Business
Kinross Gold reports 2020 fourth-quarter and full-year results
Met guidance for ninth year in a row and delivered record free cash flow of more than $1 billion Production expected to grow by 20% in 2023 TORONTO, Feb. 10,
About this update from Kinross Gold Corporation
[{"type":"text","content":" Met guidance for ninth year in a row and delivered record free cash flow of more than $1 billion Production expected to grow by 20% in 2023 TORONTO, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the fourth quarter and year ended December 31, 2020. (This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 25 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.) 2020 full-year results and guidance: 2020 guidance (+/- 5%) 2020 full-year results 2021 guidance (+/- 5%) Gold equivalent production1(ounces) 2.4 million 2.4 million 2.4 million Production cost of sales1, 2 ($ per Au eq. oz.) $720 $723 $790 All-in sustaining cost1, 2($ per Au eq. oz.) $970 $987 $1,025 Capital expenditures $900 million $916 million $900 million Expect to increase production1 20% to 2.9 million Au eq. oz. in 2023 and produce1 an average of 2.5 million Au eq. oz. per year to 2029. 2020 Q4 and full-year highlights: Production1,2 of 624,032 Au eq. oz. produced in Q4 2020 and 2,366,648 Au eq. oz. in 2020. Production cost of sales1,2 of $682 per Au eq. oz. in Q4 2020 and $723 per Au eq. oz. in 2020. All-in sustaining cost1,2 of $1,013 per Au eq. oz. sold in Q4 2020 and $987 per Au eq. oz. sold in 2020. Attributable margins3 increased 61% to $1,193 per Au eq. oz. sold in Q4 2020, and 53% to $1,051 per Au eq. oz. sold for 2020, compared with Q4 2019 and 2019, respectively, with both increases outpacing the rise in average realized gold price2. Adjusted operating cash flow2 increased to $527.6 million in Q4 2020 compared with Q4 2019, and increased 59% for 2020 to $1,912.7 million compared with 2019. Operating cash flow of $681.1 million in Q4 2020 and $1,957.6 million in 2020. Free cash flow2 quarterly and full-year records of $382.8 million and $1,041.5 million, respectively. Reported net earnings4 of $783.3 million, or $0.62 per share in Q4 2020, and $1,342.4 million, or $1.07 per share, in 2020. Adjusted net earnings2 of $335.1 million, or $0.27 per share in Q4 2020, and $966.8...