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CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables)

12 Months Ended

Dec. 31, 2020

CONSOLIDATED FINANCIAL STATEMENT DETAILS

Schedule of cash and cash equivalents

		December 31,			December 31,
		2020			2019
Cash on hand and balances with banks		$	562.0		$	305.6
Short-term deposits			648.9			269.5
		$	1,210.9		$	575.1

Schedule of restricted cash

		December 31,			December 31,
		2020			2019
Restricted cash (a)		$	13.7		$	15.2

(a) Restricted cash relates to loan escrow judicial deposits and environmental indemnity deposits.

Schedule of accounts receivable and other assets

		December 31,			December 31,
		2020			2019
Trade receivables		$	8.1		$	6.9
Prepaid expenses			21.6			25.2
VAT receivable			46.6			69.6
Deposits			28.9			10.5
Unrealized fair value of derivative assets(a)			6.5			7.2
Other			10.6			18.0
		$	122.3		$	137.4

(a) See Note 10 for details of the current portion of unrealized fair value of derivative assets.

Schedule of inventories

		December 31,			December 31,
		2020			2019
Ore in stockpiles (a)		$	277.4		$	300.3
Ore on leach pads (b)			498.8			384.7
In-process			108.0			99.2
Finished metal			50.3			52.3
Materials and supplies			448.2			520.6
			1,382.7			1,357.1
Long-term portion of ore in stockpiles and ore on leach pads (a),(b)			(309.8)			(303.3)
		$	1,072.9		$	1,053.8

(a) Ore in stockpiles relates to the Company’s operating mines. Low-grade material not scheduled for processing within the next 12 months is included in other long-term assets.  See Note 7viii.

(b) Ore on leach pads relates to the Company's Tasiast, Fort Knox, Round Mountain and Bald Mountain mines. Based on current mine plans, the Company expects to place the last tonne of ore on its leach pads at Bald Mountain in 2023, Round Mountain in 2026 and Fort Knox in 2028. The last tonne of ore was placed on the Tasiast leach pads during 2020. Material not scheduled for processing within the next 12 months is included in other long-term assets. See Note 7viii.

Schedule of property, plant and equipment

					Mineral Interests
					Development and
			Land, plant and		operating			Pre - development
		equipment(a)			properties(b)			properties			Total
Cost
Balance at January 1, 2020		$	9,715.0		$	9,540.6		$	13.4		$	19,269.0
Additions			535.5			539.9			15.5			1,090.9
Acquisitions (c)			8.2			15.4			441.8			465.4
Capitalized interest			22.8			25.5			0.8			49.1
Disposals			(82.9)			—			(0.1)			(83.0)
Other			(8.6)			14.8			(6.1)			0.1
Balance at December 31, 2020			10,190.0			10,136.2			465.3			20,791.5
Accumulated depreciation, depletion, amortization and reversals of impairment charges
Balance at January 1, 2020		$	(6,114.1)		$	(6,814.9)		$	—		$	(12,929.0)
Depreciation, depletion and amortization			(589.9)			(380.3)			—			(970.2)
Reversals of impairment charges (d)			160.5			528.5			—			689.0
Disposals			73.8			—			—			73.8
Other			(1.6)			—			—			(1.6)
Balance at December 31, 2020			(6,471.3)			(6,666.7)			—			(13,138.0)
Net book value		$	3,718.7		$	3,469.5		$	465.3		$	7,653.5
Amount included above as at December 31, 2020:
Assets under construction		$	540.8		$	189.1		$	19.1		$	749.0
Assets not being depreciated (e)		$	769.9		$	607.0		$	465.3		$	1,842.2

(a) Additions includes $38.2 million of right-of-use assets for lease arrangements entered into during the year ended December 31, 2020. Depreciation, depletion and amortization includes depreciation for leased right-of-use assets of $16.1 million during the year ended December 31, 2020. The net book value of property, plant and equipment includes leased right-of use assets with an aggregate net book value of $76.2 million as at December 31, 2020.

