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Author Topic: KGC - Kinross Gold, Inc. - NYSE  (Read 7897 times)
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« Reply #15 on: January 17, 2012, 11:23:06 AM »

Kinross Expects 2011 Production Of 2.6 Million Gold Equivalent Ounces

January 17, 2012

Kinross Gold Corp. says 2011 full-year production 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, also within previous guidance.

For 2012, Kinross expects to produce approximately 2.6 million to 2.8 million gold equivalent ounces from current operations. Production cost of sales per gold equivalent ounce is expected to be in the range of $670 to $715 for 2012, the company says. Kinross also said it anticipates 2012 capital expenditures of approximately $1.3 billion for growth projects, primarily for Tasiast in the African nation of Mauritania.

http://www.kitco.com/reports/KitcoNews20120117_MM.html
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« Reply #16 on: February 16, 2012, 02:55:18 AM »

Kinross Reports 2011 Fourth Quarter And Year-End Results

February 15, 2012

Financial and operating highlights:

 Production1: 643,288 gold equivalent ounces, a 5% decrease over Q4 2010. Full-year production was 2,610,373 gold equivalent ounces, in line with guidance and a 12% increase over full-year 2010.

 Revenue: $949.3 million, a 3% increase over Q4 2010. Full-year revenue was a record $3,943.3 million, a 31% increase over full-year 2010.

 Production cost of sales2: $636 per gold equivalent ounce, versus $549 per gold equivalent ounce in Q4 2010. Full- year production cost of sales was in line with guidance at $596 per gold equivalent ounce, versus $506 per gold equivalent ounce for full-year 2010.

 Attributable margin3: $965 per ounce sold, a 23% increase over Q4 2010. Full-year attributable margin was $906 per ounce sold, a 32% increase over full-year 2010.

 Adjusted operating cash flow4: $367.3 million, or $0.32 per share, versus $357.0 million, or $0.32 per share, in Q4 2010. Full-year adjusted operating cash flow was $1,598.7 million, or $1.41 per share, versus $1,109.6 million, or $1.35 per share, for full-year 2010.

 Adjusted net earnings4, 5: $196.6 million, a 24% increase over Q4 2010. Adjusted net earnings per share were $0.17, compared with $0.14 in Q4 2010. Full-year adjusted net earnings were $871.8 million, a 79% increase over the previous year. Full-year adjusted net earnings per share were $0.77, versus $0.59 per share for full-year 2010.

http://www.kitco.com/pr/1267/article_02152012175313.pdf
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« Reply #17 on: June 22, 2012, 01:45:34 PM »


Kinross To Announce Q2 Financial Results On August 8, 2012

June 21, 2012

Kinross Gold Corporation will release its financial statements and operating results for the second quarter of 2012 on Wednesday, August 8, 2012, after market close. In connection with the release, Kinross will hold a conference call and audio webcast on Thursday, August 9, 2012 at 8 a.m. EDT to discuss the results, followed by a question-and-answer session.

To access the call, please dial:
Canada & US toll-free – 1-800-319-4610
Outside of Canada & US – 1-604-638-5340
Replay (available up to 14 days after the call):

Canada & US toll-free – 1-800-319-6413; Passcode – 3310 followed by #.
Outside of Canada & US – 1-604-638-9010; Passcode – 3310 followed by #.

You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The
audio webcast will be archived on our website at www.kinross.com.

http://www.kitco.com/pr/frame/index_prec.html?http://www.kitco.com/pr/1267/article_06212012191553.pdf
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« Reply #18 on: August 09, 2012, 08:15:13 PM »


Kinross To Be 'Much More Aggressive' In Effort To Curb Escalating Costs

August 9, 2012

Kinross Gold Corp.’s new chief executive officer said the company plans to be “much more aggressive” in cutting both operating and capital costs. J. Paul Rollinson, who was named new CEO a little more than a week ago, outlined some of his priorities during a conference call with analysts in conjunction with the release of second-quarter earnings that were lower than a year ago. Rollinson, formerly executive vice president, corporate development, was named by the board to replace Tye W. Burt at the start of the month. Board Chairman John Oliver called Rollinson, who has been with Kinross for four years, somebody who knows the company intimately and is an “incisive strategic thinker and practical problem solver” who will “hit the ground running.” “Some may think that because Paul was already part of the management team, we can expect more of the same at Kinross,” Oliver said. “Let me assure you that the status quo is not an option.” Rollinson said former CEO Burt significantly upgraded Kinross’ portfolio, expanded production, tripled the resource base and developed a solid team.
 
