Kinross Gold (KGC) Misses Q4 EPS by 1c

Kinross Gold (NYSE: KGC) reported Q4 EPS of ($0.06), $0.01 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $706.2 million versus the consensus estimate of $677.69 million.

Production: 623,716 gold equivalent ounces (Au eq. oz.), compared with 672,051 ounces in Q4 2014.

Outlook, Mineral Reserves and Mineral Resources, Exploration update:

• 2016 Outlook: Kinross expects to produce a record 2.7 - 2.9 million Au eq. oz. at a production cost of sales per Au eq. oz. of $675 - $735 and an all-in sustaining cost per Au eq. oz. of $890 - $990. Total capital expenditures are forecast to be approximately $595 million.
• Mineral reserves and mineral resources 5 : Proven and probable mineral reserve estimates at year-end 2015 were 34.0 million Au oz. with additions largely offsetting depletion over the year. Measured and indicated mineral resources estimates were 28.6 million Au oz., a 24% increase compared with year-end 2014.
• Exploration: Exploration activities at La Coipa, Tasiast and Dvoinoye added approximately 1.4 million Au oz. and 43.1 million silver ounces (Ag oz.) to Kinross' estimated measured and indicated mineral resources and 0.13 million Au oz. and 2.1 Ag oz. to its estimated inferred mineral resources.
• Nevada asset acquisition: On January 11, 2016, Kinross completed the acquisition of Bald Mountain, which includes one of the largest land packages in Nevada, and 50% of Round Mountain, from Barrick Gold for $610 million8 in cash.

For earnings history and earnings-related data on Kinross Gold (KGC) click here.

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