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Kinross (KGC) Announces Upbeat Long-Term Production View

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Kinross Gold Corporation (KGC - Free Report) recently issued its long-term production view. The company expects to produce around 2.5 million gold equivalent ounces (GEO) per annum on an average from 2020-to-2029, which will be mainly driven by promising organic opportunities across its global portfolio.

In September, the company stated that it expects to increase gold production from 2021 to 2023 by 20%, including 2.4 million GEO in 2021, 2.7 million GEO in 2022 and 2.9 million GEO in 2023. The company also expects overall cost of sales per ounce to decline over its three-year growth profile.

Kinross’ growth production outlook from 2021 to 2023 is based on expected additional ounces from higher planned production at Kupol and mine-life extension at Chirano. It is also likely to gain from expected enhancements at the Fort Knox, including accelerating production at the Gilmore project. Also, the company expects persistent outperformance at Paracatu with improvements in throughput and higher expected production from the north area of Bald Mountain.

In September, the company reinstated its 2020 guidance that was issued on Feb 12, 2020. Notably, Kinross revoked its full-year guidance in April due to the global uncertainties associated with the coronavirus pandemic.

Kinross, which is among the prominent gold mining companies along with Newmont Corporation (NEM - Free Report) , Barrick Gold Corporation (GOLD - Free Report) and Agnico Eagle Mines Limited (AEM - Free Report) , continues to expect production of 2.4 million (+/-5%) GEOs for 2020. All-in sustaining costs are forecast to be $970 (+/-5%) per GEOs for 2020. The company also expects current-year production cost of sales of $720 (+/-5%) per GEOs.  

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