Company on track to meet annual production and cost guidance; balance sheet remains strong
Tasiast Phase One construction complete; three U.S. projects proceeding well and on schedule
TORONTO, Aug. 01, 2018 (GLOBE NEWSWIRE) — Kinross Gold Corporation (TSX: K, NYSE: KGC) today announced its results for the second-quarter ended June 30, 2018.
(This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 19 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.)
2018 second-quarter highlights:
- Production1: 602,049 gold equivalent ounces (Au eq. oz.), compared with 694,874 Au eq. oz. in Q2 2017.
- Revenue: $775.0 million, compared with $868.6 million in Q2 2017.
- Production cost of sales2: $767 per Au eq. oz., compared with $660 in Q2 2017.
- All-in sustaining cost2: $1,018 per Au eq. oz. sold, compared with $910 in Q2 2017. All-in sustaining cost per gold ounce (Au oz.) sold on a by-product basis was $1,011 in Q2 2018, compared with $901 in Q2 2017.
- Operating cash flow: $184.5 million, compared with $179.7 million in Q2 2017.
- Adjusted operating cash flow2: $231.5 million, compared with $230.8 million in Q2 2017.
- Reported net earnings3: $2.4 million, or $0.00 per share, compared with net earnings of $33.1 million, or $0.03 per share, in Q2 2017.
- Adjusted net earnings2,3: $37.8 million, or $0.03 per share, compared with adjusted net earnings of $54.9 million, or $0.04 per share, in Q2 2017.
- Organic projects and development opportunities:
- Tasiast Phase One construction is now complete, first ore has gone through the SAG mill, commissioning is in the final stages, and the project has been transferred to Operations.
- Kinross is pausing Phase Two activities and is analyzing alternative throughput expansion options at Tasiast as it continues to engage with the Government of Mauritania regarding its activities in the country. The Company remains committed to disciplined capital allocation as it seeks additional clarity on the matter.
- The Round Mountain Phase W project is progressing well and on budget, with pre-stripping commencing and good progress being made on the new heap leach area. Initial ore is expected mid-2019.
- Development of the Fort Knox Gilmore project in Alaska has commenced, and early works on the new heap leach pad have been initiated. Initial production is expected in early 2020.
- The Bald Mountain Vantage Complex project is proceeding on schedule and on budget, with construction well underway. Commissioning of the heap leach pad and processing facilities are on schedule to commence in Q1 2019.
- In Russia, the Moroshka project located near Kupol is on schedule to begin stoping high-grade ore in early Q4 2018.
- A feasibility study has been initiated at the La Coipa Restart project, along with a scoping study at the nearby Lobo Marte project, to evaluate the potential for a return to production in Chile.
- Outlook unchanged: Kinross expects to produce 2.5 million Au eq. oz. (+/- 5%) at a production cost of sales per Au eq. oz. of $730 (+/- 5%) and all-in sustaining cost of $975 (+/- 5%) per ounce sold on both a gold equivalent and by-product basis for 2018. Total capital expenditures are forecast to be approximately $1,075 million (+/- 5%).
- Balance sheet: As of June 30, 2018, Kinross had cash and cash equivalents of $918.7 million and available credit of $1,566.4 million, for total liquidity of approximately $2.5 billion, and no debt maturities until 2021.
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1 Unless otherwise stated, production figures in this news release are based on Kinross’ 90% share of Chirano production.
2 These figures are non-GAAP financial measures and are defined and reconciled on pages 14 to 18 of this news release.
3 Net earnings/loss figures in this release represent “net earnings (loss) from continuing operations attributable to common shareholders”.
CEO Commentary
J. Paul Rollinson, President and CEO, made the following comments in relation to 2018 second-quarter results:
“Our portfolio of mines performed well during the quarter, contributing to a strong first half performance. As a result, we remain on track to meet both our annual production and cost guidance. We achieved solid cash flow and maintained our strong balance sheet as we continued to advance our development projects across the Company.
