* Kinross Q3 adjusted EPS $0.24 vs $0.15 a yr earlier
* Yamana Q3 adjusted EPS $0.26 vs $0.16 a yr earlier
* Yamana boosts qtrly dividend 11 pct to $0.05/shr (In U.S. dollars)
By Euan Rocha
TORONTO, Nov 2 (Reuters) - Miners Kinross Gold (K.TO) and Yamana Gold YRI.TO reported sharp increases in operating profits on Wednesday, as their results were boosted by increased output and a surge in the price of gold.
The spiraling euro zone debt crisis, a tepid economic recovery in North America and other factors, lifted the price of gold - often viewed as a safe-haven - to an all-time high of $1,920.30 an ounce in September. The price of the precious metal averaged more than $1,700 an ounce in the third quarter, up roughly 35 percent from a year earlier.
The surge in the price has helped increase the profits of gold miners this year, despite some significant increases in operating costs within the industry. Last week, Canada’s two largest gold miners Barrick (ABX.TO) and Goldcorp G.TO, both reported higher profits. [ID:nN1E79P2GN] [ID:nN1E79P23Q]
Toronto-based Kinross, Canada’s No. 3 gold miner, said its its quarterly operating profit rose 82 percent in the quarter.
Kinross, which has mining projects in places as far flung as Alaska, Russia, Chile and Mauritania, said that excluding one-time items its earnings in the period were $273.4 million, or 24 cents a share, up from $116.8 million, or 15 cents a share, a year earlier.
Net income in the quarter ended Sept. 30 was $212.6 million, or 19 cents a share, down from $540.9 million, or 69 cents a share, a year earlier, when results were boosted by the sale of the company’s interest in Harry Winston HW.TO and the Diavik Diamond Mine.
Smaller rival Yamana, which owns mines and projects in Chile, Argentina, Brazil and Mexico, said its operating profit in the period rose 34 percent.
Toronto-based Yamana said that, excluding unrealized foreign exchange losses, its earnings in the period were $190.3 million, or 26 cents a share, up from C$117.3 million, or 16 cents a share, a year earlier.
Net income in the quarter ended Sept. 30 was $115.8 million, or 16 cents a share. That compared with a year-earlier profit of $139.2 million, or 19 cents a share.
Yamana also raised its quarterly dividend by 11 percent to 5 cents a share. (Reporting by Euan Rocha; editing by Rob Wilson)