R/€ = 17.03 Change: 0.00
R/$ = 15.48 Change: 0.00
Au 1647.39 $/oz Change: 2.07
Pt 903.69 $/oz Change: -16.67
 
 
R/€ = 17.03 Change: 0.00
R/$ = 15.48 Change: 0.00
Au 1647.39 $/oz Change: 2.07
Pt 903.69 $/oz Change: -16.67
 
 
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Kinross Gold profit beats on higher gold prices, output

13th February 2020 BY: Reuters

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.

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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.

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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
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