Mining Frontier
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
    • Aluminium
    • COAL
    • COPPER
    • DIAMONDS
    • GOLD
    • IRON ORE AND MANGANESE
    • NICKEL
    • NIOBIUM
    • PHOSPHATES
    • PLATINUM
    • STEEL
  • Projects
  • Events & Conferences
  • Contact US
  • More
    • Newsletter Archive
No Result
View All Result
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
    • Aluminium
    • COAL
    • COPPER
    • DIAMONDS
    • GOLD
    • IRON ORE AND MANGANESE
    • NICKEL
    • NIOBIUM
    • PHOSPHATES
    • PLATINUM
    • STEEL
  • Projects
  • Events & Conferences
  • Contact US
  • More
    • Newsletter Archive
No Result
View All Result
Mining Frontier
No Result
View All Result
Home Latin America

Kinross Q3 revenue drops 15%, Denver office to be shut

November 23, 2015
in Latin America, News

Note* - All images used are for editorial and illustrative purposes only and may not originate from the original news provider or associated company.

Kinross said its Q3 revenue came in $80.4 million compared to $947.5 million in Q3 2014 mostly due to lower gold prices.

Production was down slightly, 680,679 gold equivalent ounces (Au eq. oz.) compared with 693,818 ounces in Q3 2014. Heavy rains at Maricunga hampered production, but the decrease was offset by increased production at Fort Knox.

During Q3 Kinross reduced corporate headcount costs by 23%. The company will close its Denver office. It also let go of 222 Tasiast employees in September. Kinross pegs the annual savings from the layoffs at about $30 million.

Kinross highlighted the following:

  • Production: 680,679 gold equivalent ounces (Au eq. oz.), compared with 693,818 ounces in Q3 2014.
    All-in sustaining cost: $941 per Au eq. oz. sold, compared with $919 in Q3 2014. All-in sustaining cost per gold ounce (Au oz.) sold on a by-product basis was $936 in Q3 2015, compared with $911 in Q3 2014.
  • Adjusted operating cash flow: $206.6 million, or $0.18 per share, compared with $324.1 million, or $0.28 per share, in Q3 2014.
  • Adjusted net earnings/loss: Loss of $23.9 million, or $0.02 per share, compared with adjusted earnings of $70.1 million, or $0.06 per share, in Q3 2014.
  • Reported net earnings/loss: Loss of $52.7 million, or $0.05 per share, compared with a loss of $4.3 million, or $0.00 per share, in Q3 2014.
  • Balance sheet strength: Reduced net debt4 to $949.2 million, repaid the remaining balance on the Kupol loan and ended the quarter with cash and cash equivalents of $1,024.8 million.
  • Outlook: Kinross expects to be within its updated 2015 guidance range for production (2.5-2.6 million Au eq. oz.), all-in sustaining cost ($975-$1,025 per Au eq. oz.) and cost of sales ($690-$730 per Au eq. oz.). The Company expects to be below its updated capital expenditure guidance ($650 million) and below its overhead guidance ($205 million), which excludes one-time restructuring charges.

 

Tasiast expansion update: Kinross is completing early-stage engineering work on a potential two-phased expansion that would add incremental grinding capacity to Tasiast’s existing comminution circuit. A feasibility study of the initial Phase One expansion, which would increase mill throughput capacity from the current 8,000 t/d to 12,000 t/d, is expected to be completed in Q1 2016. Phase Two could further increase throughput capacity up to as much as 38,000 t/d.

La Coipa pre-feasibility study (PFS) update: Results of the La Coipa PFS study estimate production of approximately 1.03 million Au eq. oz., average cost of sales per Au eq. oz. of $674 and average all-in cost per Au eq. oz.5 of $767. The project is expected to generate a 20% IRR at a gold price of $1,200/oz

Previous Post

BHP, Vale owners tour villages devastated by Samarco

Next Post

Commodities rout a sign the world economy is growing, says economist

Related Posts

US Eyes Rubaya Mine in Congo
News

US Eyes Rubaya Mine in Congo for Coltan Reserves

June 30, 2025
HD Hyundai Construction
News

HD Hyundai Construction Equipment Expands Mining Presence

June 27, 2025
South Africa Revives Mining Endeavors
News

To Keep Pace Globally, South Africa Revives Mining Endeavors

May 19, 2025
Mining Projects in America
News

Mining Projects in America Getting the Executive Order Push

May 19, 2025
Coal Exploration Programme
News

Coal Exploration Programme Gets a Go Ahead in Canada

May 19, 2025
Mining StartUps Looking for Better Europe Avenues
News

Mining StartUps Looking for Better Europe Avenues

May 19, 2025
Next Post

Commodities rout a sign the world economy is growing, says economist

No Result
View All Result

Recent Posts

  • Automated Solutions in Mining Equipment Driving the Change
  • Absolute Visibility of Digital Transformation in Mining
  • 2025 Mining Equipment Trends – Carrying Legacy to Modernity
  • Ore Extraction Processes Getting AI-Powered Robot Support
  • A Deep Dive into Machinery Maintenance in Mining in Canada

System

  • Search
  • Sitemap
  • Feed

Resources

  • Contact US
  • Download Mediapack
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
  • Projects
  • Events & Conferences
  • Contact US
  • More

© 2019 Copyright Valuemediaservices All rights reserved.

No Result
View All Result
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
    • Aluminium
    • COAL
    • COPPER
    • DIAMONDS
    • GOLD
    • IRON ORE AND MANGANESE
    • NICKEL
    • NIOBIUM
    • PHOSPHATES
    • PLATINUM
    • STEEL
  • Projects
  • Events & Conferences
  • Contact US
  • More
    • Newsletter Archive

© 2019 Copyright Valuemediaservices All rights reserved.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In