Kinross releases strong 2023 second-quarter results

On August 2nd, Kinross released its 2023 second-quarter results. Click here to view the news release.

Highlights from the strong second quarter include the following results:

  • Kinross is on track to meet its 2023 guidance for production, cost of sales, all-in sustaining cost and attributable capital expenditures.
  • A 22% year-over-year increase in production to 555,036 Au eq. oz.
  • Tasiast achieved record quarterly production and sales driven by strong grades and higher recoveries. The Tasiast 24k expansion project achieved a major milestone as construction and initial commissioning are now complete with the ramp-up process underway.
  • Paracatu delivered another strong quarter with higher production and lower costs both quarter-over-quarter and year-over-year.
  • La Coipa delivered higher quarterly and year-over-year production, and the lowest costs in the portfolio.
  • Manh Choh received its key operating permits in May and remains on track for initial production in the second half of 2024.
  • At Great Bear, Kinross recently signed an Advanced Exploration Agreement with the Wabauskang and Lac Seul First Nations as the Company moves from surface exploration to underground exploration.
  • Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on September 8, 2023 to shareholders of record at the close of business on August 24, 2023.
  • Kinross published its 2022 Climate Report, detailing its Climate Change Strategy and a comprehensive summary of its progress over the past year with a target to be a net-zero greenhouse gas emissions Company by 2050.

J. Paul Rollinson, President & CEO, made the following comments in relation to our second-quarter results:

“Our portfolio of mines performed well during the quarter contributing to a strong first half of the year. Our margins grew by 27%, operating earnings were significantly higher, and free cash flow more than doubled compared with the same period last year. Tasiast, Paracatu and La Coipa delivered approximately 70% of our production and our lowest costs for the quarter, including record production at Tasiast, and we remain on track to meet our annual production and cost outlook for 2023.

“Our pipeline of projects continued to make strong progress. During the quarter, construction and initial commissioning was completed at the Tasiast 24k project, on schedule and on budget. The Tasiast 24k project is expected to increase production and lower costs while generating significant free cash flow. Manh Choh is advancing on plan to come online in the second half of 2024 following the receipt of its key operating permits in May.

“At Great Bear, we are pleased to have recently signed an Advanced Exploration Agreement with our partners the Wabauskang and Lac Seul First Nations on whose traditional territories the project is located. We recognize that respect, collaboration and consideration for our First Nation partners is central to our license to operate in the area. We are committed to developing a project that honours Indigenous rights and brings long-term socio-economic benefits, consistent with how Kinross operates in all of our host communities.

“We also released our annual Climate Report, which provides a transparent and comprehensive account of our reporting in this important area. We advanced our climate change strategy in 2022 as well as a number of energy-efficiency projects that support our goal of achieving net-zero emissions by 2050. The solar plant at Tasiast is on schedule to come online by the end of the year and is expected to reduce greenhouse gas emissions by approximately 530,000 tonnes over the life of mine.”

For more information on Kinross’ strong second-quarter results, click here to view the presentation from our Q2 2023 results conference call and webcast, and view an archive of the webcast here.

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