- Kinross Gold (TSX:K) recorded higher output in Q2 2023 after a strong performance at its three key mines
- The Toronto gold company reported earnings of C$151 million ($0.12 per share), beating analyst expectations
- Cash and cash equivalents were C$478.4 million, and total liquidity was C$1.9 billion for the quarter ending June 30
- Kinross Gold Corp. opened trading at C$6.10 per share
Kinross Gold (TSX:K) recorded higher output in Q2 2023 after a strong performance at its three key mines.
The Toronto gold company reported earnings of C$151 million ($0.12 per share), beating analyst expectations.
Cash and cash equivalents were C$478.4 million, and total liquidity was C$1.9 billion for the quarter ending June 30.
The quarter saw a strong performance at Kinross’ three key mines, including Tasiast, in Mauritania, where an expansion project has just been completed.
Paracatu delivered higher production and lower costs quarter-over-quarter and year-over-year.
La Coipa also delivered higher quarterly and year-over-year production, with the lowest costs in the portfolio.
Manh Choh received its key operating permits in May and remains on track for initial production in the second half of 2024.
At its Great Bear Project, Kinross recently signed an advanced exploration agreement with the Wabauskang and Lac Seul First Nations as the company moves from surface exploration to underground exploration. The company is using directional core drilling to target the resource and is progressing studies and permitting for its advanced exploration program more efficiently.
J. Paul Rollinson, president and CEO of Kinross Gold, commented that the company’s pipeline of projects continued to make strong progress.
“During the quarter, construction and initial commissioning was completed at the Tasiast 24k project, on schedule and on budget. The Tasiast 24k project is expected to increase production and lower costs while generating significant free cash flow. Manh Choh is advancing on plan to come online in the second half of 2024 following the receipt of its key operating permits in May,” Rollinson said in a statement.
Kinross Gold Corp. is a gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile, Ghana and Canada.
Kinross Gold Corp. opened trading at C$6.10 per share.
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