Business
Kinross Gold reports 2019 fourth-quarter and full-year results
Meets production and cost guidance for eighth consecutive year Tasiast delivers record annual production and costs; Paracatu achieves record annual production
About this update from Kinross Gold Corporation
[{"type":"text","content":" Meets production and cost guidance for eighth consecutive year Tasiast delivers record annual production and costs; Paracatu achieves record annual production Solid production with lower all-in sustaining cost per ounce and capital expenditures forecast in 2020 TORONTO, Feb. 12, 2020 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) today announced its results for the fourth-quarter and year-end December 31, 2019.(This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 21 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.) 2019 full-year results and 2020 guidance: 2019 guidance (+/- 5%) 2019 full-year results 2020 guidance (+/- 5%) Gold equivalent production1(ounces) 2.5 million 2.5 million 2.4 million Production cost of sales1, 2 ($ per Au eq. oz.) $730 $706 $720 All-in sustaining cost1, 2($ per Au eq. oz.) $995 $983 $970 Capital expenditures $1,050 million $1,105 million3 $900 million3 CEO Commentary:J. Paul Rollinson, President and CEO, made the following comments in relation to 2019 fourth-quarter and year-end results: “In 2019, our portfolio of mines performed strongly, as we increased production and lowered costs year-over-year and generated robust free cash flow. Our strong performance ensured we met our production, cost and capital guidance for the eighth consecutive year. “Our three largest producers in 2019 – Paracatu, Kupol and Tasiast – accounted for 61% of our total production and delivered the lowest costs in the portfolio. Paracatu and Tasiast each had an outstanding year, posting record annual production, with Tasiast also delivering record low costs. “In terms of 2019 financial performance, Kinross increased operating cash flow by 55% to $1.2 billion, more than tripled adjusted net earnings to $423 million, grew our margins by 28%, and improved liquidity to $2 billion while continuing to invest in our development projects. “We also took steps to strengthen our future production profile. We approved and launched the capital efficient Tasiast 24k expansion project and completed the IFC-led project financing. W...