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Friday, 7th November 2008 (1923 views)

Kinross Gold has announced that its revenue for the three months to September 2008 soared by 83 per cent year-on-year boosted by record production rates.

According to the company, production was 551,510 gold equivalent ounces during the third quarter of the year, 47 per cent higher than the same quarter of 2008 and setting a new quarterly record for Kinross.

Tye Burt, Kinross president and chief executive, commented: "We had an outstanding quarter in which we began to see clearly the positive impact of Kinross' growth programme on our profitability."

The company remains on target to produce a predicted 1.8-1.9 million gold equivalent ounces in 2008.

Kinross reports that it witnessed strong performance over the quarter at its Kupol, Fort Knox and Paracatu mines, with the Paracatu Expansion and Kettle River-Buckhorn projects producing their first gold.

Based in Canada, Kinross is the third largest primary gold producer in North America by reserves with nine mines in countries including the United States, Brazil, Chile and Russia.

 

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