The Toronto-based company, which reports its earning in U.S. dollars, said on an adjusted basis its net earnings were US$156.5 million, or 12 cents per share, compared to US$194 million or 15 cents per share in the same quarter last year.
The drop in earnings came amid a slight drop in overall metal sales, and a roughly 14 per cent rise in the attributable production cost per ounce of gold sold compared to the previous year.
Kinross generated US$182.8 million in free cashflow, compared to US$218.5 million a year prior.
It also announced a share buyback program, and said operations at its Tasiast mill in West Africa are expected to resume in the fourth quarter of 2021 after recovering from a fire at the facility.
Kinross Gold Corp. reports lower Q2 earnings amid increased production costs
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A customer puts gold bar on basket for sell to the gold shop in Bangkok, Thailand, Thursday, April 16, 2020. THE CANADIAN PRESS/AP-Sakchai Lalit
TORONTO – Mining company Kinross Gold Corp. reported lower earnings and increased costs around production for its second-quarter report Wednesday.
The company reported net earnings attributable to common shareholders of US$119.3 million for the quarter ended June 30, compared to US$195.7 million in the same quarter last year.
The Toronto-based company, which reports its earning in U.S. dollars, said on an adjusted basis its net earnings were US$156.5 million, or 12 cents per share, compared to US$194 million or 15 cents per share in the same quarter last year.