2020 Q1 highlights:
Production1 of 567,327 attributable gold equivalent ounces (Au eq. oz.), and sales of 552,742 Au eq. oz.
Reported net earnings2 almost doubled to $122.7 million, or $0.10 per share, and adjusted net earnings3 increased by 53% to $127.4 million, or $0.10 per share, compared with Q1 2019.
Operating cash flow of $299.6 million and adjusted operating cash flow3 of $418.6 million, a 19% and 81% increase respectively compared with Q1 2019.
Production cost of sales3 of $754 per Au eq. oz. and all-in sustaining cost3 of $993 per Au eq. oz. sold, both of which are within the Company’s original annual guidance range.
Attributable margin per Au eq. oz. sold4 increased 33% to $827 per Au eq. oz. compared with Q1 2019, while the average realized gold price increased 21% to $1,581 per ounce compared with Q1 2019.
Cash and cash equivalents of $1,138.6 million and total liquidity of $1.9 billion at March 31, 2020. The Company has no debt maturities until September 2021.
On March 2, 2020, Moody’s upgraded Kinross’ credit rating to investment grade. Kinross’ debt is now rated investment grade by each of the agencies that cover it – Moody’s, S&P Global Ratings and Fitch Ratings.
Three largest producing mines – Paracatu, Kupol and Tasiast – delivered 62% of total production and achieved an average cost of sales of $642 per Au eq. oz., with average costs lower than the previous quarter.
Tasiast, for the second consecutive quarter, achieved record quarterly production and a record average throughput rate of 16,100 tonnes per day (t/d), as the mine continues to benefit from the Phase One expansion.
On March 10, 2020, a new Paracatu technical report was filed confirming the benefits of an asset optimization program at the mine, which has resulted in a 24% increase in life of mine production compared to the prior report.
Production1 of 567,327 attributable gold equivalent ounces (Au eq. oz.), and sales of 552,742 Au eq. oz.
Reported net earnings2 almost doubled to $122.7 million, or $0.10 per share, and adjusted net earnings3 increased by 53% to $127.4 million, or $0.10 per share, compared with Q1 2019.
Operating cash flow of $299.6 million and adjusted operating cash flow3 of $418.6 million, a 19% and 81% increase respectively compared with Q1 2019.
Production cost of sales3 of $754 per Au eq. oz. and all-in sustaining cost3 of $993 per Au eq. oz. sold, both of which are within the Company’s original annual guidance range.
Attributable margin per Au eq. oz. sold4 increased 33% to $827 per Au eq. oz. compared with Q1 2019, while the average realized gold price increased 21% to $1,581 per ounce compared with Q1 2019.
Cash and cash equivalents of $1,138.6 million and total liquidity of $1.9 billion at March 31, 2020. The Company has no debt maturities until September 2021.
On March 2, 2020, Moody’s upgraded Kinross’ credit rating to investment grade. Kinross’ debt is now rated investment grade by each of the agencies that cover it – Moody’s, S&P Global Ratings and Fitch Ratings.
Three largest producing mines – Paracatu, Kupol and Tasiast – delivered 62% of total production and achieved an average cost of sales of $642 per Au eq. oz., with average costs lower than the previous quarter.
Tasiast, for the second consecutive quarter, achieved record quarterly production and a record average throughput rate of 16,100 tonnes per day (t/d), as the mine continues to benefit from the Phase One expansion.
On March 10, 2020, a new Paracatu technical report was filed confirming the benefits of an asset optimization program at the mine, which has resulted in a 24% increase in life of mine production compared to the prior report.
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