Kinross Adds $100 Million to Balance Sheet in First 9 Months of 2014

Kinross Gold Corporation (TSX:K,MYSE:KGC) released results for the third quarter ended September 2014. The comanpy reported adding $100 million to its balance sheet over the first nine months of the year.

As quoted in the press release, the company’s outlook:

Lowers guidance range for production cost of sales per Au eq. oz. sold to $720-$750, from $730-$780
Expects to be at the high end of a narrowed production guidance range of 2.6-2.7 million Au eq. oz., from previous guidance range of 2.5-2.7 million Au eq. oz.
Narrows guidance range downward for all-in sustaining cost per Au eq. oz. sold to $950-$990, from $950-$1,050
Lowers guidance for capital expenditures from $675 million to a range of $630-$650 million
Expects to end the year below guidance of $205 million for overhead (G&A and business development)
Sale of Fruta del Norte: On October 21, 2014, Kinross announced that it entered into an agreement to sell its interest in Aurelian Resources Inc. and the Fruta del Norte project in Ecuador to Fortress Minerals Corp. for $240 million in cash and shares.

Kinross CEO, J. Paul Rollinson, said:

The combination of declining costs and strong production in Q3 – including record production at Paracatu and Maricunga – resulted in a 22% year-over-year increase in adjusted operating cash flow, despite a lower gold price. In the first nine months of the year, the Company has added $100 million in cash to the balance sheet. With Kinross’ recently announced agreement to sell its interests in Ecuador for $240 million in cash and Fortress Minerals shares, we continue to strengthen our balance sheet and focus on strategic priorities and growth opportunities.”

Click here to read the Kinross Gold Corporation (TSX:K,MYSE:KGC) press release