Tue, Feb. 10, 5:49 PM
- Kinross Gold (NYSE:KGC) says in its Q4 earnings report that it will not proceed with the $1.6B expansion of its Tasiast mine in Mauritania for now, blaming the weaker gold price.
- KGC says it produced 672K gold equiv. oz. in Q4 and a record 2.7M oz. in 2014, at the top end of the company's forecast.
- Looking to 2015, KGC says it expects to produce 2.4M-2.6M gold equiv. oz., lower than in 2014 mostly because of anticipated lower grades at Chirano, Kettle River-Buckhorn and Dvoinoye due to mine sequencing, and reduced production from the Tasiast dump leach.
- Forecasts 2015 all-in sustaining costs of $1K-$1.1K/oz., slightly higher than 2014 results mainly due to an expected increase in sustaining capex and reduced gold production.
Tue, Feb. 10, 5:03 PM
Mon, Feb. 9, 5:35 PM
Nov. 6, 2014, 8:59 AM
- Kinross Gold (NYSE:KGC) +5% premarket after strong Q3 results show the company is well equipped to weather a bear market for gold.
- Q3 all-in sustaining costs fell 16% Y/Y to $919/oz., meaning KGC is generating solid margins at current gold prices of ~$1,140/oz.; many other gold miners are underwater at those prices.
- KGC raised the low end of its 2014 production guidance, now expecting to produce 2.6M-2.7M oz. of gold, and lowered the high end of its all-in sustaining cost guidance, seeing costs of $950-990/oz. from the prior range of $950-$1,150.
- CEO Paul Rollinson says KGC probably would not move forward with the Tasiast expansion project if gold prices do not rebound from their recent steep decline.
Nov. 5, 2014, 5:04 PM
Nov. 4, 2014, 5:35 PM
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Jul. 30, 2014, 5:04 PM
May. 7, 2014, 5:04 PM| Comment!
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Feb. 13, 2014, 9:19 AM
- Kinross Gold (KGC) -2.9% premarket after surprising investors yesterday in slashing its year-end 2013 gold reserves by 33% to 39.7M oz. - a massive decline, particularly since KGC used the same $1,200/oz. gold price in both years to calculate reserves.
- KGC wants to stick to high-margin ounces, so it calculated reserves uses a "fully-loaded costing methodology" that factors in costs for sustaining capital, waste management, and other work; the result is that millions of marginal ounces were dropped out of reserves.
- The irony is that KGC was the one senior gold company that was not expected to cut its year-end reserves, since it had used the conservative $1,200/oz. price to calculate reserves even before gold prices sank.
Feb. 12, 2014, 5:09 PM| Comment!
Feb. 12, 2014, 12:10 AM
Feb. 11, 2014, 5:35 PM
Nov. 13, 2013, 5:58 PM
- Kinross Gold (KGC) +2.2% AH after reporting a sharp drop in Q3 earnings on lower gold prices, but results solidly beat analyst estimates.
- Total gold equivalent production rose slightly to 687.5K oz. from 679K oz. a year earlier, the average realized gold price at continuing operations fell to $1,331/oz. from $1,649 a year ago, and all-in sustaining costs rose to $1,069/oz. from $1,021 a year ago partly due to lower silver revenue.
- Raised its 2013 production forecast to 2.6M-2.65M gold equivalent oz. from a previous forecast of 2.4M-2.6M.
Nov. 13, 2013, 5:04 PM
Nov. 13, 2013, 12:10 AM
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