Paracatu overthrows Kinross

Paracatu overthrows Kinross

Kinross Gold Q2 Profit Declines; Boosts Dividend By 25% - Quick Facts

Wed Aug 12 16:56 2009

http://www.rttnews.com/ArticleView.aspx?ID=1037972

(RTTNews) - Kinross Gold Corp. (KGC: News , K.TO: News ) reported that its second quarter net earnings were US$19.3 million or US$0.03 per share, compared to net earnings of US$26.0 million or US$0.04 per share, for the second quarter of 2008. Adjusted net earnings for the second quarter were US$84.3 million or US$0.12 per share, compared to adjusted net earnings of US$49.5 million or US$0.08 per share, for the same period last year.

Revenue for the quarter doubled to US$598.1 million, from US$298.7 million during the same period last year.

Analysts polled by Thomson Reuters expected the company to report earnings of US$0.13 per share on revenues of US$545.33 million. Analysts' estimates typically exclude special items.

The Company has revised its production guidance and now expects to produce 2.3 to 2.4 million gold equivalent ounces for the full year 2009, primarily due to a longer than expected ramp-up at the Paracatu expansion.

The Company is revising its regional guidance for Brazil, where production for the full year 2009 is now expected to be 480,000 to 550,000 gold equivalent ounces at an average cost of sales of US$525 to US$570 per ounce.

The company said that its board has declared a dividend of US$0.05 per common share, an increase of 25% over the dividend paid on March 31, 2009. The dividend is payable on September 30, 2009 to shareholders of record at the close of business on September 23, 2009.