Kinross quarterly adjusted earnings triple
Gold miner Kinross has delivered a strong third quarter, nearly tripling its adjusted net earnings and keeping the company on track to meet its yearly guidance for the ninth consecutive year.
Adjusted net earnings increased from $104-million, or $0.08 a share, in the third quarter of 2019, to $310.2-million, or $0.25 a share, in the quarter under review.
Adjusted operating cash flow surged by 86% to $549.6-million. Margin growth substantially outpaced growth in the average realised price, with Kinross’ attributable margin increasing by 60% to $1 171 a gold-equivalent ounce (GEO), compared with a year-on-year increase of 30% in the average realised gold price.
Kinross reported production of 603 312 GEOs and sales of 588 559 GEOs.
CEO Paul Rollinson said on Wednesday that the group was “well on track” to meet its yearly guidance for the ninth consecutive year, despite the impacts from the Covid-19 pandemic.
The company would produce about 2.4-million GEOs this year at a cost of sales of $720/GEO and an all-in sustaining cost of $970/GEO.
Kinross expects substantial production growth over the next three years, having reported earlier that its production would increase by 20% to 2.9-million GEOs.
“Our robust financial position, diverse operating portfolio, attractive project pipeline and successful track record of exploration and project development provides a strong foundation from which to continue building value well into the future,” said Rollinson.
The board declared a quarterly dividend of $0.03 a share payable on December 10.
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