Kinross Gold Corporation - MRRS Decision
Headnote
Filer is exempt from the requirements containedin subsection 4.2(4) of NI 43-101 that the Filer file, not laterthan 30 days after the date of issuance of a press release,current technical reports in compliance with NI 43-101 relatingto certain mining properties that the Filer has recently acquired,provided that such reports are filed not later than 60 daysafter the issuance of the press release. The engineering reportsprepared in support of the reserve information disclosed inthe press release are in Portuguese and Spanish and are in theprocess of being translated into English.
Rules Cited
National Instrument 43-101 - Standards of Disclosurefor Mineral Projects, subsections 4.2(4) and 9.1(1).
IN THE MATTER OF
THE SECURITIES LEGISLATIONOF
ALBERTA, BRITISH COLUMBIA,MANITOBA,
NEWFOUNDLAND AND LABRADOR,NOVA SCOTIA,
ONTARIO, PRINCE EDWARD ISLAND,QUEBEC AND
SASKATCHEWAN
AND
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEWSYSTEM
FOR EXEMPTIVE RELIEF APPLICATIONS
AND
IN THE MATTER OF
KINROSS GOLD CORPORATION
MRRS DECISION DOCUMENT
WHEREAS the local securities regulatoryauthority or regulator (the "Decision Maker", andcollectively, the "Decision Makers") in each of Alberta,British Columbia, Manitoba, Newfoundland and Labrador, NovaScotia, Ontario, Prince Edward Island, Quebec and Saskatchewan(the "Jurisdictions") has received an application(the "Application") from Kinross Gold Corporation(the "Filer") for a decision under subsection 9.1(1)of National Instrument 43-101 Standards of Disclosure forMineral Projects ("NI 43-101") that the Fileris exempt from the requirements contained in subsection 4.2(4)of NI 43-101 that the Filer file, not later than 30 days afterthe date of issuance of the Press Release (as defined herein),current technical reports in compliance with NI 43-101 (the"Reports") relating to certain mining properties thatthe Filer has recently acquired, provided that such reportsare filed not later than 60 days after the issuance of the PressRelease;
AND WHEREAS under the Mutual RelianceReview System for Exemptive Relief Applications (the "System"),Ontario is the principal jurisdiction for this application;
AND WHEREAS, unless otherwise defined,the terms herein have the meaning set out in National Instrument14-101 Definitions or in Quebec Commission Notice 14-101;
AND WHEREAS the Filer has representedto the Decision Makers that:
1. The Filer is the continuing corporationresulting from a May 1993 amalgamation under the BusinessCorporations Act (Ontario), and further amalgamationson December 31, 1993 and December 29, 2000. The Filer's principalplace of business is located in Toronto, Ontario.
2. The Filer is a reporting issuer in Alberta,British Columbia, Manitoba, New Brunswick, Newfoundland, NovaScotia, Ontario, Prince Edward Island, Quebec and Saskatchewanand the Filer is not in default of the securities laws ofthe Jurisdictions.
3. The authorized capital of the Filer consistsof an unlimited number of common shares and 384,613 redeemableretractable preferred shares, of which 314,494,816 commonshares and 384,613 preferred shares were issued and outstandingas of March 3, 2003. The Filer has also issued convertibledebentures in the aggregate principal amount of $195.6 million.
4. The common shares of the Filer are listedand posted for trading on the Toronto Stock Exchange and theNew York Stock Exchange, and the convertible debentures ofthe Filer are listed and posted for trading on the TorontoStock Exchange.
5. The Filer is engaged in the mining andprocessing of gold and silver ore and in the exploration forand acquisition and development of gold bearing properties,principally in Canada, the United States, Russia, Chile, Brazil,Greece and Zimbabwe.
6. The Filer has acquired (a) by way of planof arrangement (the "Arrangement") completed onJanuary 31, 2003 all of the outstanding common shares of eachof TVX Gold Inc. ("TVX") and Echo Bay Mines Ltd.;and (b) completed the acquisition through TVX of the interestof Newmont Mining Corporation ("Newmont") in theTVX Newmont Americas joint venture that Newmont was engagedin with TVX (these transactions are collectively referredto as the "Transactions").
7. On June 17, 2002, the Filer obtained adecision from the Decision Makers exempting the Filer fromthe technical report requirements of paragraph 4.2(1)3 ofNI 43-101 in connection with the filing of the managementcircular prepared for the shareholders of the Filer in connectionwith the Arrangement.
8. TVX was originally incorporated under thelaws of British Columbia in February 1980, was continued underthe laws of Ontario on October 31, 1984 and was continuedunder the Canada Business Corporations Act on January7, 1991. As part of the Arrangement, TVX was amalgamated witha wholly owned subsidiary of the Filer to continue as TVXGold Inc.
9. TVX was a reporting issuer in all of theprovinces and territories of Canada prior to the Transactions.
10. Upon the completion of the Transactions,the Filer became the indirect owner of interests in variousmining properties, including the interests of TVX and Newmontin three material mining properties to the Filer, namely,the Brasilia property (Brazil), the La Coipa property (Chile)and the Crixás property (Brazil) (collectively referredto as the "New Material Properties").
11. On March 4, 2003, the Filer issued a pressrelease (the "Press Release") which outlined reserveinformation regarding the New Material Properties.
12. Subsection 4.2(4) of NI 43-101 requiresan issuer to file a current Report to support material informationcontained in a press release, describing mineral projectson a property material to the issuer not later than 30 daysafter the disclosure.
13. The engineering reports prepared in supportof the reserve information disclosed in the Press Releaseare in Portuguese and Spanish and are in the process of beingtranslated into the English language.
14. Due to the time delay caused by the requiredtranslation of the engineering reports, the Filer does notanticipate to be able to complete and file the Reports requiredunder NI 43-101 to support the reserve information disclosedregarding the New Material Properties within the 30 day periodrequired by NI 43-101.
AND WHEREAS pursuant to the System, thisMRRS Decision Document evidences the decision of each DecisionMaker (collectively, the "Decision");
AND WHEREAS each of the Decision Makersis satisfied that the test contained in the securities legislationof the Jurisdictions that provides the Decision Maker with thejurisdiction to make the Decision has been met;
THE DECISION of the Decision Makers isthat the Filer is exempt from the requirements contained insubsection 4.2(4) of NI 43-101 that the Filer file, not laterthan 30 days after the date of issuance of the Press Release,current Reports relating to the New Material Properties, providedhowever, that such Reports are filed not later than 60 daysafter the issuance of the Press Release.
April 4, 2003.
"Margo Paul"