Indaba: Kinross Gold’s Tasiast a pillar in shareholder returns, CEO says

Kinross Gold (TSX: K; NYSE: KGC) depends on its Tasiast mine in Mauritania for a quarter of its yellow metal output that helps return “meaningful capital” to shareholders through dividends and buybacks, CEO J. Paul Rollinson told delegates at Mining Indaba.

The Toronto-based miner produces about 2 million oz. of gold annually from six mines, with roughly two-thirds of output coming from Paracatu in Brazil, Tasiast in Mauritania and La Coipa in Chile. Strong operational performance and record cash flow in 2025 have allowed the company to both invest in growth and enhance shareholder returns, the CEO said.

“Our robust cash flow, driven by that operational excellence, has supported our capital allocation strategy,” Rollinson said. “In accordance with our commitment to enhancing shareholder value, we’ve been returning meaningful capital back to shareholders through both dividends and buybacks.”

Kinross, which by market capitalization in early 2026 ranks among the top five Canada-domiciled gold producers, has returned about $515 million to shareholders so far this year through dividends and share buybacks.  It is also targeting roughly $750 million in total capital returns for 2025, supported by record cash flow.

Company shares gained about 5% to C$46.02 on Monday in Toronto, valuing the company at C$55.5 billion. The stock has traded in a 12-month range of C$14.89 to C$53.57.

On budget

Since acquiring Tasiast in 2010, Kinross has produced more than 5 million oz. from the Mauritanian mine and invested over $4 billion expanding capacity to 24,000 tonnes per day from 8,000 tonnes per day, with each expansion delivered on time and on budget, Rollinson said.

Tasiast produced about 500,000 oz. last year, representing about a quarter of the company’s production and its lowest cost operation, at a cost of sales guidance of $860 per oz., he said.

Over 15 years, Kinross has expanded Tasiast’s mill capacity from 8,000 tonnes per day to 12,000, then 21,000, and ultimately 24,000 tonnes per day, with each expansion delivered on time and on budget, Rollinson said. The staged growth has transformed Tasiast into one of the company’s cornerstone assets, generating high-margin ounces that underpin group free cash flow.

The high-margin output has generated substantial free cash flow and supported fiscal contributions to Mauritania, including more than $1.4 billion in taxes and royalties since 2010. In 2025 alone, Tasiast contributed more than $100 million in royalties and about $90 million in corporate taxes, Rollinson said.

Strong ties

With 4.7 million oz. of proven and probable reserves, Tasiast is expected to remain a top-tier asset into the next decade. The 2006 mining convention between Kinross and the government, led by President Mohamed Ould Ghazouani since 2019, has provided predictability for long-term investment.

“We see Mauritania as a stable country of opportunity with enormous unrealized potential,” he said.  “I’ve had the privilege of building a strong and candid relationship with the president and his team, and I can personally attest to his commitment to support mining investments for the benefit of the Mauritanian people.”

Tasiast is also the largest private sector employer and taxpayer in Mauritania, with more than 4,000 direct and indirect employees, about 98% of whom are Mauritanian nationals. Since 2010 the company has spent $3.1 billion on local procurement and invested over $22 million in community projects. A Tasiast Fund established in 2024 allocates $6 per oz. produced to sustainable social investment projects in surrounding regions.

Mauritania’s mining sector accounted for 19% of GDP and a quarter of government revenues in 2024, underscoring the sector’s national importance.

Solar plant

Beyond production, Kinross has integrated other sustainability initiatives, including a 34-megawatt solar plant commissioned in 2023 that supplies about 20% of Tasiast’s power needs and has cut fuel consumption by more than 20 million litres since 2024.

The company remains focused on maintaining strong performance to meet market commitments for this year and beyond, Rollinson said, while advancing its pipeline of development projects and exploration opportunities.

Those include the Great Bear project in Ontario, the Manh Choh project in Alaska and longer-term assets such as Lobo-Marte in Chile.

“Our business is in excellent shape and is delivering both operationally and financially,” he said. “Our portfolio of assets and balance sheet are in great shape.”