(Kitco News) - Senior global gold miner Kinross (TSX: K, NYSE: KGC) announced today that in 2022, the company produced 1,957,237 Au eq. oz. from continuing operations, largely in line with its revised production guidance and up compared with 2021 production of 1,447,240 Au eq. oz. from continuing operations.
The company said that the 35% year-over-year increase in gold production was largely a result of higher production at Tasiast due to the temporary suspension of milling operations in the prior year, and production at La Coipa due to the restart and ramp-up in the current year.
Kinross noted that revenue from continuing operations was $3,455.1 million for full-year 2022, compared with $2,599.6 million for full-year 2021, adding that the 33% year-over-year increase is due to the increase in production at Tasiast and La Coipa.
Full-year all-in sustaining cost from continuing operations per Au eq. oz. sold was $1,271, compared with $1,244 for full-year 2021. The increase was mainly due to inflationary cost pressure on key consumables such as fuel, emulsion and reagents across the portfolio, it said.
For the full year, free cash flow from continuing operations was $238.3 million, compared with a net cash outflow of $126.6 million the previous year.
The company’s reported net earnings in full-year 2022 were $31.9 million, or $0.02 per share, compared with reported net loss of $29.9 million, or $0.02 per share, in 2021. Full-year adjusted net earnings from continuing operations were $283.1 million, or $0.22 per share, compared with $210.8 million, or $0.17 per share, for full-year 2021, primarily due to the increase in Au eq. oz. sold.
Kinross Gold also announced that the company’s Board of Directors has declared a dividend of US$0.03 per common share for the fourth quarter of 2022.
In 2023, Kinross expects to produce 2.1 million Au eq. oz. (+/- 5%) from its operations, which is an increase of approximately 140,000 Au eq. oz. compared with 2022 production. Kinross’ annual production is expected to remain stable in 2024 and 2025 at 2.1 million and 2.0 million attributable Au eq. oz. (+/- 5%), respectively. The company expects its all-in sustaining cost to be $1,320 per Au eq. oz. (+/- 5%) for 2023.
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada.
