Kinross Gold Corporation Announces the Resignation of Kenneth Irving from the Board of Directors
Feb 10 15
Kinross Gold Corporation announced that Mr. Kenneth Irving is resigning from the board of directors effective February 10, 2015, to focus on the
continued development and success of his digital business.
Kinross Gold Corporation Reports Consolidated Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Production Guidance for the Year 2015; Reports Impairment Charges for the Fourth Quarter of 2014
Feb 10 15
Kinross Gold Corporation reported consolidated earnings and production results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net loss attributable to common shareholders was $1,473.5 million or $1.29 per basic and diluted share against $740.0 million or $0.65 per basic and diluted per share a year ago. Net cash flow of continuing operations provided from operating activities was $179.2 million against $187.2 million a year ago. Revenue from metal sales was $791.3 million, compared with $877.1 million during the same period in 2013. Sales were lower due to timing of gold shipments and a lower average realized gold price. Adjusted net earnings were $6.0 million, or $0.01 per share, compared with $25.1 million, or $0.02 per share a year ago. Adjusted operating cash flow was $197.6 million, or $0.17 per share, compared with $222.8 million, or $0.19 per share a year ago. Capital expenditures decreased to $189.4 million compared with $331.1 million for the same period last year, due mainly to lower spending at Tasiast and Chirano.
For full year, the company reported net loss earnings attributable to common shareholders was $1,400.0 million or $1.22 per basic and diluted share against $3,012.6 million or $2.64 per basic and diluted share a year ago. Operating loss was $1,027.2 million against $2,635.2 million a year ago. Loss before tax were $1,317.4 million and loss from continuing operations after tax was $1,427.1 million against loss before tax of $2,939.8 million and loss from continuing operations after tax of $3,012.2 million a year ago. Net loss from continuing operations attributable to common shareholders was $1,400.0 million or $1.22 diluted per share against $3,012.6 million or $2.64 diluted per share a year ago. Net cash flow of continuing operations provided from operating activities was $858.1 million against $796.6 million a year ago. Additions to property, plant and equipment was $631.8 million against $1,262.4 million a year ago. Revenue was $3,466.3 million, compared with $3,779.5 million for full-year 2013, mainly due to a lower average realized gold price. Adjusted net earnings attributable to common shareholders were $131.1 million or $0.11 per share against $321.2 million or $0.28 per share a year ago. Adjusted operating cash flow was $976.9 million or $0.85 per share against $1,149.6 million or $0.01 per share a year ago.
For the quarter, the company produced 672,051 attributable Au eq. oz., an increase over the fourth quarter of 2013, due mainly to increased production at the Kupol segment, offset by the suspension of mining at La Coipa in October 2013.
Full-year production exceeded the company's 2014 guidance and reached a record 2,710,390 Au eq. oz., mainly due to a 37% increase in production at the Kupol segment and a 32% production increase at Maricunga compared with full-year 2013.
In 2015, Kinross expects to produce approximately 2.4 million - 2.6 million Au eq. oz. from its current operations, lower than 2014 production of 2.71 million Au eq. oz. This is mainly a result of anticipated lower grades at Chirano, Kettle River-Buckhorn and Dvoinoye due to mine sequencing, and reduced production from the Tasiast dump leach. Production guidance also takes into consideration power rationing in Ghana, which began in December, and the possibility of power rationing in Brazil, which may affect operations in both countries.
For the quarter, the company reported impairment charges of $1,251.4 million against $736.5 million a year ago.
Kinross Gold Corporation Extends Exchange Offer for USD 500 Million in 5.95% Senior Notes
Jan 20 15
Kinross Gold Corporation announced it is extending until January 23, 2015 its offer to exchange up to USD 500 million principal amount of its 5.95% Senior Notes due 2024, which have been registered under the Securities Act of 1933, for all of its outstanding unregistered 5.95% Senior Notes due 2024. The exchange offer of New Notes for Old Notes, which was originally set to expire at 5 p.m. EST on January 19, 2015, will now expire at 5 p.m. EST, on January 23, 2015, unless further extended. The company, together with the guarantors, have filed a registration statement to register the New Notes under the Securities Act of 1933. The exchange offers are being made upon the terms and subject to the conditions set forth in a prospectus dated December 16, 2014. As of 5 p.m., EST, on January 19, 2015, USD 497,935,000 principal amount of the Old Notes has been tendered and not withdrawn. The Exchange Agent for the exchange offer is Wells Fargo Bank, N.A.