ebear, i'm a little slow on the uptake. does this mean that the 15 million shares given to kinross, and any other shares that kinross may own (not including those tendered) do not count toward the 90% threshold,

That's correct. The 90% cannot include shares held by the acquirer. So, subtract the number of shares Kinross owns from the total of undiluted shares, and if 90% of what remains are tendered, the next step is compulsory acquisition.

or is the salient point the last line - that regardless of the method chosen, non-accepting shareholders are entitled to demand payment of "fair value" for their shares, as determined by a court? or does that only apply if the compulsory acquistion provision can't be used?

It only applies where compulsory acquisition can't be used and some other method is effected. But in either case, fair value is not less than the value of the offer.

ebear