PBOC sets USD/ CNY central rate at 7.1772 (vs. estimate at 7.2723)PBOC sets USD/ CNY central rate at 7.1772 (vs. estimate at 7.2723)
Has Ethereum (ETH) Formed New Ground Ahead of ,000? By U.TodayHas Ethereum (ETH) Formed New Ground Ahead of $2,000? By U.Today

Editor note Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day’s top stories directly to your inbox. Sign up here!

(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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
Source link

About the Author: Editorial team of BIPNs

Main team of content of bipns.com. Any type of content should be approved by us.

Share your opinion. And leave a reply within the comments from below.

All Crypto Coins here »