The Tasiast mine
Canadian miner Kinross has kicked off the year on a robust note, marking a 20% surge in margins and a remarkable tripling of its free cash flow.
In its first-quarter report unveiled this Tuesday, Kinross revealed a 20% uptick in margins to $1 088/gold-equivalent ounce (GEO) sold, outpacing the rise in the average realised gold price.
The company posted attributable free cash flow of $145.3-million in the three months ended March.
Net earnings rose to $107-million, or $0.09 a share, and adjusted net earnings jumped to $124.9-million, or $0.10 a share.
“Our portfolio of mines performed well, driven by strong operational performance, disciplined cost management and higher gold prices,” said CEO Paul Rollinson.
With first-quarter production of 527 399 GEOs at an all-in sustaining cost (AISC) of $1 310/GEO, Kinross is on track to meet its yearly guidance of 2.10-million GEOs at an AISC of $1 360/GEO.
Kinross’ three biggest producing mines – Tasiast, Paracatu and La Coipa – delivered 68% of total production.
Tasiast achieved record quarterly throughput as the mine continued its strong performance since the completion of the 24k project, while Paracatu achieved record quarterly throughput and La Coipa continued to deliver high-margin production.