Kinross produced 558,777 gold-equivalent ounces (GEOs) in Q1, compared to 567,327 GEOs produced in the same quarter of 2020. All-in sustaining costs also fell to $975/GEO sold.
The company said that it was on track to meet its guidance of 2.4-million GEOs for the year.
Kinross’ three largest producing mines – Paracatu, in Brazil, Kupol, in Russia, and Tasiast, in Mauritania – accounted for 60% of its production and were the lowest cost mines in the portfolio.
Revenue increased by 12% to $986.5-million, compared with $879.8-million in the first quarter of 2020. Adjusted net earnings increased 51% to $192.8-million, or $0.15 a share, from $127.4-million, or $0.10 a share.
Kinross’ stock was down 4% on the NYSE on Thursday afternoon. The company has a $9.27 billion market capitalization.