The new CEO said the industry is facing serious challenges with cost escalation on both new projects and operations, which has meant erosion in investor confidence. Kinross has been one of the companies impacted. “In general, I believe we need to be much more aggressive in our attack on escalating costs,” Rollinson said. Kinross is initiating a company-wide initiative focused on reducing operating, capital and other costs, he said. “We can leave no stone unturned in an effort to cut waste and build free cash flow across the company,” he said. “We are just getting under way with this initiative, and I expect to have further news to report to you in the weeks and months ahead.” He said the company has a “solid portfolio of operating mines and we need to get them firing on all cylinders.” North American and Russian operations are performing well, he continued, but others are not, such as West Africa. Kinross will take the time necessary “to get our projects right,” Rollinson said. This includes determining the correct scale and sequencing for projects.

http://www.kitco.com/reports/KitcoNews20120809AS_kinross.html
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« Reply #19 on: March 30, 2013, 02:45:13 PM »


Kinross Gold: Low Debt And An $11 Price Target

March 29, 2013

Over the past few months the stocks in the gold mining sector have fallen dramatically. This has provided an excellent opportunity to investigate companies in this sector for investment purposes. One company worth considering is Kinross Gold (KGC). While there are many different factors to look at and consider when investing, in the article below I will look at the debt side of the company. I will analyze Kinross Gold's total debt, total liabilities, debt ratios and WACC. From this analysis we should get an idea if the company is highly leveraged, how much it is paying for its debt, what it's paying in taxes and how much to expect in return for investing in this company over the long term.

Gaining knowledge about a company's debt and liabilities is a key component in understanding the risk of a company. In 2008 and 2009 we were able to see some of the repercussions that highly leveraged companies with large amounts of debt succumbed to. Taking into account the debt side of a company might not reveal the "pop" on the upside that an investor would like, but it will help ensure that the company is able to keep its capital and use it for growth in the future.

http://seekingalpha.com/article/1309301-kinross-gold-low-debt-and-an-11-price-target?source=yahoo
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« Reply #20 on: April 05, 2013, 09:11:51 AM »


Kinross Announces Investment in Revolution Resources

April 5, 2013

Kinross Gold Corporation announced today that it has subscribed for 3,571,428 units of Revolution Resources Corp. ("Revolution") pursuant to a non-brokered private placement. Each unit is comprised of one common share and one-half of one share purchase warrant, where each whole warrant will entitle the holder to acquire one common share at a price of CAD$0.125 for a period of two years following the closing of the private placement. After giving effect to the private placement, Kinross will hold 9,571,429 common shares and 4,785,714 share purchase warrants of Revolution, constituting approximately 9.67% of Revolution's issued and outstanding common shares on a non-diluted basis, and 11.67% on a fully-diluted basis. The subscription price for the units is CAD$0.07 per unit for an aggregate purchase price of CAD$249,999.96.

The investment in Revolution is part of Kinross' strategy to increase its exposure to quality exploration opportunities by investing in junior resource companies. Revolution is a Vancouver-based junior resource company focused on gold and silver exploration in Mexico and the United States.

http://finance.yahoo.com/news/kinross-announces-investment-revolution-resources-130000257.html
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« Reply #21 on: May 08, 2013, 10:59:30 AM »


Kinross Adjusted Earnings Fall; Production Jumps

May 8, 2013

Canada's Kinross Gold Corp reported slightly lower adjusted first quarter earnings on Tuesday as its margins slipped, even as revenue edged higher. Gold production from continuing operations rose 10 percent to 648,897 ounces, boosted by increases at the Tasiast mine in Mauritania and Fort Knox, in Alaska. On a by-product basis, Kinross's production cost of sales rose to $674 per ounce from $655 a year earlier, but other cost metrics, including all-in sustaining costs, improved.

Kinross said in February it was reviewing how it uses contractors, as well as its production at higher-cost projects, as it looks to bring down operating costs. Tasiast produced some 62,757 ounces in the quarter, up from 37,634 ounces a year earlier. Kinross is reworking an expansion plan for the mine as it looks to clamp down on capital spending and risk. The scaled-back, 38,000 tonne-per-day mill expansion at the West African mine is now expected to cost around $2.7 billion, with a feasibility study set to wrap up in early 2014.

Net earnings for the quarter to March 31 rose to $160.5 million, or 14 cents a share, from $99.6 million, or 9 cents a share, a year earlier. Revenue rose to $1.06 billion from $1.01 billion. Excluding a tax charge in the earlier quarter and other items, adjusted earnings fell to $170.5 million, or 15 cents a share, from $196.1 million, or 17 cents a share.

http://www.reuters.com/article/2013/05/07/kinross-results-idUSL2N0DO2K620130507
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« Reply #22 on: August 01, 2013, 10:39:16 AM »


Kinross Reports 2Q Loss, Suspends Dividend, Delays Tasiast Decision

August 1, 2013

Kinross Gold Corp. is suspending its semiannual dividend and delaying a decision on expansion of the mill at the Tasiast mine in Africa until 2015, officials said. Speaking in a Webcast Thursday in conjunction with their second-quarter earnings report, officials pledged to not shrink away from tough decisions needed to protect the company’s balance sheet after the sharp decline in gold prices this spring.

 Like a number of other major producers, Kinross late Wednesday reported a large net loss for the second quarter largely due to impairment charges. However, adjusted net earnings were still in the black. The company posted a net loss of $2.482 billion, or $2.17 per share, compared with net earnings of $113.9 million, or 10 cents a share, in the second quarter of 2012.

The second-quarter net loss included an after-tax non-cash impairment charge of $2.289 billion, largely as a result of lower short-term and long-term gold price assumptions. This includes $1.3 billion for Tasiast. In addition, Kinross recorded a charge of $720 million relating to the previously announced decision to cease development of its Fruta del Norte project in Ecuador, which has been classified as a discontinued operation.

Excluding special items, the company posted adjusted net earnings of $119.5 million, or 10 cents a share, compared with $156.8 million, or 14 cents, in the second quarter of 2012.

Officials lauded the company’s operational results, with company-wide output rising and cost of sales at the lower end of Kinross’ annual range for guidance. Still, like other producers, the sharp decline in gold prices during the April-June period was problematic.

http://www.kitco.com/news/2013-08-01/Kinross-Reports-2Q-Loss-Suspends-Dividend-Delays-Tasiast-Decision.html
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« Reply #23 on: October 12, 2013, 05:17:51 PM »


Kinross Opens Fourth Russian Mine

October 12, 2013

Kinross Gold Corporation this week announced commercial production has begun at its underground gold mine Dvoinoye, located in Russia's Chukotka region, not far from the company's Kupol. Kinross CEO Paul Rollinson, said at the opening Dvoinoye's low-cost structure fits in fits in with the Toronto-based company's focus on "maximizing margins and cash flow at both our existing operations and growth projects."

At peak production, Dvoinoye is expected to produce 1,000 tonnes of ore per day, which will be transported to Kupol for processing via an all-season road. The Kupol mill has been expanded from 3,500 to 4,500 tonnes per day to process the additional Dvoinoye ore. Dvoinoye is expected to produce between 235,000 and 300,000 of gold equivalent ounces annually during its first three full years of production, which will be incremental to gold production from the Kupol underground mine. The cost of sales for the combined Russian operations between 2014 and 2016 is forecast to be $545-$600 per gold equivalent ounce according to a company statement.

First ore from development activities at Dvoinoye was delivered to Kupol in Q2 2013 and commercial production began in early October. Total production in 2013 is expected to be approximately 25,000 gold equivalent ounces. As of December 31, 2012, Dvoinoye had proven and probable gold reserves of approximately 1.1 million gold equivalent ounces with an average gold grade of 17.8 grams per tonne.

"Dvoinoye is the fourth mine Kinross has operated in Russia, which remains our lowest-cost jurisdiction and a core operating region for the Company," said Mr. Rollinson. "The new mine is a testament to our continued success in the region and our strong partnerships with local communities, the indigenous people of Chukotka, and the regional and federal governments." Kinross will provide guidance for its 2014 production, cost of sales and all-in sustaining costs for its combined Russian operations and other regions in early 2014.

http://www.mining.com/kinross-opens-fourth-russian-mine-80738/
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« Reply #24 on: November 14, 2013, 12:19:34 AM »


Kinross Reports 2013 Third-Quarter Results

November 13, 2013

Kinross Gold Corporation today announced its results for the third quarter ended September 30, 2013.

Financial and operating highlights:
 •Production1: 680,580 gold equivalent ounces (Au eq. oz.), compared with 672,173 ounces in Q3 2012.
 •Revenue: $876.3 million, compared with $1,109.7 million in Q3 2012.
 •Production cost of sales2: $740 per Au eq. oz., compared with $677 in Q3 2012.
 •All-in sustaining cost2: $1,069 per Au oz. sold, compared with $1,021 in Q3 2012.
 •Adjusted operating cash flow2: $256.4 million, or $0.22 per share, compared with $435.5 million, or $0.38 per share, in Q3 2012.
 •Adjusted net earnings2, 3: $54.4 million, or $0.05 per share, compared with $251.9 million, or $0.22 per share, in Q3 2012.
 •Reported net earnings3: $46.9 million, or $0.04 per share, compared with $226.2 million, or $0.20 per share, in Q3 2012.
 •Average realized gold price: $1,331 per Au oz., compared with $1,649 per Au oz. in Q3 2012.
 •Outlook: Kinross has increased its 2013 forecast guidance for production to 2.6-2.65 million attributable Au eq. oz. from 2.4-2.6 million attributable Au eq. oz. The Company expects to be at the lower end of both its production cost of sales guidance of $740-$790 per Au eq. oz., and its 2013 all-in sustaining cost forecast guidance of $1,100-$1,200 per Au oz. sold. As a result of the Company’s capital cost review process, Kinross has identified approximately $50 million in 2013 capital savings in addition to the $150 million in savings previously announced, and now expects its 2013 capital expenditures to be approximately $1.4 billion.

Cost review and reduction:
 •The Company is completing its 2014 budgeting process and currently expects a significant reduction in its 2014 capital expenditures, which it anticipates will be in the range of $800-$900 million.
 •The Company has completed its review of corporate and regional overhead and has identified approximately $20 million in expected annual cash savings. Cost-saving measures include integrating the North and South America regions into a single Americas region.
Development projects:
 •Commercial production at Dvoinoye began on October 1st, on schedule and on budget.
 •The Tasiast project feasibility study remains on schedule for expected completion in Q1 2014.

Other developments:
 •During the third quarter, Kinross was named to the Dow Jones Sustainability World Index for the third consecutive year and to the Dow Jones Sustainability North America Index for the fourth consecutive year.

http://www.kitco.com/pr/1267/article_11132013174400.pdf
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« Reply #25 on: February 13, 2014, 12:22:01 AM »


Kinross Gold Reports Loss In Fourth Quarter

February 12, 2014
   
Kinross Gold Corp. late Wednesday reported a net loss in the fourth quarter on lower year-on-year gold prices and as a result of an impairment charge.

Kinross reported an adjusted net loss $25.1 million, or 2 cents per share, in the October-December period compared with adjusted earnings of $280.5 million, or 25 cents, in the fourth quarter of 2012. The company blamed the loss on lower gold prices, higher production cost of sales and depreciation. Without adjustments, the company listed a net loss of $740 million, or 65 cents a share, compared to a net loss of $2.985 billion, or $2.62, in the fourth quarter of 2012. The fourth-quarter net loss includes an after-tax non-cash impairment charge of $544.8 million, primarily comprised of property, plant and equipment at Maricunga in Chile, said Kinross. The Toronto-based company has mines and projects in Brazil, Chile, Ghana, Mauritania, Russia and United States.

Chief executive J. Paul Rollinson said the company achieved “strong operational results,” with full-year output that exceeded Kinross’ original production guidance and lower full-year all-in sustaining costs than in 2012. Production was 646,234 gold-equivalent ounces in the fourth quarter, down from 724,510 ounces in the fourth quarter of 2012. Full-year production came in at 2,631,092 gold-equivalent ounces, compared to 2,617,813 for full-year 2012, Kinross said Fourth-quarter revenue was listed at $877.1 million, down from $1.187 billion in the year-ago period.

Kinross listed production cost of sales at $765 per gold-equivalent ounce, up from $686 in the fourth quarter of 2012. The all-in sustaining cost was $1,169 per gold-equivalent ounce, compared with $953 in the year-ago quarter. Meanwhile, the average realized gold price was $1,268 per ounce, down from $1,707 in the fourth quarter of 2012. For the full year, Kinross reported adjusted net earnings were $321.2 million, or 28 cents per share, compared with net earnings of $886.2 million, or 78 cents, for full-year 2012.

Without adjustments, the full-year net loss was $3.013 billion, or $2.64 per share, compared with a net loss of $2.546 billion, or $2.24 per share, for full-year 2012. The reported net loss for the full year also includes an after-tax non-cash impairment charge of $2.289 billion previously reported on July 31. For the full year, the production cost of sales was at the lower end of guidance at $743 per gold-equivalent ounce, compared with $705 per for 2012, Kinross reported. The full-year all-in sustaining cost was below guidance at $1,063 per ounce, compared with $1,079 in 2012. The average realized gold price for the full year was $1,402, down from $1,643 in 2012.

For 2014, Kinross said expects to produce approximately 2.5 million to 2.7 million gold-equivalent ounces at a cost per gold-equivalent ounce of $730 to $780. All-in sustaining cost of sales per gold-equivalent ounce are expected to be $950 to 1,050 for the year. Total capital expenditures are forecast to be approximately $675 million, a reduction of approximately $585 million compared with 2013, Kinross said.

http://www.kitco.com/news/2014-02-12/Kinross-Gold-Reports-Loss%20In-Fourth-Quarter.html
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« Reply #26 on: November 06, 2014, 10:01:23 AM »


Kinross Swings To 3Q Loss; Gold Production Up, Costs Down

November 06, 2014

Kinross Gold Corp. saw a net loss of $4.3 million, 0 cents per share, in the third quarter of 2014, compared with earnings of $46.9 million, or 4 cents per share, this time last year. Gold-equivalent production rose year-on-year to 693,818 ounces at all-in sustaining cash costs of $919 per gold equivalent ounce, down from $1,082 per ounce a year ago. Revenue also rose in the quarter to $945.7 million, compared to $876.3 million in last year’s comparative quarter, the company says. The average realized gold price in the quarter was $1,268 per ounce, compared to $1,331 per ounce in the third quarter of 2013.

“The company is lowering its 2014 production cost of sales guidance and is revising down other key cost metrics as a result of successful cost reduction initiatives at several mines, continued discipline in capital spending and the addition of low cost ounces from our newest mine, Dvoinoye,” says J. Paul Rollinson, chief executive officer of Kinross. "The combination of declining costs and strong production in Q3 - including record production at Paracatu and Maricunga - resulted in a 22% year-over-year increase in adjusted operating cash flow, despite a lower gold price. In the first nine months of the year, the company has added $100 million in cash to the balance sheet.” Kinross expects to produce at the higher end of its 2.6 million to 2.7 million gold equivalent ounces at all-in costs between $950 and $990 per ounce, they say.

http://www.kitco.com/news/2014-11-06/KitcoNews-kitco-mining-minutes-Nov-06-2014.html
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« Reply #27 on: November 11, 2015, 03:29:57 PM »


Kinross Gold Reports Loss On Lower Metals Prices, Cuts Workforce

November 11, 2015

Kinross Gold Corp. reported a loss in the third quarter on lower metals prices, but also cited efforts to cut costs, including layoffs at the Tasiast gold mine in Mauritania. Officials also said the company is still studying potential expansion of mill-throughput capacity at Tasiast.

After the stock market closed Tuesday, Kinross announced a net loss of $52.7 million, or 5 cents per share, compared with a loss of $4.3 million, or basically zero, in the third quarter of 2014. The adjusted net loss was $23.9 million, or 2 cents, for the July-September period, compared with adjusted net earnings of $70.1 million, or 6 cents, a year ago.

Revenue from metal sales was $809.4 million, down from $945.7 million during the same period in 2014 due to a lower average realized gold price and lower gold-equivalent ounces sold, Kinross said. The company sold its gold for an average of $1,222 an ounce, down from $1,268 in the year-ago period.

Kinross listed output of 680,679 gold-equivalent ounces, down from 693,818. The decline was due mainly to lower production at Maricunga as a result of heavy rains in March, along with an expected decline in grades at Chirano and Kettle River-Buckhorn, the company said.

The cost of sales declined to $668 per gold-equivalent ounce from $698 a year ago, Kinross said, adding that this was lowest since the first quarter of 2012. The company attributed this to lower energy costs, favorable foreign-exchange rates and “strong operational performance” from a number of mines.

However, all-in sustaining cost per gold-equivalent ounce was $941, up from $919 in the third quarter of 2014, primarily due to higher capital expenditures and fewer gold ounces sold.

“Cost reduction continued to be a key focus in Q3 as Kinross achieved its lowest cost of sales per ounce on a company-wide basis in 3.5 years,” said J. Paul Rollinson, chief executive officer.

He later added, “Kinross is keenly aware of the need to remain proactive in the current gold price environment, and in recent months we have taken decisive action to reduce headcount at the corporate level and at our Tasiast mine. The reductions are expected to result in a combined annualized savings of approximately $30 million.”

http://www.kitco.com/news/2015-11-11/Kinross-Gold-Reports-Loss-On-Lower-Metals-Prices-Cuts-Workforce.html
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« Reply #28 on: January 12, 2016, 03:34:41 PM »

It's touching a support zone at 1.62 - 1.60.
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« Reply #29 on: February 11, 2016, 10:08:32 AM »


Kinross Reports 4Q Loss On Write-Downs, Lower Output But Expects Record Production In 2016

February 10, 2016

Kinross Gold Corp. posted a loss for the fourth quarter on an impairment charge, lower production and weaker gold prices, although the company is forecasting record output and lower all-in sustaining costs for 2016.

The company late Wednesday listed a net loss for the October-December period of $841.9 million, or 73 cents per share, compared with a loss of $1.47 billion, or $1.29, in the same period of 2014. For the last quarter, the loss included a non-cash, after-tax impairment charge of $430.2 million for property, plant and equipment, plus a write-down of inventory and other assets of $235 million.

After adjustments, the loss was $68.8 million, or 6 cents per share, compared with an adjusted loss of $6 million, or a penny, in the fourth quarter of 2014.

For the most recent quarter, Kinross reported output of 623,716 gold-equivalent ounces, down from 672,051 ounces in the same period a year ago. Still, the company said this was at the high end of guidance. The decline was due mainly to temporary curtailment of milling operations at Paracatu in response to a lack of rainfall in southeastern Brazil and lower mill grades at Chirano, Kinross said.

This, combined with a lower average realized gold price of $1,108 versus $1,201 for the year-ago quarter, contributed to lower revenue of $706.2 million from $791.3 million. All-in sustaining costs were $991 per gold-equivalent ounce, down from $1,006.

http://www.kitco.com/news/2016-02-10/Kinross-Reports-4Q-Loss-On-Write-Downs-Lower-Output-But-Expects-Record-Production-In-2016.html
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