Kinross Gold Reports Encouraging Results

Kinross Gold KGC on Wednesday reported its fourth-quarter earnings. Earnings were pretty neutral, with minimal shareholder reaction. Kinross was up 0.58 percent or $.03 per share in after-hours trading. The gold company reported revenue of $877.1 million, which compares to $1.2 billion for the same quarter one year ago. Unfortunately, the company also reported $0.65 per share or $740.0 million, which compared to a net loss of 2.984 billion the same quarter one year ago. Some good news was that the company's 2013 drill program delivered results that were decent. The company's CEO J. Paul Rollinson stated, “We are forecasting another solid year of production in 2014, with Dvoinoye, our new low cost, high-grade mine, coming fully on-stream. Our focus on cost control is expected to further reduce our all-in sustaining cost. Capital expenditures, which were $140 million below our revised guidance in 2013, are expected to be further reduced by more than $585 million this year. Backed by a strong balance sheet and healthy liquidity, we enter 2014 committed to maintaining our record of financial discipline and solid operational performance." This showed encouraging results and that the management of the company itself believes that the gold company will continue to deliver stronger results.