Kinross Releases 2015 Results; CEO Positive on 2016

Kinross Gold Corp. (TSX:K,NYSE:KGC) released its Q4 results, as well as its results for the full 2015 year. For the full year, the company put out 2,594,652 gold equivalent ounces, down from 2,710,390 for 2014. Meanwhile, revenue was $3,052.2 million, again down from the 2014 level of $3,466.3 million.
Other full-year highlights include:

• Production cost of sales²: $696 per Au eq. oz. compared with $720 for full-year 2014.
• All-in sustaining cost²: $975 per Au eq. oz. sold, compared with $973 for full-year 2014. All-in sustaining cost per Au oz. sold on a by-product basis was $971 for full-year 2015, compared with $965 per Au oz. sold for full-year 2014.
• Adjusted operating cash flow²: $786.6 million, or $0.69 per share, compared with $1,023.8 million, or $0.89 per share, for full-year 2014.
• Adjusted net loss^2,3: $91.0 million, or $0.08 per share, compared with adjusted earnings of $131.1 million, or $0.11 per share, for full-year 2014.
• Reported net loss³: $984.5 million, or $0.86 per share, compared with a loss of $1,400.0 million, or $1.22 per share, for full-year 2014.
• Capital expenditures: $610.0 million, compared with $631.8 million for full-year 2014.
• Balance sheet: Cash and cash equivalents of $1,043.9 million at year end, compared with $983.5 million at December 31, 2014⁴. The Company paid down debt by $80.0 million in 2015.

J. Paul Rollinson, president and CEO of Kinross, commented:

Our outlook remains strong for 2016, with record production and lower all-in sustaining cost of sales forecasts. We remain focused on reducing costs and delivering against our targets to maintain our excellent track record and build value for our shareholders.
Looking back over the past four years, we have consistently met our guidance targets, maintained a strong balance sheet, and produced approximately 10 million ounces of gold. Looking forward over the next four years, we expect to produce another 10 million ounces of gold, and intend to maintain the same record of operational dependability and balance sheet strength.

Click here to read the full Kinross Gold Corp. (TSX:K,NYSE:KGC) press release.