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Thursday, February 11, 2021 - 1:49:13 PM
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Mining News Pro - 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.
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