Business
Kinross Gold reports 2022 fourth-quarter and full-year results
Portfolio had highest production and lowest costs in Q4 Maintains strong expected production of 2.0 million ounces or above in 2023, 2024 and 2025 Returned
About this update from Kinross Gold Corporation
[{"type":"text","content":" Portfolio had highest production and lowest costs in Q4 Maintains strong expected production of 2.0 million ounces or above in 2023, 2024 and 2025 Returned $455 million to shareholders in 2022 TORONTO, Feb. 15, 2023 (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, 2022. 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 39 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted. Results from the Company's Russian and Ghanaian assets have been excluded from its 2022 continuing results, along with 2021 comparative figures, due to the classification of these assets as discontinued as at December 31, 2022. 2022 Q4 and full-year highlights and outlook: Production ramped up quarter-after-quarter, with the strongest production and lowest costs of the year in the fourth quarter. As part of the Great Bear initial resource estimate, the Company has added 2.7 million Au oz. of measured and indicated mineral resources, and added 2.3 million ounces to its inferred mineral resource. See the Great Bear news release here: Great Bear Initial Resource news release. View an interactive 3D model here: Great Bear 3D model. Tasiast achieved record production in Q4 2022 at lower quarter-over-quarter costs with record grades. Paracatu achieved its second highest production quarter on record, driven by high grades and strong recoveries. La Coipa production and throughput increased substantially quarter-over-quarter. In 2022, Kinross returned $455 million in capital to shareholders consisting of approximately $155 million in dividends and $300 million as part of its enhanced share buyback program. The Company expects to continue its dividend and share buyback programs in 2023 and 2024. Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on March 23, 2023 to shareholders of record at the close of business on March 8, 2023. Kinross expects to increase production to 2.1 million attributable1 Au eq. oz. in 2023 and 2024 and approximately 2 million attr...