Kinross Q1 earnings fall on lower sales, prices
TORONTO (miningweekly.com) – Canadian miner Kinross Gold on Wednesday reported lower first-quarter earnings, as lower realised prices offset higher output.
Toronto-based Kinross, which has operations in North and South America, Africa and Russia, reported an 80% drop in net earnings to $31.8-million, or $0.03 a share, in the three months ended March 31, down from $162.4-million, or $0.14 a share, in the comparable period a year earlier.
Excluding special items, net earnings declined to $34.1-million, or $0.03 a share, down from $172.4-million, or $0.15 a share, and were on target with Wall Street analysts' average expectations.
Revenue came in higher than analyst expectations of $789.88-million, with Kinross reporting $817.4-million in the period, down 30% from $1.06-billion a year earlier.
Kinross reported that the average realised price for gold fell 20% to $1 299/oz, compared with $1 624/oz a year earlier.
Kinross reported gold-equivalent output of 664 690 oz, an increase of 15 793 oz over the 648 897 oz produced in the comparable period last year.
In the quarter, the all-inclusive sustaining costs for gold dropped to $1 001/oz, down from $1 030/oz.
The miner said it expected to produce between 2.5-million and 2.7-million ounces of gold equivalent in 2014.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation

















