Kinross Gold Foresees Levelled Gold Output in 2021

The company spent $916 million on capital expenditures during 2020.

SEATTLE (Scrap Monster): Toronto-based Kinross Gold announced Q4 and full-year 2020 results.

The company reported production of 2.4 million gold-equivalent oz. for the year at all-in sustaining costs (AISC) of $987 per oz. This was in line with the earlier guidance of 2.4 million oz. at AISC of $970 per oz. The production during the last quarter totalled 624,032 oz at an all-in sustaining cost of $1,013 per oz.

Kinross Gold posted record free cash flow numbers of $382.8 million and $1 billion for the fourth quarter and 2020. The adjusted net earnings for the quarter and full-year were $335.1 million and 966.8 million respectively. The company spent $916 million on capital expenditures during 2020.

According to company press release, production is expected to hold steady at 2.4 million gold-equivalent oz at an AISC of $1,025 per oz. It is expected to further increase to touch 2.7 million oz. by 2022 and to 2.9 million gold-equivalent oz. by 2023. The company’s average gold-equivalent output is projected at 2.5 million oz per year through 2029.

J. Paul Rollinson, president and CEO, Kinross noted that the company generated record free cash flow of more than $1 billion from its diversified portfolio of mines. The combined output by its three operations- Paracatu in Brazil, Kupol in Russia and Tasiast in Mauritania accounted for 62% of the 2020 production, he added.

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