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* Eyeing assets in Americas, Russia, and Ghana

* Company will stay out of China

* Paracatu mine output seen at 420,000 oz in 2010
(In U.S. dollars, unless noted)

TORONTO, Dec 1 (Reuters) – Kinross Gold (K.TO) could seek
to buy assets in North and South America, Russia and Ghana,
Chief Executive Tye Burt said on Tuesday, but it will stay out
of riskier countries such as China, which is currently the
world’s top gold producer.

“There are a few countries that are a no go,” Burt said at
an investment conference in New York.

“Venezuela, China, Indonesia, PNG (Papua New Guinea),
countries where we see too much political risk, too much
security risk.”

Instead, Toronto-based Kinross will continue to build on
its operations spread throughout the Americas, and around its
Kupol mine in eastern Russia.

Canada’s Eldorado Gold (ELD.TO) will soon become the top
foreign gold miner in China when it completes its agreed
takeover of Australia’s Sino Gold (SGX.AX).

Burt also singled out Ghana as a country he would like to
operate in.

“Canada and the U.S. are very high on our radar screen, but
valuations today in this frothy market make it difficult to
find something that’s accretive,” he said.

Speaking on a day when gold prices topped $1,200 an ounce
for the first time, Burt said declining global gold production
and a weakening U.S. dollar are setting up a “perfect storm”
for gold prices.

“Producers are going to have to struggle to find new
acquisitions, new ounces, and to go to new geographies,” he
said, pointing out that gold production peaked in 2001 and has
been declining ever since.

Gold producers, meanwhile, have been trumpeting the
industry’s declining production profile as a reason for
optimism on the price.

Kinross has increased its output steadily over the past few
years, but was forced earlier this year to reduce its 2009
production forecast — it now sees output of 2.2 million gold
equivalent ounces — due in part to problems ramping up its
expanded Paracatu mine in Brazil.

Burt said the mine, which had been expected to be running
full tilt about now, should produce at a reduced rate of around
420,000 ounces next year.

The company expects to release its 2010 production
forecasts in January.  Continued…