Kinross announced today the results for the three and nine months ended September 30, 2001
Toronto, Ontario -- Kinross Gold Corporation (TSE-K; Amex-KGC) announced today the results for the three and nine months ended September 30, 2001 are as follows:
Third Quarter
Kinross' share of attributable gold equivalent production of
233,485 ounces at total cash costs of $190 per ounce during the
third quarter of 2001 resulted in a lower net loss when compared to
the third quarter of 2000. The net loss for the third quarter of
2001 was $8.7 million or $0.03 per share compared to $14.3 million
or $0.06 per share for the third quarter of 2000. Cash flow
provided from
operating activities for the third quarter was $12.6 million or
$0.04 per share, compared to $20.8 million or $0.07 per share for
the three months ended September 30, 2000. Cash flow provided from
operating activities during the third quarter of 2000 included $4.7
million, $0.02 per share of proceeds from the restructuring of
certain spot deferred forward sales contracts.
"For the first time since mid-1999 Kinross' cash balance exceeds
its long-term debt" said Bob Buchan, Chairman and Chief Executive
Officer. "This is truly a result of the hard work of everyone at
Kinross particularly considering the low market price of gold
during this time period".
Nine Months
Kinross' share of attributable gold equivalent production during
the first nine months of 2001 increased by 3% to 706,559 ounces and
total cash costs per ounce of gold equivalent decreased by 9% to
$191. The improved production resulted in cash flow provided from
operating activities for the first nine months of 2001 of $58.7
million or $0.19 per share, compared to $35.4 million or $0.12 per
share for the first nine months of 2000. Included in cash flow
provided from operating activities were proceeds from the early
closeout of certain spot deferred forward sales contracts during
the nine months ended September 30, 2001 and 2000 of $21.1 million
and $4.7 million, respectively. The net loss for the first
nine months of 2001 was $19.6 million or $0.08 per share
compared to $32.9 million or $0.13 per share for the first nine
months of 2000.
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