KGC
posted on
Feb 22, 2008 11:05AM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
In the whole of 2007 Kinross said it bumped up gold equivalent output by 8% to 1.59Moz.
The company's output propelled net earnings to US$173mn in the fourth quarter and US$334mn in all of 2007, compared to US$41.0mn in 4Q06 and US$166mn in all of 2006.
Revenues totaled US$282mn in the recent quarter, 22% over the year-ago period and heavily influenced by high gold prices, the company said.
In all of last year Kinross' revenues rose 21% to US$1.1bn. The average realized gold price was US$697/oz.
Costs rose to US$419/oz in the fourth quarter and to US$368/oz in all of 2007, versus US$317/oz in 4Q06 and US$319/oz in 2006.
OUTPUT MINE BY MINE
The Paracatú mine in Brazil yielded 47,426oz of gold equivalent in 4Q07 versus 43,240oz in 4Q06. In all of 2007 the mine produced 174,987oz versus 174,254oz in 2006.
Kinross' 50% of the La Coipa mine in Chile amounted to 49,611oz gold equivalent in the last quarter compared to 55,801oz year-on-year. The mine contributed 197,554oz in all of 2007 and 155,180oz in 2006.
La Coipa's overall performance in 2007 benefited from higher silver output from the Purén pit, company COO Tim Baker said in Kinross' financial conference call.
The company controls 100% of La Coipa as of December 22, 2007 following an asset swap with the previous 50%-owner, compatriot Goldcorp (TSX: G).
The Brazilian Crixás JV mine's attributable output came to 91,305oz of gold equivalent in 2007 versus 97,009oz in 2006 and 21,037oz gold equivalent in 4Q07 versus 24,401oz in 4Q06 on lower grades and recoveries, Baker said.
The company's stake in the Maricunga mine in Chile, formerly Refugio, amounted to 60,266oz gold equivalent in 4Q07 versus 28,060oz in 4Q06, and to 205,750oz in 2007 versus 116,868oz in 2006.
Kinross raised its stake Maricunga from 50% to 100% with its purchase of Bema Gold in March 2007.
EXPLORATION BUDGET
As for Latin American exploration in 2008, Kinross is budgeting roughly US$15mn to spend in Chile, US$8-10mn for Brazil and roughly another US$10mn for other countries including Mexico and Ecuador, company CEO Tye Burt said in the conference call.
Of the investment for Chile, some US$2.5mn will be for Maricunga and US$3.5mn for La Coipa, Burt added.
Pablo Gaete
Business News Americas