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Jul 28, 2022

Kinross Gold loses US$9.3M in second quarter

Gold stocks being down 20, 30% YTD makes no sense: Portfolio manager Robert Cohen

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Kinross Gold Corp. reported a net loss of US$9.3 million in the second quarter due to a decrease in operating earnings and an increase in income tax expenses.

The loss compares with net earnings of US$30.1 million equal to two cents per share a year earlier.

On an adjusted basis, the Toronto-based company says it earned US$37.4 million, or three cents per share, in the three months ending June 30. That's compared with adjusted earnings of US$66.5 million, or five cents per share, in the prior year's quarter.

During its second quarter, revenue from continuing operations increased to US$821.5 million, compared with US$707.9 million for the same period last year, the company says.

Kinross says production cost of sales from continuing operations per gold equivalent ounce sold increased to US$1,027 for the quarter, compared with US$850 in the second quarter of 2021, mainly as a result of inflationary cost pressures across the portfolio and an increase in waste stripping. 

The company expects cost of sales per ounce sold to decrease in the second half of the year due to stronger production, notably at Tasiast, Paracatu and La Coipa, Kinross’s lowest-cost mines.

Kinross also says it is proceeding with its 70 per cent-owned Manh Choh project in Alaska.