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Kinross Gold Corporation (TSX: K)(NYSE: KGC) today announced its results for the first-quarter ended March 31, 2017. As quoted in the press release: J. Paul Rollinson, President and CEO, made the following comments in relation to 2017 first-quarter results: “Kinross started the year with a strong quarter, as our portfolio of mines generated solid cash …
Kinross Gold Corporation (TSX: K)(NYSE: KGC) today announced its results for the first-quarter ended March 31, 2017.
As quoted in the press release:
J. Paul Rollinson, President and CEO, made the following comments in relation to 2017 first-quarter results:
“Kinross started the year with a strong quarter, as our portfolio of mines generated solid cash flow. With our sharp focus on delivering consistent results, we are again on track to meet our annual guidance for production and costs.
“During the quarter, we further strengthened our balance sheet with the divestment of Cerro Casale, a non-core asset in our portfolio. With the sale, our pro forma cash position is approximately $1.1 billion, with total liquidity of approximately $2.5 billion. Our strong balance sheet gives us the financial flexibility to fund our organic development projects in each of our operating regions, which are all progressing well.
“We are making excellent progress with the Tasiast Phase One expansion, which is on schedule, on budget and expected to reach full production in approximately one year. We are continuing to develop Bald Mountain’s significant long-term potential, while the mine is on track to double production in 2017 compared with 2016. The feasibility studies for Tasiast Phase Two and Round Mountain Phase W are on schedule to be finalized in Q3 2017, when we expect to make a development decision for both projects. Russia’s development projects remain on track to support mine life extension at Kupol-Dvoinoye. We are excited about our pipeline of projects that we expect to deliver strong production with a lower cost profile in the years ahead.”
