On May 9th, Kinross released its 2023 first-quarter results. Click here to read the news release.
Highlights from the first-quarter include the following:
- The Company is on track to meet its 2023 annual guidance
- 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.
- 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.
- Kinross published its 2022 Sustainability and ESG Report, detailing its refreshed ESG strategy as well as a comprehensive summary of its performance over the past year.
J. Paul Rollinson, President and CEO, made the following comments in relation to the 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.”