Kinross Gold to Withdraw its Full-Year 2020 Guidance

SEATTLE (Scrap Monster):  Kinross Gold Corporation has decided to withdraw its full-year 2020 guidance. However, it confirmed that the coronavirus outbreak has had little material impacts on its operations till date. Furthermore, all of its projects continue to operate without disruptions, it noted.

For the initial quarter of the year, the company expects gold sales to remain lower than production, mainly on account of shipment roadblocks on account of the global crisis. The contingency measures announced by various countries are likely to result in reduced production of approximately 560,000 Au eq. oz. in Q1 2020. The quarterly sales are projected to total around 540,000 Au eq. oz. The cost of sales is likely to touch the higher end of the previously announced guidance.

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As a precautionary measure to protect against economic and business uncertainties and future government actions, Kinross drew down $750 million from its $1.5 billion revolving credit facility last week. The net debt of the company currently stands at less than $1.5 billion, it said.

J. Paul Rollinson, President and CEO committed to implementing more precautionary and mitigation measures across the company operations in order to protect its employees, their families and the communities in which it operates.