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Kinross Gold Reports 2023 First-Quarter Results; Production of 466,022 Gold Equivalent Ounces
TORONTO, May 09, 2023 (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, May 09, 2023 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the first-quarter ended March 31, 2023. This news release contains forward-looking information about expected future events and financial and operating performance of the Company. Please refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 28 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted. Q1 2023 highlights from continuing operations: The Company is on track to meet its 2023 annual guidance. Production of 466,022 gold equivalent ounces (Au eq. oz.), a 23% year-over-year increase, and sales of 490,330 Au eq. oz. Production cost of sales1 of $987 per Au eq. oz. sold and all-in sustaining cost2 of $1,321 per Au eq. oz. sold. Margins3 of $907 per Au eq. oz. sold. Operating cash flow4 of $259.0 million and adjusted operating cash flow2 of $358.2 million. Reported net earnings5 of $90.2 million, or $0.07 per share, with adjusted net earnings2, 6 of $87.6 million, or $0.07 per share2. Cash and cash equivalents of $471.0 million, and total liquidity7 of approximately $1.7 billion at March 31, 2023. Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on June 15, 2023 to shareholders of record at the close of business on June 1, 2023. Operational and development project highlights: In the first quarter, Tasiast achieved two record-production months in January and March driven by record grades, and successfully completed a planned shutdown in February related to the Tasiast 24k expansion project. The Tasiast 24k project remains on budget and on schedule to reach 24,000 tonnes per day throughput in mid-2023. Paracatu was a solid contributor with higher year-over-year production at lower costs. La Coipa achieved record grades and recoveries since restarting operations last year and generated strong cash flow. The exploration program at Great Bear in Red Lake, Ontario, continues to make excellent progress. In 2023, Kinross expects to further delineate the deposit at depth and add inferred resource ounces. Drilling results continue to confirm gold mineralization at good widths and high grades, including at depths of 1.3 kilometre...