“At Tasiast, construction was completed at the Phase One expansion, with first ore now through the SAG mill. The project has been transferred to Operations and is in the final stages of commissioning. We have decided to pause activities at Phase Two and, to maintain optionality, are analyzing alternative throughput approaches to expand Tasiast as we continue to engage with the Government of Mauritania regarding our activities in the country. The completion of our evaluation of alternative approaches, and a Phase Two re-start decision, are subject to our ongoing engagement with the Government. We remain committed to disciplined capital allocation as we seek additional clarity on the matter.
“Our projects in the U.S. continue to make excellent progress, as the Fort Knox Gilmore, Round Mountain Phase W and Bald Mountain Vantage Complex projects remain on budget. We have also initiated a feasibility study for the La Coipa Restart project, and a scoping study for Lobo Marte, to potentially return to production in Chile. In Russia, we expect production to commence at the Moroshka satellite deposit near Kupol early in the fourth quarter.”
Financial results
Summary of financial and operating results
| Three months ended | Six months ended | ||||||||
| June 30, | June 30, | ||||||||
| (in millions, except ounces, per share amounts, and per ounce amounts) | 2018 | 2017 | 2018 | 2017 | |||||
| Operating Highlights | |||||||||
| Total gold equivalent ounces(a) | |||||||||
| Produced(c) | 607,906 | 700,452 | 1,267,861 | 1,378,233 | |||||
| Sold(c) | 593,296 | 689,362 | 1,267,957 | 1,341,878 | |||||
| Attributable gold equivalent ounces(a) | |||||||||
| Produced(c) | 602,049 | 694,874 | 1,255,986 | 1,366,830 | |||||
| Sold(c) | 587,556 | 683,584 | 1,255,773 | 1,329,530 | |||||
| Financial Highlights | |||||||||
| Metal sales | $ | 775.0 | $ | 868.6 | $ | 1,672.2 | $ | 1,664.7 | |
| Production cost of sales | $ | 454.9 | $ | 456.6 | $ | 899.5 | $ | 915.4 | |
| Depreciation, depletion and amortization | $ | 190.3 | $ | 204.0 | $ | 383.4 | $ | 421.5 | |
| Operating earnings | $ | 46.3 | $ | 104.9 | $ | 224.2 | $ | 153.5 | |
| Net earnings attributable to common shareholders | $ | 2.4 | $ | 33.1 | $ | 108.5 | $ | 167.7 | |
| Basic earnings per share attributable to common shareholders | $ | 0.00 | $ | 0.03 | $ | 0.09 | $ | 0.13 | |
| Diluted earnings per share attributable to common shareholders | $ | 0.00 | $ | 0.03 | $ | 0.09 | $ | 0.13 | |
| Adjusted net earnings attributable to common shareholders(b) | $ | 37.8 | $ | 54.9 | $ | 163.0 | $ | 78.3 | |
| Adjusted net earnings per share(b) | $ | 0.03 | $ | 0.04 | $ | 0.13 | $ | 0.06 | |
| Net cash flow provided from operating activities | $ | 184.5 | $ | 179.7 | $ | 478.0 | $ | 387.5 | |
| Adjusted operating cash flow(b) | $ | 231.5 | $ | 230.8 | $ | 595.2 | $ | 481.7 | |
| Capital expenditures | $ | 247.1 | $ | 200.7 | $ | 494.0 | $ | 379.6 | |
| Average realized gold price per ounce(d) | $ | 1,306 | $ | 1,260 | $ | 1,319 | $ | 1,241 | |
| Consolidated production cost of sales per equivalent ounce(c) sold(b) | $ | 767 | $ | 662 | $ | 709 | $ | 682 | |
| Attributable(a) production cost of sales per equivalent ounce(c) sold(b) | $ | 767 | $ | 660 | $ | 709 | $ | 680 | |
| Attributable(a) production cost of sales per ounce sold on a by-product basis(b) | $ | 754 | $ | 645 | $ | 696 | $ | 665 | |
| Attributable(a) all-in sustaining cost per ounce sold on a by-product basis(b) | $ | 1,011 | $ | 901 | $ | 918 | $ | 922 | |
| Attributable(a) all-in sustaining cost per equivalent ounce(c) sold(b) | $ | 1,018 | $ | 910 | $ | 926 | $ | 931 | |
| Attributable(a) all-in cost per ounce sold on a by-product basis(b) | $ | 1,343 | $ | 1,098 | $ | 1,226 | $ | 1,100 | |
| Attributable(a) all-in cost per equivalent ounce(c) sold(b) | $ | 1,342 | $ | 1,102 | $ | 1,228 | $ | 1,103 | |
- “Total” includes 100% of Chirano production. “Attributable” includes Kinross’ share of Chirano (90%) production.
