https://www.miningweekly.com
Gold|Safety|Maintenance
Gold|Safety|Maintenance
gold|safety|maintenance

Kinross Gold profit beats on higher gold prices, output

13th February 2020

By: Reuters

  

Font size: - +

Canadian miner Kinross Gold reported a better-than-expected quarterly profit on Wednesday, helped by record output at its third biggest mine, Tasiast, and higher gold prices.

Gold prices rose 18% in 2019, as investors sought safety in safe-havens due to political uncertainty, US-China trade war and concerns on slowing global growth.

The company's average realised gold price rose 21% to $1 485/oz from $1 226 an year earlier, while total production rose 5.8% to 645 344 gold equivalent ounces (GEO).

The miner forecast production of about 2.4-million GEOs for 2020, a decrease compared with its 2019 production of 2.5-million GEOs, owing to care-and-maintenance at its Maricunga mine, in Chile, and expected lower output at its largest mine Paracatu, which posted record production in 2019.

Kinross posted net earnings of $521.5-million, or 41c a share, in the fourth quarter ended December 31, owing to higher margins and non-cash impairment reversals of $361.8-million. The company posted a loss of $27.7-million, or 2c per share, a year earlier.

Excluding items, the company earned 13c per share, beating analysts' average estimate of 10c, according to IBES data from Refinitiv.

Total revenue jumped 26.7% to $996.2-million.

US-listed shares of the miner were up 2.4% at $5.12 after the bell.

Edited by Reuters

Comments

Showroom

VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 
SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/03/2024)
15th March 2024 By: Martin Creamer
Gold, hydrogen, mining boost make headlines
Gold, hydrogen, mining boost make headlines
15th March 2024
Magazine round up | 15 March 2024
Magazine round up | 15 March 2024
15th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.1 0.137s - 90pq - 2rq
Subscribe Now