In its latest earnings statement, Kinross Gold Corp. said Paracatu and Bald Mountain delivered record annual production. Tasiast achieved record quarterly production and the company forecasts strong 2019 production of 2.5 million Au eq. oz. and costs in line with 2018, according to Kinross.
“Kinross once again delivered on its commitments in 2018, as we met our production, cost and capital guidance for the seventh consecutive year,” said J. Paul Rollinson, president and CEO, Kinross Gold. “Our portfolio of mines produced solid results, with standout performances from Paracatu and Bald Mountain, both of which delivered record annual production.”
After completion of the Tasiast Phase One expansion, the mine achieved record production in the fourth quarter, according to Rollinson. Kinross also generated approximately $790 million in operating cash flow and maintained a strong balance sheet, with $1.9 billion in liquidity and no debt maturities until 2021, he added.
“We expect to deliver another strong year in 2019, producing approximately 2.5 million gold equivalent ounces at costs similar to 2018,” Rollinson said. “Our development projects are proceeding well, and we look forward to a number of milestones this year, including the start of commissioning of the Bald Mountain Vantage Complex processing circuit and completion of the Lobo-Marte scoping study in the first quarter; the start of commissioning of the Round Mountain Phase W processing circuit in the second quarter; and the completion of the La Coipa Restart feasibility study and the start of stripping at Fort Knox Gilmore in the third quarter.”
Kinross produced 610,152 attributable Au eq. oz. in the fourth quarter of 2018, compared with 652,710 Au eq. oz. in the fourth quarter of 2017, mainly due to lower production at Fort Knox and Bald Mountain, partially offset by record production at Tasiast and Paracatu, according to the company. All-in sustaining cost per Au eq. oz. sold was $965 for full-year 2018, which was at the lower end of the company’s 2018 guidance range, compared with $954 for full-year 2017.