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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (28491)	11/5/2008 8:50:58 PM
From: LoneClone	Read Replies (2) \| Respond to of 193161

Kinross profit rises on record output, higher gold price miningweekly.com By: Liezel Hill Published on 5th November 2008 Updated 4 hours ago TORONTO (miningweekly.com) – Canadian gold-miner Kinross Gold said on Wednesday that net earnings for the third quarter rose to $64,7-million, compared with $39,4-million a year earlier, after gold prices rose and the firm achieved its highest-ever production. Kinross produced 551 510 gold-equivalent ounces in the three months ended September 30, 47% more than during the same period of 2007. The company, which owns mines in the US, Brazil, Chile and Russia, started up two new operations this year – the Kupol mine in Russia, and the Buckhorn mine, in the US - and poured the first gold from its Paracatu expansion project, in Brazil, last month. The Toronto-based firm also acquired Aurelian Resources during the third quarter, to take control of the smaller firm's Condor gold project, in Ecuador. Kinross realised an average gold price during the quarter of $857/oz, compared with $686/oz a year earlier. The cost of sales per gold-equivalent ounce rose year on year, to $406/oz, compared with $383/oz in the third quarter of 2007, but were actually $60/oz lower than in the second quarter of this year, the company said in a statement. "As our growth projects come on stream, we are delivering on our commitment: increased production, lower costs, improved margins, and stronger cash flow," said president and CEO Tye Burt. Kinross reiterated its full-year production guidance of between 1,8-million and 1,9-million gold-equivalent ounces for 2008, but Burt said on a conference call that the firm expected output to come in at the lower end of the range, because of delays with commissioning the Paracatu expansion project. However, costs were also expected to come in at the lower end of the $425/oz to $445/oz guidance, he said on Wednesday evening.