- The definition and reconciliation of these non-GAAP financial measures is included on pages 14 to 18 of this news release.
- “Gold equivalent ounces” include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the commodities for each period. The ratio for the second quarter of 2018 was 79.00:1 (second quarter of 2017 – 73.01:1). The ratio for the first six months of 2018 was 79.12:1 (first six months of 2017 – 71.46:1).
- The definition of this non-GAAP financial measure is included on page 18 of this news release.
The following operating and financial results are based on second quarter 2018 gold equivalent production. Production and cost measures are on an attributable basis:
Production: Kinross produced 602,049 attributable Au eq. oz. in the second quarter of 2018, compared with 694,874 Au eq. oz. in Q2 2017.
Production cost of sales: Production cost of sales per Au eq. oz.2 was $767 for the second quarter of 2018, compared with $660 for Q2 2017, mainly as a result of higher cost of sales per ounce sold at Fort Knox and Tasiast.
Production cost of sales per Au oz. on a by-product basis2 was $754 in Q2 2018, compared with $645 in Q2 2017, based on Q2 2018 attributable gold sales of 574,444 ounces and attributable silver sales of 1,035,675 ounces.
All-in sustaining cost: All-in sustaining cost per Au eq. oz. sold2 was $1,018 in Q2 2018, compared with $910 in Q2 2017. All-in sustaining cost per Au oz. sold on a by-product basis2 was $1,011 in Q2 2018, compared with $901 in Q2 2017.
Revenue: Revenue from metal sales was $775.0 million in the second quarter of 2018, compared with $868.6 million during the same period in 2017, due to a decrease in gold equivalent ounces sold, partially offset by a higher average realized gold price.
Average realized gold price4: The average realized gold price in Q2 2018 increased to $1,306 per ounce, compared with $1,260 per ounce in Q2 2017.
Margins: Kinross’ attributable margin per Au eq. oz. sold5 was $539 per Au eq. oz. for the second quarter of 2018, compared with the Q2 2017 margin of $600 per Au eq. oz.
Operating cash flow: Adjusted operating cash flow2 was $231.5 million for the second quarter of 2018, compared with $230.8 million for Q2 2017.
Net operating cash flow increased to $184.5 million for the second quarter of 2018, compared with $179.7 million for Q2 2017.
Earnings: Adjusted net earnings2,3 was $37.8 million, or $0.03 per share, for Q2 2018, compared with adjusted net earnings of $54.9 million, or $0.04 per share, for Q2 2017.
Reported net earnings3 was $2.4 million, or $0.00 per share, for Q2 2018, compared with earnings of $33.1 million, or $0.03 per share, in Q2 2017. The decrease was mainly due to lower margins.
Capital expenditures: Capital expenditures increased to $247.1 million for Q2 2018, compared with $200.7 million for the same period last year, mainly due to increased spending at Round Mountain and Bald Mountain.
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4 Average realized gold price is a non-GAAP financial measure and is defined as gold metal sales divided by the total number of gold ounces sold.
5 Attributable margin per equivalent ounce sold is a non-GAAP financial measure defined as “average realized gold price per ounce” less “attributable production cost of sales per gold equivalent ounce sold.”
Operating results
Mine-by-mine summaries for 2018 second-quarter operating results may be found on pages nine and 13 of this news release. Highlights include the following:
Americas
At Fort Knox, lower grades and a minor pit wall failure in Q1 2018 impacted second quarter performance. Production declined quarter-over-quarter and year-over-year primarily due to a decrease in grades. Cost of sales per ounce sold was higher compared with the previous quarter largely due to a decline in mill grades and the timing of ounces processed through the mill in Q1 2018, and increased compared with Q2 2017 mainly due to the higher volume of operating waste mined and lower mill grades.
