Kinross to increase production 20%, declares dividend
Kinross Gold (TSX:K; NYSE:KGC) said today expects 20% more production by 2023.
Costs and capital expenditures are also expected to decline.
The company declared a dividend of $0.03 per common share payable on October 22, 2020.
The company highlighted its growth plan:
- Higher production at Kupol and life of mine extension at Chirano, both derived from the successful exploration programs at the two sites;
- Enhancements to the Fort Knox mine plan, including accelerating production at the Gilmore project to bring ounces forward;
- Continued outperformance at Paracatu driven by improved throughput, more ounces from the reprocessing of tailings and higher grades from accelerated mining of the western area of the pit, and;
- Higher production from the north area of Bald Mountain.
“We expect to increase our production by approximately half a million gold equivalent ounces, or 20%, to 2.9 million ounces over the next three years, which is indicative of the strength of our global portfolio and our ability to optimize mine plans and find value-enhancing opportunities. We are also studying further organic development options given our attractive pipeline of projects and promising exploration results," said CEO Paul Rollinson in a news release.
Annual gold equivalent production guidance is scheduled at 2.4 million oz in 2021, 2.7 million oz in 2022 and 2.9 million oz. in 2023.