Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
TORONTO, ONTARIO–(Marketwire – Jan. 16, 2012) – Kinross Gold Corporation (TSX:K)(NYSE:KGC) today provided its preliminary operating results for the full-year 2011 and outlook for 2012, and announced a project optimization process to improve capital allocation, project sequencing, and investment returns.
(This news release contains forward-looking information that is subject to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information on page 6 of this news release. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.)
2011 preliminary results
Kinross’ 2011 full-year production(1) is expected to be approximately 2.6 million gold equivalent ounces, within the previously-stated guidance range. The Company’s average 2011 production cost of sales is expected to be approximately $600 per gold equivalent ounce(2), within the previously-stated guidance range.
2012 outlook
In 2012, Kinross expects to produce approximately 2.6-2.8 million gold equivalent ounces from its current operations. Production cost of sales per gold equivalent ounce is expected to be in the range of $670-715 for 2012.
