Click the logo to download your  free PDF version

           Click the logo to download your  free PDF version

 

To purchase this space contact Gordon

Kinross Gold beats profit estimates on higher prices

by | Feb 11, 2021 | News | 0 comments

Canadian miner Kinross Gold beat analysts’ estimates for quarterly profit on Wednesday as a surge in gold prices cushioned the blow from lower output.

Prices of the yellow metal surged 25% in 2020 as investors sought the safety of gold after the Covid-19 pandemic hammered the global economy.

The company’s average realized gold price rose 26% to $1 875 per ounce, helping offset a 3.3% decline in total output to 624 032 gold-equivalent ounces.

Kinross Gold said it expects production to stay flat in 2021 at $2.4-million ounces of gold equivalent production.

The miner also said its spending budget for this year would be unchanged from 2020 at $900-million, while annual all-in sustaining cost was forecast to rise to $1 025 per gold equivalent ounces from $970 per gold equivalent ounces in 2020.

Net earnings attributable to common shareholders rose to $783.3-million, or 62 cents per share, in the fourth quarter ended December 31, from $521.5-million, or 41 cents per share, a year earlier

Excluding items, the miner earned 27 cents per share, beating analysts’ estimate of 22 cents, according to IBES data from Refinitiv.

Submit a Comment