Kinross releases strong 2023 third-quarter results

On November 8th, Kinross released its 2023 third-quarter results. Click here to view the news release.

Highlights from the strong third-quarter include the following results:

  • Kinross remains on track to meet its 2023 annual guidance for production, cost of sales per ounce, all-in sustaining costs and attributable capital expenditures.
  • Production of 585,449 gold equivalent ounces (Au eq. oz.), a 11% year-over-year increase.
  • Tasiast achieved record quarterly production and sales, significantly exceeding the previous record achieved in the second quarter.
  • Paracatu delivered higher production both quarter-over-quarter and year-over-year.
  • La Coipa performed well and was once again the lowest cost mine in the portfolio.
  • At Manh Choh, a ceremonial groundbreaking was held, pre-stripping has commenced, and the project remains on track for initial production in the second half of 2024.
  • At Round Mountain, Kinross has approved mining of the optimized Phase S open pit, which is expected to extend production out to the end of the decade and increase life-of-mine production by ~750,000 Au eq. oz. Phase S could provide synergies with potential future production from underground at Phase X and Gold Hill.
  • At Great Bear, the exploration program continues to make excellent progress and drill results continue to exceed expectations around the strong resource potential of the deposit, including a recent high-grade intercept from the Hinge zone that returned 2.8 metres true width grading at approximately 260 grams per tonne (g/t) at a vertical depth of 870 metres. Permitting is ongoing at both the provincial and federal levels.

J. Paul Rollinson, President and CEO, made the following comments in relation to Kinross’ 2023 third-quarter results:

“It has been a great nine months at Kinross and we have delivered another strong quarter. Our production profile has been solid and generated significant cash flow. We continue to reduce the debt on our investment grade balance sheet and have completed our expansion projects at Tasiast and La Coipa. We remain well positioned to meet our annual guidance building on the robust results year-to-date.

“Our project pipeline continued to make excellent progress. At Great Bear, permitting is advancing well and drill results continue to exceed our expectations, demonstrating the strength of the resource at depth and in less-explored areas of the deposit, including a recent exceptional intercept from the Hinge zone. We officially broke ground at Manh Choh as the project continues to advance on schedule and on budget for initial production in the second half of next year.

“Our decision to proceed with Round Mountain Phase S underscores the successful optimization work to build a lower-investment, high-return operation that we expect will add approximately 750,000 ounces to the life-of-mine production profile. The future of Round Mountain has become clear, with the approval of Phase S, combined with Phase W that we are currently mining, we’re now expecting production at Round Mountain until the end of the decade. Longer-term, we see strong potential to supplement that production with high-grade contributions from Phase X and Gold Hill, which we continue to explore and study.

“Kinross is delivering on its ESG commitments. In that regard, we’re excited that our 34MW solar power plant at Tasiast is on schedule to deliver power by the end of the year. This, combined with other elements of our Climate Strategy, means Kinross is well on track to meet our goal of a 30% reduction in greenhouse gas emissions by 2030.”

For more information on Kinross’ strong third-quarter results, click here to view the presentation from our 2023 Q3 results conference call and webcast, and view an archive of the webcast here.

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