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(Kitco News) – Kinross Gold (TSX: K, NYSE: KGC), one of the largest gold miners globally, today reported that the company produced 585,449 gold equivalent ounces in Q3 2023, up 11% compared to Q3 2022 (529,155 ounces).
The company explained that the increase in gold production was primarily driven by higher mill grades, recovery and throughput at Tasiast, higher production at La Coipa due to the ramp-up of operations in 2022, and higher production at Paracatu due to higher throughput and timing of ounces processed.
Production cost of sales from continuing operations per ounce sold decreased to $911 for the quarter, compared with $941 in Q3 2022, primarily due to the ramp-up of production at La Coipa, which continued to be the lowest cost operation in Q3 2023.
Kinross said the average realized gold price from continuing operations in Q3 2023 was $1,929 per ounce, compared with $1,732 per ounce in Q3 2022.
During the third quarter, the company’s revenue from continuing operations increased to $1,102.4 million, compared with $856.5 million during Q3 2022, driven by the increase in gold equivalent ounces sold and higher average realized gold price.
The company’s net earnings from continuing operations increased to $109.7 million, or $0.09 per share for Q3 2023, compared with $65.9 million, or $0.05 per share, for Q3 2022. The increase in net earnings was mainly due to the increase in margins, it said.
Adjusted net earnings from continuing operations were $144.6 million, or $0.12 per share, for Q3 2023, compared with $68.7 million, or $0.05 per share, for Q3 2022.
According to Kinross, as part of its continuing quarterly dividend program, the company declared a dividend of $0.03 per common share payable on December 14, 2023, to shareholders of record as of November 30, 2023.
Kinross also said it remains on track to meet its 2023 annual guidance ranges for production, cost of sales per ounce, all-in sustaining cost and attributable capital expenditures.
“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,” the company said in a press release.
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada.