Kinross production to grow 20% by 2023, declares dividend
Canada-headquartered gold miner Kinross will grow its production by half-a-million gold-equivalent ounces (GEO), or about 20%, over the next three years, CEO Paul Rollinson said on Thursday, as he also announced the group's first quarterly dividend in a number of years.
Production is forecast to increase from 2.4-million GEO in 2021 to 2.9-million GEO in 2023, on the back of previous major capital reinvestments and life-of-mine extensions.
In particular, Kinross is expecting additional ounces from higher production at Kupol, in Russia, and Chirano, in Ghana, following successful exploration programmes at both sites, enhancements to the mine plan of Fort Knox, in Alaska, continued outperformance at Paracatu, Brazil, and higher production from the north area of Bald Mountain, in the US.
Kinross also reinstated its pre-Covid 2020 guidance, originally announced in February. GEO production is forecast to be 2.4-million ounces at cost of sales of $720/GEO and all-in sustaining costs of $970/GEO.
The miner is forecasting a downward trend in production cost of sales per ounces sold over the next three years of expected production growth.
Meanwhile, Kinross said the board had approved a plan to pay quarterly dividends of $0.03 a common share, which would amount to $0.12 a share on an annualised basis. This represented an annualised yield of about 1.3%, assuming a share price of $9.35 as of market close on September 17.
Subject to approval of the board, the next quarterly dividend would be declared in connection with Kinross’ third-quarter financial results.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Showroom
For over 15 years, Lilak Aluminium, a trusted leader in architectural extrusion supply, has delivered excellence to businesses like yours.
VISIT SHOWROOM
Virtual Gas Network supplies compressed natural gas via a virtual gas distribution network.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
