Kinross sees production in Russia fall 3% to 185,700 gold equivalent ounces
MOSCOW. May 6 (Interfax) - Kinross Gold produced 185,729 ounces of gold equivalent at its Russian operations in the first quarter of 2015, 3% less than in the same period of last year, the Canadian miner said in materials.
This negative change was connected with lower content at both of the company's mines in Russia - Kupol and Dvoinoye in Chukotka Autonomous District. Gold content fell by an average 4% to 13.2 g/t from 13.81, while the silver content fell 10% to 95.64 g/t from 106.4.
Kinross had total cash costs (TCC) in Russia at $476 per oz, which is a low not seen since Q4 2012. This occurred mostly due to the change in the exchange rate, which worked in the company's favor.
Capex in Russia is planned at $80 million in 2015. A total of $15.5 million was spent in Q1.
Production and financial indicators for Kinross Gold's Russian division:
| Q1 2015 | Q1 2014 | Change | |
| Production, '000 oz gold equivalent | 185.729 | 191.238 | -3% |
| Sales, '000 oz gold equivalent | 192.167 | 138.286 | 39% |
| Production cost of sales, $ per oz | 476 | 481 | -1% |
| Revenue, $ mln | 232.7 | 181.3 | 28% |
| Operating profit, $ mln | 74.3 | 55.2 | 35% |
| Capex, $ mln | 15.5 | 39.5 | -61% |
Kinross is one of the world's top ten gold producers with projects in Brazil, Canada, Chile, Ghana, Mauritania, Russia and the U.S.