Kinross Chirano pays $5 million dividend to government

Chirano Gold Mines Limited (“CGML” or “Kinross Chirano”), a subsidiary of Kinross Gold Corporation, has declared a dividend for the fiscal year 2018 to its shareholders, following a strong 2018 operational performance.

The Government of Ghana, which has a 10% carried interest in the Company, was paid a $5 million dividend on December 23, 2019.

The payment of the dividend for 2018 was approved by the Board of Directors of Kinross Chirano, which includes a representative from the Government of Ghana, based on financial criteria and operational performance.

The dividend payment demonstrates Chirano’s continued commitment to creating value for its shareholders, including the Government of Ghana.

With a focus on extending mine life, investments in Chirano include resuming open-pit mining, developing existing and new underground operations, and focusing on exploration, which has led to the discovery of additional gold reserves with the potential to extend the life of mine beyond 2021.

In line with the mine’s core value of being an Outstanding Corporate Citizen, it has contributed over $2 billion dollars to the economy of Ghana since 2011, of which $400 million was paid in duties and other taxes, and $32 million paid in royalties. Focusing on local investment, $280 million was spent in the local area and region of which $140 million was on salaries, wages and benefits of our 99% Ghanaian workforce. Chirano has prioritized local procurement, spending over $97 million utilizing the goods and services of Ghanaian contractors with 83% of all purchases made in-country as at September 2019

In addition, the mine has committed to the development of our local communities through the provision of employment, health and educational infrastructure, sanitation services and potable water, benefitting more than 200,000 people.

Chirano Gold Mines will continue to be an outstanding partner in the development and advancement of Ghana.