At Round Mountain, production was in line with the previous quarter but was down year-over-year mainly due to lower recoveries from the heap leach pads related to a decrease in tonnes of ore placed on the pads. Higher mill production, as a result of an increase in mill grade and recoveries, helped mitigate the year-over-year decline. Cost of sales per ounce sold was higher quarter-over-quarter and year-over-year primarily due to timing of ounces recovered from the pads. Increased fuel costs also contributed to the higher cost of sales per ounce sold year-over-year.
At Bald Mountain, production decreased compared with the previous quarter mainly due to timing of ounces recovered from the heap leach pad as fewer tonnes of ore were placed on the pads in Q1 2018. Production was higher year-over-year largely as a result of an increase in ore mined and increased recoveries from the heap leach pads. Cost of sales per ounce sold was at its lowest level since Kinross acquired the mine and was largely in line quarter-over-quarter. Cost of sales per ounce sold decreased year-over-year primarily due to more ounces placed and recovered from the heap leach pads and lower operating waste mined.
At Paracatu, production was down slightly compared with the previous quarter primarily due to timing of ounces processed through the mill, and decreased compared with Q2 2017 mainly due to lower grades, partially offset by higher mill throughput. Cost of sales per ounce sold was lower quarter-over-quarter mainly due to a decrease in operating waste mined. Cost of sales per ounce sold increased year-over-year mainly due to the decrease in grades as well as higher fuel costs.
At Maricunga, gold production was strong, as the Company continued to rinse heap materials placed on the pads prior to the suspension of mining activities. Cost of sales per ounce sold increased year-over-year mainly due to timing of gold sales in Q2 2017.
Russia
At Kupol and Dvoinoye, production was largely in line with Q1 2018, and decreased compared with Q2 2017 mainly due to the planned mining of lower grade ore at Dvoinoye. Cost of sales per ounce sold was higher quarter-over-quarter mainly due to timing of ounces processed through the mill, partially offset by favourable foreign exchange movements, while lower grades led to the year-over-year increase in cost of sales per ounce sold.
West Africa
At Tasiast, production was lower compared with the previous quarter and year-over-year mainly due to the slower than anticipated ramp up of the mining rate which delayed access to higher-grade material resulting in lower grades, and down time at the mill due to Phase One project tie-ins. Cost of sales per ounce sold was higher quarter-over-quarter and year-over-year as result of lower grades, an increase in operating waste mined, and higher fuel costs.
At Chirano, production was mainly in line with Q1 2018 and higher than Q2 2017, primarily due to better mill performance and timing of ounces processed through the mill. Cost of sales per ounce sold was higher quarter-over-quarter mainly on account of higher consumption of milling supplies and the timing of ounces sold in Q1 2018. Cost of sales per ounce sold decreased year-over-year primarily due to the cessation of open pit mining in Q2 2017 and lower overhead costs.
Organic development projects and opportunities
Tasiast two-phased expansion
Tasiast Phase One construction is now complete, first ore has gone through the SAG mill, and the project has been transferred to the Operations team. The CIL plant, primary crusher and conveyor are fully commissioned and the SAG mill is in the final stages of commissioning. During the past month, throughput has continued to ramp up and has peaked at 12,000 t/d.
Click here to view completed Tasiast Phase One expansion: https://youtu.be/45eg8TEL-cg
The Company has advanced project financing for Tasiast Phase One and is targeting approximately $300 million in financing. During the second quarter, Kinross signed a mandate letter with the International Finance Corporation, a division of the World Bank, confirming its interest in participating, subject to further due diligence. The Company is also finalizing a mandate letter, subject to further due diligence, with Export Development Canada. Commercial banks have also expressed interest in the financing.
As previously disclosed, in early May 2018, the Company received a letter from the Government of Mauritania (“Government”) stating a desire to enter into discussions with respect to the Company’s activities in the country, which the Company understood as seeking greater benefits for the country.
The Company continues to engage with the Government on this matter and has paused Phase Two activities. To maintain optionality, the Company is also analyzing alternative intermediate throughput approaches to expand the Tasiast mine. The completion of the Company’s evaluation of throughput alternatives, and a decision on the next steps for Phase Two, are subject to the ongoing engagement with the Government. The Company remains committed to disciplined capital allocation as it seeks additional clarity on the matter.
