Kinross Gold Corporation
Kinross Gold Corporation
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Higher gold prices and gold equivalent production from Kinross Gold’s global operations have lifted Sept 2020 qtr (Q3 20) net earnings to $US241.6M from Q2 20’s $195.7M.
Canada-based global gold miner Kinross Gold has flagged a 20% rise in annual gold equiv production to 2.9Moz (+/- 5%) over the next 3-years, along with an overall downward trend in production cost of sales and capital expenditures to drive strong free cash flow.
The estimate is also based on current gold reserves of 24.3Moz, which does not include the company’s recent addition of 6.4Moz from the Lobo-Marte project in Chile, which has measured/indicated resources of 35.5Moz Au.
Increased gold equivalent production from its world-wide operations and the avoidance of any major fallout from the COVID-19 pandemic, has seen Kinross Gold lift June 2020 qtr (Q2 20) net earnings to $US195.7M from Q1 20’s $122.7M.
A COVID-19 unscathed Kinross Gold has lifted its Q2 20 profit to $195.7M on the back of its 3 biggest and lowest costs mines
Canada-based miner Kinross Gold has reached agreement with Mauritania’s govt under which the company will pay $US25M to resolve disputes over fuel use, tax exemptions and mining licences, Reuters reports.
Under the deal, the govt will give Kinross a 30-year exploitation licence for its new project Tasiast Sud, with Mauritania receiving a 15% free carried interest and an option to purchase an additional 10% after further feasibility work is completed.
Global gold miner Kinross Gold has completed its $US283M acquisition of the high-quality Chulbatkan open pit, heap leach gold development project in Russia from N-Mining.
Canada-based global gold miner Kinross Gold has signed a definitive loan agreement for up to $US300M for its Tasiast operation in Mauritania with World Bank Group member IFC, primarily to cover the $150M, 2nd phase development to lift output to an average 563,000oz pa between 2022-2028 from a 6-months annualised 388,000oz this year.
The initial drawdown is expected in early 2020.
Australian major Newcrest has strengthened its interest in the near-production Fruta del Norte underground gold-silver mine in SE Ecuador by building its shareholding in Canadian miner Lundin Gold from 27% to 32%.
Newcrest has purchased 11M Lundin shares from Kinross Gold for $C79.6M at $7.25ps, a 4.2% discount to its last trade price.
International miner Kinross Gold has done a deal to sell its royalty portfolio to gold-focussed streamer/royalty company Maverix Metals for $US74M, including $25M cash and 11.2M shares, giving it a 9.4% stake in Maverix.
The transaction is targeted to close by year-end 2019.
Global miner Kinross Gold’s 9-months 2019 YTD (YTD19) net earnings have jumped to $US197.1M from YTD18’s $4.1M, with adjusted net earnings to $266.9M from $114.6M, on attributable gold equiv production up to 1.86Moz AuEq from 1.84Moz and on course for the lower end of FY/CY19 guidance of 2.5Moz at AISC $995oz AuEq.