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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.