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(Kitco News) - Major gold producer Kinross Gold (TSX: K) (NYSE: KGC) announced on Tuesday that the company produced 466,022 Au eq. oz. in Q1 2023 from continuing operations, up 23% compared with 378,421 Au eq. oz. in Q1 2022.
The company explained that the increase in production was primarily attributable to the ramp up of production at La Coipa and higher production at Paracatu, Round Mountain and Fort Knox.
Production cost of sales from continuing operations per Au eq. oz. sold was $987 for the quarter, compared with $972 in Q1 2022, primarily due to higher costs at the company’s Nevada operations, largely offset by increased production.
Kinross added that during the first quarter, revenue from continuing operations increased to $929.3 million, up 33% compared with $700.9 million during Q1 2022, primarily due to an increase in gold equivalent ounces sold and an increase in average realized gold price.
The company also reported net earnings from continuing operations of $90.2 million, or $0.07 per share for Q1 2023, compared with reported net earnings of $81.3 million, or $0.06 per share, for Q1 2022.
“The increase in reported net earnings was mainly due to the increase in margins,” Kinross said.
According to a news release, as part of its continuing quarterly dividend program, the company declared a dividend of $0.03 per common share payable on June 15, 2023, to shareholders of record as of June 1, 2023.
“Our portfolio of operations is well positioned and on track to deliver our annual production and cost guidance,” the company noted.
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada.