Round Mountain Phase W
The Round Mountain Phase W project is progressing well and is on budget, with initial Phase W ore expected to be encountered in mid-2019. Pre-stripping is proceeding well and the new dewatering pond is complete. Earthworks to prepare for the new infrastructure area and preparations for construction of the new heap leach are both largely complete. Initial construction activities for the vertical CIC (carbon-in-column) plant have commenced, and the remaining construction and procurement contracts are progressing well. Detailed engineering is now 95% complete.
Fort Knox Gilmore project
On June 12, 2018, the Company announced that it will proceed with the initial Fort Knox Gilmore expansion project in Alaska. The project is expected to extend mine life at Fort Knox to 2030 at a low capital cost, generate an internal rate of return of 17% at a $1,200/oz. gold price, and increase life-of-mine production by approximately 1.5 million Au eq. oz.
Early works on the new heap leach pad have been initiated and permitting is now complete. Initial production from Gilmore is expected in early 2020.
The Company is also continuing to explore the prospectivity and upside potential of the Fort Knox area, as the overall orebody has not yet been fully delineated to the west, south and east.
Bald Mountain Vantage Complex
The Bald Mountain Vantage Complex project is proceeding well and remains on schedule and on budget, with commissioning for the heap leach pad and processing facilities expected to commence in Q1 2019. Construction is well underway and engineering is now 95% complete. All major equipment and construction packages have now been awarded.
Russia satellite deposits
Development of the Russian satellite deposits continues to progress well, with development of the twin declines at the Moroshka project proceeding on schedule and portal infrastructure now largely complete. Stoping of high-grade ore at Moroshka, which is located approximately four kilometres east of Kupol, is expected to commence in early Q4 2018. At the Dvoinoye Zone 1 deposit, portal construction is complete, and mine and surface infrastructure development are progressing as planned. Production at the project is expected to commence in mid-2019.
La Coipa Restart project
The Company continues to evaluate the potential for a return to production in Chile and has initiated a feasibility study for the La Coipa Restart project. The feasibility study will contemplate refurbishments of the existing plant and infrastructure and processing of high-grade material from the Phase 7 deposit. The feasibility study is expected to be completed in the second half of 2019.
The Company has also initiated a scoping study for the Lobo Marte project, located approximately 80 kilometres from La Coipa. The scoping study will assess the potential for a production start at Lobo Marte at the end of La Coipa’s mine life and is expected to be completed in the first half of 2019. Both studies will also assess the potential to share resources and leverage synergies between the projects.
Exploration
Kinross’ exploration efforts continued to focus within the footprint of existing mines and the immediate surrounding districts. During the first half of the year, a total of approximately 118,000 metres of drilling was completed for brownfield exploration, representing 40% of the 2018 brownfield drilling program. The majority of drilling at the Company’s North American sites is scheduled to be completed in the second half of 2018, as drilling had a slow start at the beginning of the year.
Highlights from the first half of 2018 include:
- Bald Mountain: Initial results from the 2018 $10-million Bald Mountain drilling program have been encouraging, with a total of approximately 18,300 metres now drilled mainly focusing on the North area of the property. The Company is analyzing results and continuing the program with the goal of potential mineral resource additions and mineral reserve conversions at year end from the Top, Redbird and Winrock deposits. Generative exploration drilling in the JV area and in the South area of the property is ongoing and encouraging results have been received from some of the target areas.
- Kupol: Exploration at the Kupol property is a high priority for Kinross in 2018, and initial results for potential mineral resource additions to extend mine life have been promising. The Company has completed substantial drilling in the first half of the year and continues to explore the main Kupol vein and mineralization to the north and south along trend. Drilling at the North Extension continues to confirm mineralization and vein widths as intercepted in 2017. At Zone 650 in the Southeast Extension, drilling is indicating potential mineralization at depth beneath the current resource. Drilling in the second half of the year will continue to probe the depth extensions and hanging walls to the main Kupol vein.
- Chirano: The drilling program at Chirano remains focused on potential incremental additions to mine life. A total of approximately 14,700 metres have been drilled at Akwaaba and Paboase, prioritizing depth extensions, which have yielded encouraging results. Model updates are ongoing with the goal of converting mineral resources to mineral reserves at year end. Studies are also ongoing to determine the potential for open pit mining at Mamnao where recent metallurgical studies have shown a potential for high-process recovery for the oxide and transition materials.
