TORONTO — Kinross Gold Corp. says net earnings were down in the second quarter as revenue slipped and costs rose.
The mining company says net earnings for the quarter ending June 30 came in at US$2.4 million, or nil per share, compared to US$33.1 million or three cents per share for the same quarter last year.
Adjusted net earnings per share were three cents, below the four cents expected by analysts according to Thomson Reuters Eikon.
The slide in profits came as its all-in sustaining costs rose to US$1,018 per ounce of gold equivalent, up from US$910 per ounce in the same period of 2017, while revenue was down to US$775 million compared to US$869 million last year.
The company says it has kept its outlook for the year unchanged at 2.5 million ounces at an all-in sustaining cost of US$975 per ounce.
Kinross says it has temporarily halted a phase two expansion of its Tasiast mine in Mauritania as it continues negotiations with the government on its activities in the country.
Companies mentioned in this article: (TSX:K)