Kinross Gold withdraws 2020 guidance

Fort Knox gold mine located near the city of Fairbanks, Alaska. (Image courtesy of Kinross Gold.)

Kinross Gold (TSX:K; NYSE:KGC) announced on Wednesday that it is withdrawing its full-year 2020 guidance, although the coronavirus outbreak has had no material impacts on the company’s operations to date.

For the first quarter, Kinross expects gold sales to be slightly lower than production due to the impacts of the global crisis on the timing of sales and metal shipments.

Kinross’ preliminary Q1 2020 production, which has been impacted in part by crisis-related contingency measures, is expected to be approximately 560,000 Au eq. oz., with sales of approximately 540,000 Au eq. oz. 

All Kinross mines and projects in the United States, Brazil, Chile, Ghana, Mauritania, and Russia continue to operate

All Kinross mines and projects in the United States, Brazil, Chile, Ghana, Mauritania, and Russia continue to operate.

To help mitigate operational risks, the company has implemented screening, isolation and quarantine procedures for all employees arriving at Kinross’ remote camp-based sites.

As a precautionary measure, Kinross also drew down $750 million from its $1.5 billion revolving credit facility on March 20, 2020.

“We are continuously looking at implementing more precautionary and mitigation measures across our company to protect our employees, their families and our host communities,” said CEO J. Paul Rollinson. “We are also focused on ensuring our business continuity plans are sound, and that we are as prepared as possible in this rapidly evolving crisis.”

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