Business
Kinross Gold reports 2021 third-quarter results; on track to meet revised production guidance
TORONTO, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the
About this update from Kinross Gold Corporation
[{"type":"text","content":" TORONTO, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the third-quarter ended September 30, 2021. (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 pages 20 to 21. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.) 2021 third-quarter highlights: Q3 2021 results First nine months 2021 results 2021 guidance (+/- 5%) Gold equivalent production1(ounces) 483,060 1,579,928 2.1 million Production cost of sales1, 2 ($ per Au eq. oz.) $870 $816 $830 All-in sustaining cost1, 2($ per Au eq. oz.) $1,225 $1,084 $1,110 Capital expenditures $231.0 million $640.6 million $900 million Kinross is on track to meet its revised production guidance of 2.1 million Au eq. oz. (+/- 5%) and continues to expect production to increase in 2022 and 2023 to 2.7 million and 2.9 million Au eq. oz. (+/- 5%), respectively. The Company is also on track to meet its revised 2021 cost of sales and all-in sustaining cost guidance, and its capital expenditures guidance. Attributable margins3 of $920 per Au eq. oz. sold in Q3 2021. Adjusted operating cash flow2 of $190.5 million, operating cash flow of $269.9 million and free cash flow2 of $38.9 million in Q3 2021. Reported net loss4 of $44.9 million, or $0.04 per share, and adjusted net earnings2 of $90.2 million, or $0.07 per share, in Q3 2021. Cash and cash equivalents of $586.1 million, with total liquidity of approximately $2.1 billion, at September 30, 2021. The Tasiast mill has re-started at costs lower than original estimates. The mill is on track to ramp up and reach throughput of 21,000 tonnes per day by the end of Q1 2022. The La Coipa Restart and Tasiast 24k projects remain on schedule to be completed in mid-2022 and mid-2023, respectively. The Udinsk pre-feasibility and Lobo-Marte feasibility project studies were completed and reaffirmed the Company’s views of both projects as attractive, high-quality assets that can significantly contribute to Kinross’ future production profile at low costs. Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common shar...