Business
Kinross Gold Reports Strong 2023 Second-Quarter Results
Increased production at Tasiast, Paracatu, and La Coipa drives robust free cash flow Tasiast 24k construction and initial commissioning complete leading to
About this update from Kinross Gold Corporation
[{"type":"text","content":" Increased production at Tasiast, Paracatu, and La Coipa drives robust free cash flow Tasiast 24k construction and initial commissioning complete leading to record quarterly production TORONTO, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the second-quarter ended June 30, 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 26 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted. Q2 2023 highlights from continuing operations: Production of 555,036 gold equivalent ounces (Au eq. oz.), a 22% year-over-year increase. Production cost of sales1 of $900 per Au eq. oz. sold and all-in sustaining cost2 of $1,296 per Au eq. oz. sold. Margins3 of $1,076 per Au eq. oz. sold. Operating cash flow4 of $528.6 million and adjusted operating cash flow2 of $459.1 million. Reported net earnings5 of $151.0 million, or $0.12 per share, with adjusted net earnings2, 6 of $167.6 million, or $0.14 per share2. Cash and cash equivalents of $478.4 million, and total liquidity7 of approximately $1.9 billion at June 30, 2023. Guidance reaffirmed: Kinross expects to produce 2.1 million Au eq. oz. (+/- 5%) and is on track to meet its 2023 guidance for production cost of sales, all-in sustaining cost and attributable capital expenditures. Debt refinancing: In July, Kinross issued $500.0 million in Senior Notes to refinance its 2024 Notes, extending the maturity to 2033. Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on September 8, 2023 to shareholders of record at the close of business on August 24, 2023. Kinross published its 2022 Climate Report on July 21, 2023, detailing its Climate Change Strategy and a comprehensive summary of its progress over the past year with a target to be a net-zero greenhouse gas emissions Company by 2050. Operational and development project highlights: Tasiast achieved record quarterly production and sales driven by strong grades and higher recoveries. The Tasiast 24k expansion project achieved a major mile...