                          $     (434.1)  $     (773.0)  $     (723.2)
    Adoption of new accounting standards                                (2.5)             -          (19.7)
    Reduction of legal stated capital                                      -          761.4              -
    Net loss                                                           (55.9)        (416.0)         (22.8)
    Increase in equity component of convertible debentures                 -           (6.5)          (7.3)
- ----------------------------------------------------------------------------- ------------------------------
  Balance at the end of the year                                $     (492.5)  $     (434.1)  $     (773.0)
- ----------------------------------------------------------------------------- ------------------------------

CUMULATIVE TRANSLATION ADJUSTMENTS
  Balance at the beginning of the year                          $       (2.0)  $      (23.4)  $      (28.6)
    Translation of self sustaining operations                              -           21.4            5.2
- ----------------------------------------------------------------------------- ------------------------------
  Balance at the end of the year                                $       (2.0)  $       (2.0)  $      (23.4)
- ----------------------------------------------------------------------------- ------------------------------
- ----------------------------------------------------------------------------- ------------------------------
TOTAL SHAREHOLDERS' EQUITY                                      $    1,315.2   $    1,377.4   $      407.3
============================================================================= ==============================
*Revised to show the retroactive application of CICA Section 5110 "Asset Retirement Obligations".

                                                                                                      Page 17
</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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