Newmont beats quarterly profit estimates on higher gold production
The world's biggest gold miner benefited from robust production and easing costs.
Kinross Gold said it saw a “very low” risk of political unrest in Mali spreading to Mauritania, its neighbour to the north where Kinross has a gold mine with plans to expand.
“We don’t see the Mali issue coming to Mauritania,” CEO Paul Rollinson told the Gold Forum Americas conference.
Mali’s president was toppled in a coup last month, further destabilizing a country battling a jihadist insurgency and civil unrest.
Kinross’s Tasiast mine in Mauritania produced 391,097 ounces of gold equivalent in 2019. Its West African operations – Tasiast, and Chirano in Ghana – together account for 23% of the miner’s overall gold production.
The company in June resolved a dispute with Mauritania’s government, securing the development of its new project Tasiast Sud.
Kinross last week announced plans to boost output and reinstated a quarterly dividend for the first time since 2013.
(By Helen Reid and Jeff Lewis; Editing by David Evans)
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