XML 55 R25.htm IDEA: XBRL DOCUMENT
v3.24.1

SEGMENTED INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 2023
SEGMENTED INFORMATION |
SEGMENTED INFORMATION |
18. | SEGMENTED INFORMATION
The Company operates primarily in the gold mining industry and its major product is gold. Its activities include gold production, acquisition, exploration and development of gold properties. The Company’s primary mining operations are in Canada, the United States, Brazil, Chile, and Mauritania. The reportable segments are those operations whose operating results are reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance provided those operations pass certain quantitative thresholds. Operations whose revenues, earnings or losses or assets exceed 10% of the total consolidated revenue, earnings or losses or assets are reportable segments. In order to determine reportable operating segments, management reviews various factors, including geographical location and managerial structure. It was determined by management that a reportable operating segment generally consists of an individual mining property managed by a single general manager and management team. On June 15, 2022, the Company announced that it had completed the sale of its Russian operations, and on August 10, 2022, the Company announced it had completed the sale of its Chirano operations. Accordingly, the Kupol segment, which included the Kupol and Dvoinoye mines, and the Chirano segment were classified as discontinued operations and no longer considered reportable segments. See Note 6ii and 6iii. The Corporate and other segment includes corporate, shutdown and other non-operating assets (including Kettle River-Buckhorn, Lobo-Marte, Manh Choh, and Maricunga) and non-mining and other operations. Finance income, finance expense, and other income - net are managed on a consolidated basis and are not allocated to operating segments.
i. | Operating segments
The following tables set forth operating results by reportable segment for the following years: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating segments | ​ | Non-operating segments(a) | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Round | ​ | Bald | ​ | ​ | ​ | Corporate and | ​ | ​ | ​
Year ended December 31, 2023: |  | Tasiast |  | Paracatu |  | La Coipa |  | Fort Knox |  | Mountain |  | Mountain |  | Great Bear |  | other(b),(c) |  | Total
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Metal sales | ​ | $ | 1,200.8 |  | 1,149.6 | ​ | 522.6 |  | 557.9 |  | 454.4 |  | 349.6 |  | — |  | 4.8 | ​ | $ | 4,239.7
Cost of sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production cost of sales | ​ |  | 406.8 |  | 538.6 |  | 182.8 |  | 343.5 |  | 357.7 |  | 223.5 |  | — |  | 1.5 | ​ |  | 2,054.4
Depreciation, depletion and amortization | ​ |  | 244.4 |  | 186.6 |  | 187.8 |  | 96.8 |  | 157.2 |  | 107.8 |  | 0.5 |  | 5.7 | ​ |  | 986.8
Impairment charges and asset derecognition | ​ | ​ | — | ​ | — | ​ | — | ​ | 38.9 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | ​ | 38.9
Total cost of sales | ​ |  | 651.2 |  | 725.2 |  | 370.6 |  | 479.2 |  | 514.9 |  | 331.3 |  | 0.5 |  | 7.2 | ​ |  | 3,080.1
Gross profit (loss) | ​ | $ | 549.6 |  | 424.4 |  | 152.0 |  | 78.7 |  | (60.5) |  | 18.3 |  | (0.5) |  | (2.4) | ​ | $ | 1,159.6
Other operating expense | ​ |  | (3.9) |  | 11.3 |  | (8.2) |  | 0.8 |  | 4.1 |  | 1.2 |  | 0.3 |  | 58.9 | ​ |  | 64.5
Exploration and business development | ​ |  | 3.9 |  | 5.6 |  | 13.0 |  | 10.4 |  | 35.7 |  | 3.2 |  | 49.1 |  | 64.1 | ​ |  | 185.0
General and administrative | ​ |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 108.7 | ​ |  | 108.7
Operating earnings (loss) | ​ | $ | 549.6 |  | 407.5 |  | 147.2 |  | 67.5 |  | (100.3) |  | 13.9 |  | (49.9) |  | (234.1) | ​ | $ | 801.4
Other expense - net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (27.3)
Finance income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 40.5
Finance expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (106.0)
Earnings from continuing operations before tax | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 708.6
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures for the year ended December 31, 2023(e) | ​ | $ | 375.8 | ​ | 182.3 | ​ | 87.6 | ​ | 258.1 | ​ | 31.1 | ​ | 141.1 | ​ | 92.7 | ​ | 164.2 | ​ | $ | 1,332.9
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating segments | ​ | Non-operating segments(a) | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Round | ​ | Bald | ​ | ​ | ​ | Corporate and | ​ | ​ | ​