(b) At December 31, 2020, the significant development and operating properties are Fort Knox, Round Mountain, Bald Mountain, Paracatu, Kupol, Tasiast, Chirano, La Coipa, and Lobo-Marte.

(c) During the year ended December 31, 2020, the Company acquired the Chulbatkan license area and a 70% interest in the Peak development project, with both respective mineral interests classified in pre-development properties. See Note 6.

(d) At December 31, 2020, impairment reversals of property, plant and equipment were recorded at Tasiast, Chirano, and Lobo-Marte. At June 30, 2020, an impairment reversal was recorded at Lobo-Marte, entirely related to property, plant and equipment. See Note 8.

(e) Assets not being depreciated relate to land, capitalized E&E costs, assets under construction, which relate to expansion projects, and other assets that are in various stages of being readied for use.

					Mineral Interests
					Development and
		Land, plant and			operating			Pre - development
		equipment(a)			properties(b)			properties			Total
Cost
Balance at January 1, 2019		$	9,184.2		$	8,816.6		$	13.4		$	18,014.2
Additions			607.5			666.5			—			1,274.0
Capitalized interest			14.7			32.7			—			47.4
Disposals			(69.9)			—			—			(69.9)
Other			(21.5)			24.8			—			3.3
Balance at December 31, 2019			9,715.0			9,540.6			13.4			19,269.0
Accumulated depreciation, depletion, amortization and reversal of impairment charges
Balance at January 1, 2019		$	(5,702.1)		$	(6,793.0)		$	—		$	(12,495.1)
Depreciation, depletion and amortization			(572.9)			(280.6)			—			(853.5)
Reversals of impairment charges(c)			102.4			259.4			—			361.8
Disposals			60.5			—			—			60.5
Other			(2.0)			(0.7)			—			(2.7)
Balance at December 31, 2019			(6,114.1)			(6,814.9)			—			(12,929.0)
Net book value		$	3,600.9		$	2,725.7		$	13.4		$	6,340.0
Amount included above as at December 31, 2019:
Assets under construction		$	308.8		$	438.2		$	—		$	747.0
Assets not being depreciated (d)		$	538.3		$	735.9		$	13.4		$	1,287.6

(a) Additions includes $42.9 million of transitional adjustments for the recognition of leased right-of-use assets upon the Company’s adoption of IFRS 16 on January 1, 2019, as well as $22.7 million of right-of-use assets for lease arrangements entered into during the year ended December 31, 2019. Depreciation, depletion and amortization includes depreciation for leased right-of-use assets of $11.5 million during the year ended December 31, 2019. The net book value of property, plant and equipment includes leased right-of-use assets with an aggregate net book value of $54.1 million as at December 31, 2019.

(b) At December 31, 2019, the significant development and operating properties were Fort Knox, Round Mountain, Bald Mountain, Paracatu, Kupol, Tasiast, Chirano, La Coipa and Lobo-Marte.

(c) At December 31, 2019, impairment reversals were recorded at Paracatu and Tasiast, entirely related to property, plant and equipment. See Note 8.

(d) Assets not being depreciated relate to land, capitalized E&E costs, assets under construction, which relate to expansion projects, and other assets that are in various stages of being readied for use.

Schedule of long-term investments

		December 31, 2020						December 31, 2019
					Gains (losses) in						Gains (losses) in
		Fair value			AOCI(a)			Fair value			AOCI(a)
Investments in an accumulated gain position		$	80.9		$	18.2		$	79.8		$	10.3
Investments in an accumulated loss position			32.1			(47.0)			46.4			(36.5)
Net realized gains (losses)			—			2.9			—			—
		$	113.0		$	(25.9)		$	126.2		$	(26.2)

(a) See the consolidated statements of comprehensive income and Note 7xi for details of changes in fair value recognized in OCI during the years ended December 31, 2020 and 2019.

