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UPDATE 1-Kinross posts loss, sees 2015 output near top of own forecast

Published 2015-07-29, 05:13 p/m
UPDATE 1-Kinross posts loss, sees 2015 output near top of own forecast
KGC
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(Adds more financial, production details, analysts' estimates)
July 29 (Reuters) - Kinross Gold Corp K.TO slid to a loss
in the second quarter, in line with market expectations, on the
back of a weaker gold price, lower gold sales and the temporary
suspension of operations at a mine in Chile.
The Toronto-based gold producer reported a loss of $83.2
million, or 7 cents a share, in the three months to end-June.
That compared with net earnings of $46 million, or 4 cents a
share, in the same period in 2014.
Excluding one-time items, Kinross reported a loss of $13.6
million, or 1 cent a share. On average, analysts polled by
Thomson Reuters I/B/E/S had expected a loss of 1 cent.
Kinross said it was tracking at the high end of its 2015
production forecast of 2.4 million to 2.6 million gold
equivalent ounces and at the low end of its forecast for all-in
sustaining costs of $1,000 to $1,100 per ounce.
The company was also on track to come in below its 2015
capital spending forecast of $725 million.
"With strong liquidity, including more than $1 billion in
cash on the balance sheet, Kinross is well positioned to weather
the current market volatility," Kinross Chief Executive Paul
Rollinson said in a statement.
Kinross said it produced 660,898 gold equivalent ounces in
the quarter, down from 679,831 in the same quarter a year ago.
All-in sustaining costs rose to $1,011 per gold equivalent
ounce compared with $976 an ounce a year ago.

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