Kinross Gold on Track to Surpass 2021 Guidance

SEATTLE (Scrap Monster): The Toronto, Ontario-based gold and silver mining company Kinross Gold Corporation announced 2021 first quarter results. The company is well on track to meet 2021 annual guidance, it noted.

According to company press release, it recorded 558,777 attributable gold equivalent ounces of production during the quarter. The production cost of sales was $756 per ounce, whereas the all-in sustaining cost (AISC) of gold production totalled $975 per ounce. The attributable margins surged higher by almost 25% to $1,031 per ounce.

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The company reported net earnings of $149.5 million, or $0.12 per share and adjusted net earnings of $192.8 million, or $0.15 per share, significantly higher from Q1 2020. Kinross Gold recorded adjusted operating cash flow of $399.6 million, operating cash flow of $279.8 million and free cash flow of $75.6 million. The total liquidity stood at $2.6 billion as at end-March this year.

The Paracatu, Kupol and Tasiast mines together accounted for around 60% of the quarterly production.

J. Paul Rollinson, President and CEO said that the company’s diversified portfolio of mines delivered good start to the year. The company is well-positioned to continue generating strong cash flow through the year, are on track to meet our annual guidance, he added.