Losses persist at Kinross – by Frik Els (Mining.com – July 28, 2016)


Shares of Toronto’s Kinross Gold Corporation (TSE:K) pulled back slightly in after hours trade on Wednesday after its second quarter results showed earnings coming in below estimates.

By the close of regular trading in New York Kinross was up 3.5% on a stronger gold price affording the company a market value of $6.4 billion. The stock is up 175% year to date.

But the counter ticked lower after hours after the company reporting an adjusted net loss of $0.01 per share or $9.8 million against forecasts of a modest profit.

Revenues of $876 million were better than expected after gold production rose a shade over 10,000 ounces to 671,267 ounces during the quarter. All-in sustaining cost came in at $988 per ounce of gold equivalent compared with $1,011 in Q2 2015. Its Average realized gold price was $1,266 per ounce, compared with $1,194 per ounce in Q2 2015.

Kinross said it is on track to produce a record 2.7 – 2.9 million ounces of gold in 2016 at an all-in cost of $890–$990 an ounce from mines in Ghana, Russia, the US, Brazil and Chile.

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