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“With the completion of the sale of our Russian assets and pending sale of Chirano, approximately 70% of our production is now based out of the Americas. Paracatu and Tasiast are on track to increase production at lower costs for the rest of the year, with the La Coipa mill expected to continue ramping up, contributing to our higher production.
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“Kinross had higher production compared with the first quarter and we continue to expect stronger production and lower costs in the second half of the year to generate an increase in free cash flow. Paul Rollinson, President and CEO, made the following comments in relation to 2022 second-quarter results:
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The sale is expected to close in August 2022.
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The Company expects to be at the low end of its 2022 production guidance range mainly due to temporary delays in the mill ramp-up at La Coipa. Kinross is on track to significantly increase production in the second half of the year, primarily driven by stronger production at Paracatu, Tasiast and La Coipa.Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on Septemto shareholders of record at the close of business on August 18, 2022.Cash and cash equivalents of $719.1 million, and total liquidity 7 of approximately $2.1 billion at June 30, 2022.Reported net loss 5 of $9.3 million, or $0.01 per share, with adjusted net earnings 2, 6 of $37.4 million, or $0.03 per share 2.Adjusted operating cash flow 2 of $251.9 million, operating cash flow 4 of $257.1 million and free cash flow 2 of $107.7 million.sold and all-in sustaining cost 2 of $1,341 per Au eq. Production cost of sales 1 of $1,027 per Au eq.Gold equivalent production of 453,978 Au eq.Q2 2022 highlights from continuing operations: Results from the Company’s Russian and Ghanaian assets have been excluded from its Q2 2022 continuing results, along with comparative figures, due to the classification of these assets as discontinued as at June 30, 2022. Please refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 33 of this release. This news release contains forward-looking information about expected future events and financial and operating performance of the Company. TORONTO, J(GLOBE NEWSWIRE) - Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the second-quarter ended June 30, 2022. Proceeding with Manh Choh project to increase gold production in Alaska at lower costs.
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Company on track to significantly increase production and free cash flow in second half of year.