Kinross 2022 operating year had highest production and lowest costs

Kinross ramped up production in 2022, quarter-after-quarter, with the strongest production and lowest costs of the year in the fourth quarter, but still reported a net loss 6 of $106.0 million in Q4 2022, or $0.08 per share, and reported net earnings6 of $31.9 million, or $0.02 per share, in 2022.

Despite this the future looks bright for Kinross as it shed its Russian and Ghana operations and focused on started up its North American Operation in the Red Lake District – Great Bear,

As part of the Great Bear initial resource estimate, the Kinross has added 2.7 million Au oz. of measured and indicated mineral resources and added 2.3 million ounces to its inferred mineral resource. 
“Reflecting on 2022, it was a challenging year with significant change. I am proud of our global team who came together to address the challenges we faced and am pleased to note that we finished each quarter stronger than the last,” said J. Paul Rollinson, President and CEO. “ As we have exited from Russia and Ghana, and are developing our Great Bear project in Red Lake, Ontario, our portfolio is now more weighted in the Americas.”

“ We are excited about the Great Bear initial mineral resource estimate, which we announced earlier this week. We believe we have a world-class development project at Great Bear and two cornerstone production assets, Tasiast and Paracatu, that together produce over 50 per cent of our gold,” he added. Tasiast mine is located in Northwestern Mauritania. Paracatu is located in Brazil.

 

Kinross operates two mines in Nevada Round Mountain and Bald Mountain. The company also has a mine and a development project in Alaska, where it has successfully operated for more than 25 years. Fort Knox and Manh Choh projects.

“We introduced and enhanced Kinross operates two mines in Nevada, one of the top mining jurisdictions in the world. The Company also has a mine and a development project in Alaska, where it has successfully operated for more than 25 years.

In 2022, Kinross returned $455 million in capital to shareholders consisting of approximately $155 million in dividends and $300 million as part of its enhanced share buyback program. The Company expects to continue its dividend and share buyback programs in 2023 and 2024. 2022 Q4 and year-end financial results from continuing operations:         

-Production of 595,683 Au eq. oz. in Q4 2022, and 1,957,237 Au eq. oz. in 2022.
-Production cost of sales 2 of $848 per Au eq. oz. in Q4 2022, and $937 per Au eq. oz. in 2022.
-All-in sustaining cost 3 of $1,236 per Au eq. oz. sold in Q4 2022, and $1,271 per Au eq. oz. sold in 2022.
-Margins 4 of $883 per Au eq. oz. sold in Q4 2022, and $856 for 2022.
-Operating cash flow 5 of $474.3 million in Q4 2022, and $1,002.5 million in 2022.
-Adjusted operating cash flow 3 was $496.1 million in Q4 2022, and $1,256.5 million in 2022.
-Free cash flow 3 was $157.5 million in Q4 2022, and $238.3 million in 2022.
-Reported net loss 6 of $106.0 million in Q4 2022, or $0.08 per share, and reported net earnings6 of $31.9 million, or $0.02 per share, in 2022.
-Adjusted net earnings 3 , 7 of $108.2 million, or $0.09 per share in Q4 2022, and $283.1 million, or $0.22 per share, in 2022.

Kinross Gold Corporation Board of Directors declared a dividend of US$0.03 per common share for the fourth quarter of 2022. The dividend is payable on March 23, 2023, to shareholders of record as of the close of business on March 8, 2023. This dividend qualifies as an “eligible dividend” for Canadian income tax purposes while dividends paid to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.

In addition to its bottom line profitability, Kinross also succeeded in meeting its objections for environmental and social responsibility.

“We are proud to be a consistent leader in ESG performance and expect to publish our 2022 Sustainability Report in May. We strengthened Board oversight of ESG and advanced strategy, awareness and programming across the Company, focusing on achieving our targets and metrics to maintain our strong performance,” Rollinson noted . 

In 2022 Kinross was awarded the Alaska Miners Association Environmental Stewardship Award for our Abandoned Mine Restoration initiative.

They also advanced their commitment to diversity, equity and inclusion by working to embed inclusive behaviours into everyday interactions across the company.

Kinross contributed more than $10 million of monetary and in-kind contributions through site investments and provided humanitarian support in Mauritania to help the country manage the impact of extreme weather events.

And they advanced their green energy targets with the construction of the Tasiast solar plant, which is expected to come online in the second half of 2023.

About Kinross Gold Corporation

Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).

Media Contact
Victoria Barrington
Senior Director, Corporate Communications
Phone: 647-788-4153
victoria.barrington@kinross.com

Investor Relations Contact
Chris Lichtenheldt  
Vice-President, Investor Relations 
phone: 416-365-2761 
chris.lichtenheldt@kinross.com
Visit https://www.kinross.com/
 

Tags: Northern Ontario / Deals & Financial / Gold / All Articles