(Kitco News) - Kinross Gold (TSX: K, NYSE: KGC) said today that the company produced 483,060 Au eq. oz. in Q3 2021, down 20% compared with 603,312 Au eq. oz. in Q3 2020, primarily due to lower production at Tasiast as a result of the suspension of milling operations after the mill fire in June 2021.
The company said its revenue was $862.5 million in Q3 2021, a decrease compared with $1,131.3 million in Q3 2020, mainly due to a decrease in gold equivalent ounces sold primarily as a result of lower production, and lower average realized gold price.
All-in sustaining cost per Au eq. oz. was $1,225 for Q3 2021, compared with $958 per Au eq. oz. in Q3 2020, primarily due to the decrease in ounces sold.
"The temporary suspension of milling operations at Tasiast was a main contributor to the year-over-year decrease in operating earnings, resulting in a reported net loss of $44.9 million, or $0.04 per share, for Q3 2021, compared with reported net earnings of $240.7 million, or $0.19 per share, for Q3 2020," the company said in a statement.
Adjusted net earnings were $90.2 million, or $0.07 per share, for Q3 2021, compared with $310.2 million, or $0.25 per share, for Q3 2020, primarily due to the decrease in revenue, Kinross noted.
As part of its continuing quarterly dividend program, the company said that its Board of Directors declared a dividend of $0.03 per common share payable on December 15, 2021 to shareholders of record as of December 1, 2021.
Importantly, Kinross pointed out that the company has made an "excellent" progress re-starting the Tasiast mill after the fire on June 15, 2021. The mill is now ramping up and is processing lower grade stockpile during this phase.
In December, the mill is expected to achieve sustained throughput levels comparable to the first half of the year and the site is expected to produce approximately 15,000 Au eq. oz. during Q4 2021.
The company added it is on track to meet its revised 2021 production guidance of 2.1 million Au eq. oz. (+/- 5%). Kinross continues to expect annual production to increase to 2.7 million Au eq. oz. (+/- 5%) in 2022 and 2.9 million Au eq. oz. (+/- 5%) in 2023.
Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana.
By Vladimir BasovFor Kitco News
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