KGC - Kinross Gold slides after trimming production guidance

Kinross Gold (KGC -3.1%) opens lower after reporting better than forecast Q4 earnings but cutting its production expectations for the next two years. Kinross provided new guidance for FY 2022 and FY 2023 of 2.65M gold equiv. oz. and 2.8M gold equiv. oz., respectively, below prior guidance of 2.7M GEOs in 2022 and 2.9M in 2023, citing COVID-19 impacts on productivity and supply chain logistics at Tasiast in Mauritania, and fewer ounces expected from the Vantage heap leach pad at Bald Mountain in the U.S. Meeting 2022 production guidance would mean a 28% Y/Y increase over 2.07M GEOs produced in 2021; Kinross expects higher output in H2, driven largely by production from La Coipa, which is scheduled to reach full operating capacity at mid-year, and improved production at Paracatu and Tasiast. Q4 production fell to 487 621 GEOs, from 624 032 GEOs a year earlier, with production cost of sales of $864/GEO. Kinross

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Kinross Gold slides after trimming production guidance