Year ended December 31, 2022: |  | Tasiast |  | Paracatu |  | La Coipa |  | Fort Knox |  | Mountain |  | Mountain |  | Great Bear |  | other(b),(c) |  | Total
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Metal sales | ​ | $ | 935.0 |  | 1,021.5 |  | 177.9 |  | 521.7 |  | 407.3 |  | 386.0 |  | — |  | 5.7 | ​ | $ | 3,455.1
Cost of sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production cost of sales | ​ |  | 380.1 |  | 497.6 |  | 57.2 |  | 350.7 |  | 309.2 |  | 208.8 |  | — |  | 2.1 | ​ |  | 1,805.7
Depreciation, depletion and amortization | ​ |  | 220.2 |  | 185.5 |  | 25.6 |  | 109.7 |  | 60.5 |  | 176.0 |  | 0.1 |  | 6.4 | ​ |  | 784.0
Impairment charges | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 350.0 | ​ | — | ​ | — | ​ | — | ​ | ​ | 350.0
Total cost of sales | ​ |  | 600.3 |  | 683.1 |  | 82.8 |  | 460.4 |  | 719.7 |  | 384.8 |  | 0.1 |  | 8.5 | ​ |  | 2,939.7
Gross profit (loss) | ​ | $ | 334.7 |  | 338.4 |  | 95.1 |  | 61.3 |  | (312.4) |  | 1.2 |  | (0.1) |  | (2.8) | ​ | $ | 515.4
Other operating (income) expense | ​ |  | 30.3 |  | 5.6 |  | 7.7 |  | (3.1) |  | 5.2 |  | 2.0 |  | 1.5 |  | 64.6 | ​ |  | 113.8
Exploration and business development | ​ |  | 4.9 |  | 1.9 |  | 5.6 |  | 5.5 |  | 10.0 |  | 4.8 |  | 60.1 |  | 61.3 | ​ |  | 154.1
General and administrative | ​ |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 129.8 | ​ |  | 129.8
Operating earnings (loss) | ​ | $ | 299.5 |  | 330.9 |  | 81.8 |  | 58.9 |  | (327.6) |  | (5.6) |  | (61.7) |  | (258.5) | ​ | $ | 117.7
Other income - net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 64.4
Finance income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 18.3
Finance expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (93.7)
Earnings from continuing operations before tax | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 106.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures for the year ended December 31, 2022(d) | ​ | $ | 161.9 | ​ | 132.6 | ​ | 162.0 | ​ | 92.3 | ​ | 109.6 | ​ | 100.8 | ​ | 29.2 | ​ | 44.4 | ​ | $ | 832.8
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating segments | ​ | Non-operating segments(a) | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fort | ​ | Round | ​ | Bald | ​ | ​ | ​ | Corporate and | ​ | ​ | ​
​ |  | Tasiast |  | Paracatu |  | La Coipa |  | Knox |  | Mountain |  | Mountain |  | Great Bear |  | other(b),(c) |  | Total
Property, plant and equipment at: |  | ​ |  |  |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​ |
December 31, 2023 | ​ | $ | 2,325.4 |  | 1,653.3 |  | 379.1 |  | 566.2 |  | 383.9 |  | 347.2 |  | 1,491.1 |  | 817.0 |  | $ | 7,963.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets at: | ​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​
December 31, 2023 | ​ | $ | 3,081.6 |  | 1,972.8 |  | 519.7 |  | 932.0 |  | 731.1 |  | 513.0 |  | 1,498.4 |  | 1,294.7 |  | $ | 10,543.3
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating segments | ​ | Non-operating segments(a) | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and | ​ | ​ | ​
​ |  | Tasiast |  | Paracatu |  | La Coipa |  | Fort Knox |  | Round Mountain |  | Bald Mountain |  | Great Bear |  | other(b),(c) |  | ​ | Total
Property, plant and equipment at: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 | ​ | $ | 2,269.2 |  | 1,623.1 |  | 487.5 |  | 424.1 |  | 588.7 |  | 305.8 |  | 1,397.1 |  | 645.9 |  | $ | 7,741.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets at: | ​ | ​ | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​
December 31, 2022 | ​ | $ | 2,972.7 |  | 1,973.8 |  | 636.7 |  | 826.1 |  | 827.1 |  | 500.0 |  | 1,401.4 |  | 1,258.6 |  | $ | 10,396.4
​
(a) | Non-operating segments include development and pre-development properties.
(b) | Corporate and other includes corporate, shutdown and other non-operating assets (including Kettle River-Buckhorn, Lobo-Marte, Manh Choh, and Maricunga).
(c) | Corporate and other includes metal sales and operating income (loss) of Maricunga of $4.8 million and $0.4 million, respectively, for the year ended December 31, 2023 ($5.7 million and $(40.0) million, respectively, for the year ended December 31, 2022). Maricunga continues to sell its remaining finished metals inventories after transitioning all processing activities to care and maintenance in 2019. Maricunga’s operating loss includes net reclamation recovery (expense) of $29.1 million for the year ended December 31, 2023 ($(26.8) million for the year ended December 31, 2022).
