trending Market Intelligence /marketintelligence/en/news-insights/trending/TvZ5Gak8-StdlRXAHioKPw2 content esgSubNav
In This List

Kinross returns to Q2 profit on lower costs, higher cash flow

Blog

Lithium prices hold firm, cobalt prices rally

Blog

Profit margins key to Tsingshan's battery nickel supply plans

Blog

Q&A: Data That Delivers - Automating the Credit Risk Workflow

Blog

The Future of Risk Management Digitization in Credit Risk Management


Kinross returns to Q2 profit on lower costs, higher cash flow

Canadian producer Kinross Gold Corp. booked attributable net earnings of US$33.1 million, or 3 cents per share, for the second quarter, shifting from an attributable net loss of US$25.0 million, or 2 cents loss per share, in the same quarter of 2016.

Quarterly production rose to 694,874 gold equivalent ounces from 671,267 gold equivalent ounces a year earlier, and all-in sustaining cost declined to US$910 per ounce from US$988 per ounce, according to the Aug. 2 results.

Revenue decreased slightly to US$868.6 million in the second quarter, from US$876.4 million during the second quarter of 2016, mainly due to the slightly lower average realized gold price.

However, adjusted operating cash flow increased to US$230.8 million from US$187.2 million, and the attributable margin per gold equivalent ounce improved to US$600 from US$535.

Kinross said it expects to be within its 2017 guidance of 2.5 million to 2.7 million gold equivalent ounces of production at AISC of between US$925 and $1,025 per gold equivalent ounce.

The company expects to complete feasibility studies and make a development decision on the Tasiast phase two and Round Mountain phase W expansion projects in September.

The Tasiast phase one expansion project is slated to reach full commercial production in the second quarter of 2018.