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

To: LoneClone who wrote (36595)	5/5/2009 7:24:16 PM
From: LoneClone	Read Replies (1) \| Respond to of 195465

UPDATE 1-Kinross first-quarter profit rises on forex gain Tue May 5, 2009 4:50pm EDT reuters.com * Net profit $76.5 million vs $70.9 million * Gold production up 69 pct to 526,888 oz (In U.S. dollars, unless noted) TORONTO, May 5 (Reuters) - Kinross Gold (K.TO) said on Tuesday its first-quarter profit rose 7.9 percent, helped by a $5.6 million foreign exchange gain. Canada's No. 3 gold producer earned $76.5 million in the quarter ended March 31, up from a profit of $70.9 million in the year-before period. On a per-share basis, profit slipped to 11 cents from 12 cents, due to a higher share float. Stripping out the foreign exchange gain, Kinross earned $70.9 million, or 10 cents per share, it said. Analysts polled by Reuters Estimates had expected, on average, a profit of 15 cents a share, before items. Gold equivalent production jumped 69 percent to 526,888, ounces, while costs per ounce eased to $419 from $472. Revenue climbed 61.2 percent to $532.7 million, while cash flow from operating activities jumped to $165.4 million from $76.3 million. Kinross said its expanded Paracatu mine in Brazil should hit full design capacity at some point in the second quarter. The gold miner said it is on track for full-year gold production between 2.4 million and 2.5 million gold equivalent ounces -- which includes silver output converted to its equivalent gold value -- at cash costs of $390 to $420 per ounce. Cash and short-term investments were at $746.5 million at March 31, Kinross said. (Reporting by Cameron French; editing by Rob Wilson)