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Kinross to increase production 20%, declares dividend

Kitco News

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.

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