Kinross Gold Corporation and Bema Gold Corporation announce that binding arbitration has ruled in favour of CMM
Toronto, Ontario - Kinross Gold Corporation (TSX-K; Amex-KGC) and Bema Gold Corporation (TSX-BGO; Amex-BGO), each 50% owners of Compania Minera Maricunga ("CMM"), are pleased to announce that binding arbitration has ruled in favour of CMM on claims against Fluor Daniel Chile Ingenieria y Construccion S.A., Fluor Daniel Corporation, and Fluor Daniel Wright Ltd. ("Fluor") for damages relating to the original construction of the Refugio gold mine in northern Chile. The arbitrator has concluded that Fluor was "grossly negligent" in certain aspects of the construction of the Refugio facilities and has determined a net award in favour of CMM for US$20 million plus interest accumulated from July 1999. In April of 1999 CMM initiated formal arbitration proceedings, against Fluor, to recover costs related to numerous design and construction failures.
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