Kinross reports 2023 first-quarter results

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Algemeen advies 10/05/2023 06:59
All sites on plan, Company on track to meet annual production and cost guidance
Tasiast, Paracatu and La Coipa deliver strong production, margins and cash flow

TORONTO, May 09, 2023 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the first-quarter ended March 31, 2023.

This news release contains forward-looking information about expected future events and financial and operating performance of the Company. Please refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 28 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

Q1 2023 highlights from continuing operations:

The Company is on track to meet its 2023 annual guidance.
Production of 466,022 gold equivalent ounces (Au eq. oz.), a 23% year-over-year increase, and sales of 490,330 Au eq. oz.
Production cost of sales 1 of $987 per Au eq. oz. sold and all-in sustaining cost2 of $1,321 per Au eq. oz. sold.
Margins 3 of $907 per Au eq. oz. sold.
Operating cash flow 4 of $259.0 million and adjusted operating cash flow2 of $358.2 million.
Reported net earnings 5 of $90.2 million, or $0.07 per share, with adjusted net earnings2, 6 of $87.6 million, or $0.07 per share2.
Cash and cash equivalents of $471.0 million, and totalliquidity7 of approximately $1.7 billion at March 31, 2023.
Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on June 15, 2023 to shareholders of record at the close of business on June 1, 2023.
Operational and development project highlights:

In the first quarter, Tasiast achieved two record-production months in January and March driven by record grades, and successfully completed a planned shutdown in February related to the Tasiast 24k expansion project. The Tasiast 24k project remains on budget and on schedule to reach 24,000 tonnes per day throughput in mid-2023.
Paracatu was a solid contributor with higher year-over-year production at lower costs.
La Coipa achieved record grades and recoveries since restarting operations last year and generated strong cash flow.
The exploration program at Great Bear in Red Lake, Ontario, continues to make excellent progress. In 2023, Kinross expects to further delineate the deposit at depth and add inferred resource ounces. Drilling results continue to confirm gold mineralization at good widths and high grades, including at depths of 1.3 kilometres.
Environment, Social and Governance (ESG):

Kinross published its 2022 Sustainability and ESG Report on May 9, 2023, detailing its refreshed ESG strategy as well as a comprehensive summary of its performance over the past year.
In the most important area of safety, Kinross advanced its people-centric safety philosophy through new site level engagement programs and enhanced information sharing across operations.
Bald Mountain was awarded the 2022 Reclamation Award for ‘Leadership in Concurrent Mine Reclamation.’
Kinross advanced its Diversity, Equity and Inclusion (DEI) strategy in 2022, achieving the highest percentage of women employees at Kinross in the last five years, including the highest percentage of women in Science, Technology, Engineering and Mathematics (STEM) roles and 33% women on its Senior Leadership Team.
CEO commentary:
J. Paul Rollinson, President and CEO, made the following comments in relation to 2023 first-quarter results:

“Kinross delivered a strong first quarter with contributions from all of our sites resulting in a 23% increase in year-over-year production. Tasiast, La Coipa and Paracatu delivered strong production, margins and cash flow, including two record production months and record grades at Tasiast. Our U.S. operations delivered on plan as we continue to reinvest in our future with a focus on higher-margin opportunities.

“We continue to make excellent progress advancing our pipeline of development and exploration projects. The Tasiast 24k project is on schedule to reach nameplate capacity mid-year and the Tasiast solar power plant is expected to come online by the end of the year. At Great Bear, drilling results continue to confirm mineralization with good widths and high grades including at depths of more than one kilometre.

“Our portfolio of operations is well positioned and on track to deliver our annual production and cost guidance. We continue to maintain our financial strength and excellent liquidity, while bolstering our investment-grade balance sheet and continuing with our return of capital program.

“Mining responsibly and our strong commitment to ESG are integral to our business and are embedded in our culture and core values. We are pleased to publish our 2022 Sustainability and ESG Report which details our ESG strategy as well as another strong year of performance in this important area. Our goal is to be a partner of choice in the communities in which we operate while continuing to deliver meaningful and lasting benefits to all of our stakeholders. We remain focused on our commitment to reduce greenhouse gas emission intensity (on a per gold equivalent ounce basis) by 30% by 2030, driven by interim targets and a focus on continuous improvement and innovation.”

Summary of financial and operating results.
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Kinross declares quarterly dividend.
TORONTO, May 09, 2023 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX:K; NYSE:KGC) (the “Company”) today announced that the Company’s Board of Directors has declared a dividend of US$0.03 per common share for the first quarter of 2023.

The dividend is payable on June 15, 2023, to shareholders of record as of the close of business on June 1, 2023. This dividend qualifies as an “eligible dividend” for Canadian income tax purposes while dividends paid to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.

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