Schedule of other long-term assets

		December 31,			December 31,
		2020			2019
Long-term portion of ore in stockpiles and ore on leach pads (a)		$	309.8		$	303.3
Deferred charges, net of amortization			6.0			32.5
Long-term receivables			124.1			171.0
Advances for the purchase of capital equipment			9.1			15.1
Restricted cash(b)			25.0			—
Unrealized fair value of derivative assets(c)			10.5			4.5
Other			52.7			46.3
		$	537.2		$	572.7

(a) Long-term portion of ore in stockpiles and ore on leach pads represents low-grade material not scheduled for processing within the next 12 months. As at December 31, 2020, long-term ore in stockpiles was at the Company’s Fort Knox, Kupol, Tasiast and Paracatu mines, and long-term ore on leach pads was at the Company’s Fort Knox and Round Mountain mines.

(b) See Note 12iii for details of the Tasiast loan and cash restricted for future loan payments as at December 31, 2020.

(c) See Note 10 for details of the non-current portion of unrealized fair value of derivative assets.

Schedule of accounts payable and accrued liabilities

		December 31,			December 31,
		2020			2019
Trade payables		$	89.1		$	89.3
Accrued liabilities			242.8			246.7
Employee related accrued liabilities			147.3			133.3
		$	479.2		$	469.3

Schedule of other current liabilities

		December 31,			December 31,
		2020			2019
Current portion of lease liabilities(a)		$	28.4		$	16.0
Current portion of unrealized fair value of derivative liabilities (b)			21.3			4.3
		$	49.7		$	20.3

(a) See Note 13 for details of the current portion of lease liabilities.

(b) See Note 10 for details of the current portion of unrealized fair value of derivative liabilities.

Schedule of accumulated other comprehensive income (loss)

		Long-term			Derivative
		Investments			Contracts			Total
Balance at December 31, 2018		$	(75.2)		$	(23.3)		$	(98.5)
Other comprehensive income before tax			49.3			36.8			86.1
Tax			(0.3)			(7.7)			(8.0)
Balance at December 31, 2019		$	(26.2)		$	5.8		$	(20.4)
Other comprehensive income (loss) before tax			0.3			(5.7)			(5.4)
Tax			—			2.1			2.1
Balance at December 31, 2020		$	(25.9)		$	2.2		$	(23.7)

Schedule of other operating expense

		Years ended December 31,
		2020			2019
Other operating expense		$	186.5		$	108.5
		$	186.5		$	108.5

Schedule of other income - net

		Years ended December 31,
		2020			2019
Net gains on dispositions of assets (a)		$	1.2		$	70.4
Foreign exchange (losses) gains - net			(7.3)			0.6
Net non-hedge derivative gains			1.0			1.4
Equity in (losses) earnings of joint venture (b)			(0.1)			0.1
Other - net(c)			12.6			0.2
		$	7.4		$	72.7

(a) During the year ended December 31, 2019, the Company recognized a gain of  $72.7 million on disposition of a portfolio of precious metals royalties. See Note 6iii.

(b) Represents Kinross’ equity in net (losses) earnings, and other comprehensive income (losses) of which there was $nil for the years ended December 31, 2020 and 2019, of its Puren joint venture investment.

(c) During the year ended December 31, 2020, the Company recognized $10.8 million of insurance recoveries.

Schedule of finance expense

		Years ended December 31,
		2020			2019
Accretion of reclamation and remediation obligations		$	(23.0)		$	(31.0)
Interest expense, including accretion of debt and lease liabilities (a), (b)			(89.6)			(76.9)
		$	(112.6)		$	(107.9)

(a) During the years ended December 31, 2020 and 2019, $49.1 million and $47.4 million, respectively, of interest was capitalized to property, plant and equipment.  See Note 7v.

(b) During the years ended December 31, 2020 and 2019, accretion of lease liabilities was $3.0 million and $2.9 million, respectively.

Schedule of employee benefits expenses

		Years ended December 31,
		2020			2019
Salaries, short-term incentives, and other benefits		$	707.9		$	680.8
Share-based payments			30.7			27.0
Other			16.3			26.4
		$	754.9		$	734.2

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