- Write by:
-
Thursday, February 13, 2020 - 11:18:11 AM
-
925 Visit
-
Print
Mining News Pro - Canadian miner Kinross Gold reported a better-than-expected quarterly profit on Wednesday, helped by record output at its third biggest mine, Tasiast, and higher gold prices.
According to Mining News Pro - Gold prices rose 18% in 2019, as investors sought safety in safe-havens due to political uncertainty, US-China trade war and concerns on slowing global growth.
The company’s average realized gold price rose 21% to $1,485 per ounce from $1,226 an year earlier, while total production rose 5.8% to 645,344 gold equivalent ounces.
The miner forecast production of about 2.4 million Au eq. oz. for 2020, a decrease compared with its 2019 production of 2.5 million Au eq. oz., due to care and maintenance at its Maricunga mine in Chile and expected lower output at its largest mine Paracatu, which posted record production in 2019.
Kinross posted net earnings of $521.5 million, or 41 cents per share, in the fourth quarter ended Dec. 31, due to higher margins and non-cash impairment reversals of $361.8 million. The company posted a loss of $27.7 million, or 2 cents per share, a year earlier.
Excluding items, the company earned 13 cents per share, beating analysts’ average estimate of 10 cents, according to IBES data from Refinitiv.
Total revenue jumped 26.7% to $996.2 million.
US-listed shares of the miner were up 2.4% at $5.12 after the bell.
Short Link:
https://www.miningnews.ir/En/News/487728
Canada’s corporate ethics watchdog on Tuesday said it was likely that human rights abuses had occurred at a mine in ...
Commodities usually rally when central banks cut interest rates, bolstering the case for going long raw materials in the ...
Awalé Resources (TSXV: ARIC) stock soared on Monday after the Newmont-backed gold explorer reported outstanding assay ...
French President Emmanuel Macron said on Monday the government is seeking to designate new regulated gold mining zones ...
Newmont Corp. has kicked off the sale of its Akyem gold mine in Ghana, which is attracting interest from potential ...
Vista Gold has released an updated feasibility study for its Mt Todd gold project in Northern Territory, Australia, to ...
Gold production in Burkina Faso declined last year as deteriorating security conditions in the West African nation ...
Gold snapped nine days of record-breaking gains as underlying US inflation topped forecasts for a second month in ...
A Senegalese opposition coalition backed by popular firebrand Ousmane Sonko launched its presidential campaign platform ...
No comments have been posted yet ...