Posted in | News | Gold | Earnings

Kinross Gold Sees Jump in Profits

Kinross Gold saw profits soar in the second quarter and its revenue went up by 42% as the prices of gold bullion continued to rise. The Canadian gold mining company announced that its Board of Directors had declared a $0.06 dividend per common share.

This is an increase of 20% on the last dividend paid by the company on March 31, 2011. The dividend is to be paid on September 30, 2011 to the shareholders at record date September 23, 2011.

The Toronto based Kinross Gold has also said that it was on track for its production outlook for 2011 and that it was hoping to lower the average production costs from what had previously been forecasted. Shares in Kinross, which reported its results after the close of markets, were up 71 cents at $16.31 on the Toronto Stock Exchange on Wednesday.

Kinross Gold is operating mines that it owns in Europe, Africa and the Americas. It is now expanding the Tasiast mine in Mauritania and also beginning to develop some more assets in Chile, Ecuador, Canada and Russia. It is said to employ approximately 7,500 people worldwide.

Chief Executive Tye Burt said in a statement that their drilling campaign at Tasiast is yielding exciting results which not only increase their confidence in the resource, but suggest significant new opportunities and potential project expansions which warrant further study.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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