Business
Kinross Gold declares dividend and provides guidance to 2023 with growing production
Board approves plan to pay quarterly dividend of $0.03 per share Company expects to increase production by 20% with declining cost trend (This news release
About this update from Kinross Gold Corporation
[{"type":"text","content":" Board approves plan to pay quarterly dividend of $0.03 per share Company expects to increase production by 20% with declining cost trend (This news release contains forward-looking information about expected future events and performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located at the end of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.) TORONTO, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX:K; NYSE:KGC) (“Kinross” or the “Company”) today announced its robust three-year guidance, with production expected to steadily increase by 20% to 2.9 million gold equivalent ounces1 (+/- 5%) in 2023 and an overall downward trend in production cost of sales and capital expenditures to drive strong free cash flow. The Company also announced that its Board of Directors (“Board”) has declared a dividend of $0.03 per common share payable on October 22, 2020 to shareholders of record at the close of business on October 8, 2020. In addition, the Board has approved a plan to pay quarterly dividends of $0.03 per common share, which would amount to $0.12 per common share on an annualized basis, and represents an annualized yield of approximately 1.3% based on a closing share price of $9.35 on September 17, 2020. CEO commentary: J. Paul Rollinson, President and CEO, commented on the dividend and three-year guidance. “With our investment grade balance sheet, strong free cash flow, significant margins and substantial cash position, we are pleased to return capital to our shareholders in the form of a dividend. “We expect to increase our production by approximately half a million gold equivalent ounces, or 20%, to 2.9 million ounces over the next three years, which is indicative of the strength of our global portfolio and our ability to optimize mine plans and find value-enhancing opportunities. We are also studying further organic development options given our attractive pipeline of projects and promising exploration results. “Our growing production profile, combined with our declining cost structure, is expected to drive strong and growing free cash flow. Kinross will continue to prioritize balance sheet strength and disciplined capital allocation as we assess future development opportunities t...