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Market: TSX
Sector: Gold Mining
Epic: TSX:K
News: Latest news
Web Site: Kinross Gold Corp
Other Articles: 18-02-201029-01-201021-01-2010

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Kinross Gold Corp

Kinross Gold Corp

Kinross Gold Corporation was established in 1993 and has since grown to become the third largest primary gold producer in North America by reserves.  Based in Canada, with nine mines in stable countries including the United States, Brazil, Chile and Russia, Kinross employs more than 5,000 people worldwide
Tuesday, November 03, 2009

Kinross Gold third quarter production up 26% for first 9 months of this year

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By Dorothy Kosich, Mineweb.com

Despite a 26% increase in gold equivalent production during the first nine months of this year, Kinross Gold sustained a net loss of $21.6 million or negative three cents per share during the third quarter.

GEO production also declined 3% during the third quarter of this year to 537,000 ounces.  Production for the first nine months of this year was reported at 1,624,807 gold equivalent ounces.

In a statement published with the third -quarter 2009 financial results released Monday, Kinross CEO Tye Burt said, "While revenue and cash flow before changes in working capital were higher than in the previous year, we are disappointed by other aspects of our results in the third quarter, as they are below our expectations."

"Challenges at our Paracatu expansion project have a significant impact on our overall production and cost per ounce in the quarter, and we have reduced our overall 2009 production guidance by approximately 6%," he said. "We are working diligently to bring performance and production at Paracatu closer to plants design levels by improving flotation and blending mill feed with softer ore, as well as exploring options to increase grinding capacity."

At Kinross's Chilean operations, GEO was down 9% year-over-year, while GEO increased 51% year-over-year at Brazilian gold mines as the Paracatu expansion continued to ramp up. U.S. operations yielded a 7% year-over-year increase in GEO as heap leaching began at the Fort Knox gold mine in Alaska.

In Russia, third-quarter production at the Kupol mine was negatively impacted by ground stability issues and lower grade, which dropped GEO production year-over-year by 5%.

As previously announced Kinross has lowered its production guidance slightly and now expects to produce 2.2 million GEO this year. The company currently expects its 2010 GEO production to be similar to this year's revised forecast.

FINANCIALS

For the third quarter of this year, Kinross reported a net loss of $21.6 million or negative 3-cents per share, compared to a net income of $64.7 million or 10-cents/sh for the third quarter-2008.

For the first nine months of this year, Kinross reported a net income of $74.3 million or 11-cents per share, less than half the income of $161.6 million or 26-cents/sh reported during the same period of 2008.

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