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Mining News May 11, 2022 03:10:39 PM

Kinross Gold Tasiast Mine Hit Record Quarterly Production

Paul Ploumis
ScrapMonster Author
The Board of Directors declared quarterly dividend of $0.03 per common share, which will be payable on 16th June, 2022.

Kinross Gold Tasiast Mine Hit Record Quarterly Production

SEATTLE (Scrap Monster): Kinross Gold Corporation announced results for the first quarter ended 31st March, 2022. The company’s Tasiast open pit gold mine in Mauritania achieved record production during the quarter.

The company reported attributable gold equivalent production of 409,857 Au eq.oz. produced and attributable all-in sustaining cost of $1,245 per Au eq. oz. sold. The adjusted operating cash flow and operating cash flow totalled $261.0 million and $105.2 million respectively. Kinross Gold reported net earnings of $82.3 million, or $0.07 per share and adjusted net earnings of 70.6 million, or $0.06 per share during the quarter.

The Board of Directors declared quarterly dividend of $0.03 per common share, which will be payable on 16th June, 2022.

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During the quarter, the company announced its plan to divest all of its Russian assets. Consequently, it has excluded Russian assets from its Q1 2022 results. After excluding these assets as well as the assets in Ghana due to their pending divestments, the company maintained its 2022 company-wide guidance for its pro-forma portfolio.

J. Paul Rollinson, President and CEO, Kinross Gold noted that with the rebalancing of its overall portfolio, approximately 70% of its production is now expected to be generated by its Americas mines. The company remains confident of 2.15 million gold ounces production in 2022, which is expected to grow further to 2.3 million ounces in 2023, he added.

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