(d) | Segment capital expenditures are presented on an accrual basis and include capitalized interest. Additions to property, plant and equipment in the consolidated statements of cash flows are presented on a cash basis.
ii. | Geographic segments
The following tables show metal sales from continuing operations and property, plant and equipment by geographic region: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Metal Sales
​ | ​ | As at December 31,
​ |  | 2023 |  | 2022
Geographic information(a) | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 1,361.9 | ​ | $ | 1,315.0
Mauritania | ​ |  | 1,200.8 | ​ |  | 1,021.5
Brazil | ​ |  | 1,149.6 | ​ |  | 935.0
Chile | ​ |  | 527.4 | ​ |  | 183.6
Total | ​ | $ | 4,239.7 | ​ | $ | 3,455.1
​
(a) | Geographic location is determined based on location of the mining assets.
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Property, Plant and Equipment
​ | ​ | As at December 31,
​ | ​ | 2023 | ​ | 2022
Geographic information(a) |  | ​ |  |  | ​ |
Mauritania | ​ | $ | 2,335.1 | ​ | $ | 2,280.6
United States | ​ |  | 1,668.6 | ​ |  | 1,629.4
Brazil | ​ |  | 1,658.8 | ​ |  | 1,518.6
Canada | ​ |  | 1,495.9 | ​ |  | 1,402.5
Chile | ​ |  | 804.8 | ​ |  | 910.3
Total | ​ | $ | 7,963.2 | ​ | $ | 7,741.4
​
(a) | Geographic location is determined based on location of the mining assets.
​
iii. | Significant customers
The following tables represent sales to individual customers exceeding 10% of annual metal sales from continuing operations for the following periods: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Round | ​ | Bald | ​ | Corporate and | ​ | ​ | ​ |
Year ended December 31, 2023: |  | Tasiast |  | Paracatu |  | La Coipa |  | Fort Knox | ​ | Mountain |  | Mountain |  | other(a) |  | Total |
Customer | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
1 | ​ | $ | 353.9 |  | 85.9 |  | 24.8 |  | 43.7 |  | 46.8 |  | 38.6 |  | ​ | 1.1 | ​ | ​ | 594.8 | ​
2 | ​ |  | 155.2 |  | 163.2 |  | 27.7 |  | 100.3 |  | 66.8 |  | 80.2 |  | ​ | 0.5 | ​ |  | 593.9 | ​
3 | ​ |  | 203.1 |  | 96.6 |  | 100.9 |  | 66.9 |  | 37.3 |  | 39.3 |  | ​ | 1.1 | ​ |  | 545.2 | ​
4 | ​ | ​ | — | ​ | 134.5 | ​ | 132.0 | ​ | 64.2 | ​ | 65.8 | ​ | 60.2 | ​ | ​ | 0.3 | ​ | ​ | 457.0 | ​
5 | ​ | ​ | 249.5 | ​ | 77.4 | ​ | 12.1 | ​ | 39.5 | ​ | 60.3 | ​ | 14.2 | ​ | ​ | — | ​ | ​ | 453.0 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,643.9 | ​
% of total metal sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 62.4 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Round | ​ | Bald | ​ | Corporate and | ​ | ​ | ​ | ​
Year ended December 31, 2022: |  | Tasiast |  | Paracatu |  | La Coipa |  | Fort Knox |  | Mountain |  | Mountain |  | other(a) |  | Total | ​
Customer | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
1 | ​ | $ | — |  | 243.6 |  | 48.9 |  | 41.0 |  | 108.1 |  | 91.7 |  | ​ | 1.6 | ​ | ​ | 534.9 | ​
2 | ​ |  | 211.1 |  | 150.6 |  | 18.7 |  | 43.5 |  | 55.5 |  | 41.8 |  |  | 0.6 | ​ |  | 521.8 | ​
3 | ​ |  | 293.2 |  | 60.6 |  | 2.3 |  | 35.9 |  | 20.5 |  | 30.3 |  |  | 0.6 | ​ |  | 443.4 | ​
4 | ​ | ​ | 112.5 | ​ | 117.9 | ​ | 36.4 | ​ | 95.5 | ​ | 17.3 | ​ | 32.0 | ​ | ​ | — | ​ | ​ | 411.6 | ​
5 | ​ | ​ | 196.3 | ​ | 64.8 | ​ | 44.1 | ​ | 48.7 | ​ | 31.0 | ​ | 15.8 | ​ | ​ | 0.6 | ​ | ​ | 401.3 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,313.0 | ​
% of total metal sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 66.9 | %
​
(a) | The Corporate and other segment includes metal sales for Maricunga for the year ended December 31, 2023 and 2022.
​ The Company is not economically dependent on a limited number of customers for the sale of its product as gold can be sold through numerous commodity market traders worldwide.

X
- Definition The entire disclosure for operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 8 -IssueDate 2023-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IFRS08_g20-24_TI -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition N\a. + References No definition available. + Details
Name: | kgc_DisclosureOfSegmentsReportingAbstract
Namespace Prefix: | kgc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration