Kinross Gold reaffirms production growth on rising output, falling costs

FILE PHOTO: People look on during the Kinross Gold Corporation annual general meeting for shareholders in Toronto, May 9, 2012. REUTERS/Mark Blinch

(Reuters) - Canadian gold miner Kinross Gold Corp K.TO said on Tuesday it expects to produce about 2.5 million gold equivalent ounces annually from 2020–2029, citing growing output across its mines and declining costs.

Kinross in September said it expected to increase production by 20% from 2021–2023, with an estimated output of 2.4 million gold equivalent ounces in 2021, 2.7 million gold equivalent ounces in 2022 and 2.9 million gold equivalent ounces in 2023. “Our growing production profile and declining cost trend over the next three years are expected to drive strong free cash flow performance, placing Kinross in an excellent position to generate substantial value for our shareholders,” Chief Executive Officer J. Paul Rollinson said in a statement.

Kinross is also considering moving its primary stock listing to London and selling its North and South American gold mines, according to a Globe and Mail report last week, citing three sources familiar with the discussions.

Reporting by Shradha Singh in Bengaluru; Editing by Ramakrishnan M.