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(Kitco News) - Kinross Gold (TSX: K) (NYSE: KGC), one of the world’s largest gold producers, announced today it produced 555,036 gold equivalent ounces in Q2 2023 from continuing operations, up 22% compared with 453,978 ounces in Q2 2022.
The company said in a press release that the increase in its quarterly gold output was primarily attributable to higher production at La Coipa, and higher grades and recoveries at Paracatu and Tasiast.
According to Kinross, production cost of sales from its continuing operations per gold equivalent ounce sold was $900 for the quarter, down 12% compared with $1,027 in Q2 2022, primarily due to the increase in gold equivalent ounces sold.
Kinross’ margin from continuing operations per gold equivalent ounce sold increased to $1,076 for Q2 2023, compared with the Q2 2022 margin of $845.
Free cash flow from the company’s continuing operations in Q2 2023 was $246.7 million, which is an increase of 129% compared with $107.7 million in Q2 2022.
The company’s reported net earnings from continuing operations amounted to $151.0 million, or $0.12 per share, for Q2 2023, compared with reported net loss of $9.3 million, or $0.01 per share, for Q2 2022.
Kinross said that the increase in reported net earnings was mainly due to the increase in margins.
The company reaffirmed its guidance and expects to produce 2.1 million gold equivalent ounces (+/- 5%) in 2023, and is on track to meet its annual guidance for production cost of sales, all-in sustaining cost and attributable capital expenditures.
Kinross also announced that its Board declared a quarterly dividend of $0.03 per common share payable on September 8, 2023 to shareholders of record at the close of business on August 24, 2023.
Importantly, the company said that during the quarter, construction and initial commissioning was completed at the Tasiast 24k project - on schedule and on budget - which is expected to increase production and lower costs while generating significant free cash flow.
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada.
