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Kinross Gold Q2'19 net earnings climb to US$71.5M from US$2.4M YOY

Toronto-listed Kinross Gold Corp. on July 31 said its net earnings attributable to common shareholders for the second quarter climbed to US$71.5 million from US$2.4 million a year ago.

Metals sales in the quarter increased to US$837.8 million from US$775.0 million due to an increase in gold equivalent ounces sold amounting to 636,035 ounces from 587,556 ounces a year ago. The average realized gold price was US$1,307 per ounce, compared with US$1,306/oz.

Attributable gold equivalent production increased to 648,251 ounces from 602,049 ounces. The attributable all-in cost per equivalent ounce sold declined to US$1,243 from US$1,342.

Capital expenditures in the quarter were up to US$276.7 million from US$247.1 million, due to increased spending in U.S. development projects offset by lower spending at Tasiast mine in Mauritania.

For the first half, net earnings attributable to common shareholders increased to US$136.2 million from US$108.5 million a year ago, while metal sales slipped to US$1.62 billion from US$1.67 billion.

Kinross said it is on track to meet its production guidance of 2.5 million gold equivalent ounces at a production cost of sales of US$730/oz and all-in sustaining costs of US$995/oz. Total capex is expected at about US$1.05 billion. All forecast figures include a 5% variance.