- Tasiast: Drilling was conducted in the El Gaicha area, which is located south of the mine but north of Tasiast Sud. Initial results have been encouraging and the Company expects to continue drilling high-potential targets during the second half of 2018.
- Fort Knox: Drilling at the East Wall extension is ongoing and has yielded encouraging results from the first few holes. Generative exploration work has started in and around the Fort Knox property and the review of the Gil Sourdough resource is also underway to evaluate potential synergies with the ongoing operations at Fort Knox.
Balance sheet and financial flexibility
As of June 30, 2018, Kinross had cash and cash equivalents of $918.7 million, compared with $1,025.8 million at December 31, 2017. The Company also had available credit of $1,566.4 million, for total liquidity of approximately $2.5 billion, and no debt maturities until 2021.
Effective July 1, 2018, the Company extended its $300 million letter of credit facility with Export Development Canada by two years to June 2020. On July 23, 2018, the Company also extended the maturity date of its $1.5 billion credit facility by one year to August 2023.
Acquisition of power plants in Brazil
On July 31, 2018, Kinross Brasil Mineração, a subsidiary of the Company, completed the previously announced transaction to acquire two hydro electric power plants in Brazil for $253.7 million6. The power plants are expected to secure a long-term supply of power and lower production costs over life of the mine at Paracatu. Given the strength of the Company’s balance sheet, Kinross funded the transaction with cash while continuing to consider future debt financing to fund the initial capital used for the acquisition.
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6 Acquisition price of $835 million Brazilian reais. $253.7 million based on exchange rate of 3.29 Brazilian reais to the U.S. dollar.
Outlook
The following section of the news release represents forward-looking information and users are cautioned that actual results may vary. We refer to the risks and assumptions contained in the Cautionary Statement on Forward-Looking Information on page 19 of this news release.
As previously disclosed, Kinross expects to produce 2.5 million Au eq. oz. (+/- 5%) for the year, at a production cost of sales of $730 per Au eq. oz. (+/- 5%) and all-in sustaining cost of $975 (+/- 5%) per ounce sold on both a gold equivalent and by-product basis.
The Company also expects to meet its 2018 capital expenditure forecast of approximately $1,075 million (+/-), which includes sustaining capital of $355 million and non-sustaining capital of approximately $680 million.
Conference call details
In connection with the release, Kinross will hold a conference call and audio webcast on Thursday, August 2, 2018 at 8:00 a.m. ET. to discuss the results, followed by a question-and-answer session. To access the call, please dial:
Canada & US toll-free – (866) 393-4306; Conference ID: 1689433
Outside of Canada & US – +1 (734) 385-2616; Conference ID: 1689433
Replay (available up to 14 days after the call):
Canada & US toll-free – (855) 859-2056; Conference ID: 1689433
Outside of Canada & US – +1 (404) 537-3406; Conference ID: 1689433
You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The audio webcast will be archived on www.kinross.com.
This news release should be read in conjunction with Kinross’ 2018 second-quarter unaudited Financial Statements and Management’s Discussion and Analysis report at www.kinross.com. Kinross’ 2018 second-quarter unaudited Financial Statements and Management’s Discussion and Analysis have been filed with Canadian securities regulators (available at www.sedar.com) and furnished to the U.S. Securities and Exchange Commission (available at www.sec.gov). Kinross shareholders may obtain a copy of the financial statements free of charge upon request to the Company.
About Kinross Gold Corporation
Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. Kinross maintains listings on the Toronto Stock Exchange (symbol:K) and the New York Stock Exchange (symbol:KGC).
Media Contact
Louie Diaz
Director, Corporate Communications
phone: 416-369-6469
louie.diaz@kinross.com
Investor Relations Contact
Tom Elliott
Senior Vice-President, Investor Relations and Corporate Development
phone: 416-365-3390
tom.elliott@kinross.com
Review of operations
| Three months ended June 30, | Gold equivalent ounces | ||||||||||||||||||||
| Produced | Sold | Production cost of sales ($millions) | Production cost of sales/equivalent ounce sold |
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| 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | |||||||||||||||