Kinross Gold Corporation Wednesday March 5, 12:37 am ET
TORONTO, March 4 /PRNewswire-FirstCall/ - Kinross Gold Corporation (TSX- K; NYSE-KGC) ("Kinross" or the "Company") announced today the results for the three months and year ended December 31, 2002 are as follows: All results are expressed in United States dollars unless otherwise stated. Since the combination of Kinross, TVX Gold Inc. ("TVX") and Echo Bay Mines Ltd. ("Echo Bay") became effective on January 31, 2003, this press release relates to Kinross prior to the combination and as such, the financial statements are not inclusive of TVX and Echo Bay financial results. Certain information about the combination is presented in various sections of this press release and the notes to the financial statements. All per share information has been adjusted to give retroactive effect for the three for one consolidation of the common shares, which was completed on January 31, 2003. Accordingly, the per share losses for the three months and years ended December 31, 2002 and 2001 are three times larger than they would have been without the retroactive impact of the share consolidation.
The Company
The Company is engaged in the mining and processing of gold and silver ore and the exploration for and acquisition of gold-bearing properties, principally in the Americas, Russia, Australia and Africa. The Company's products are gold and silver produced in the form of dore that is shipped to refineries for final processing.
Full Year
The Company's share of attributable gold equivalent production was 888,634 ounces in 2002, a decrease of 6% when compared to 944,803 ounces in 2001. Average total cash costs per attributable gold equivalent ounce were $201 in 2002, compared to $193 in 2001. Cash flow provided from operating activities in 2002 was $62.9 million, compared to $74.5 million in 2001. Cash flow provided from operating activities decreased in 2002 when compared to 2001 due to lower gold equivalent production, and 2001 results included $21.6 million of proceeds from the restructuring of the gold forward sales contracts. In 2002, a $7.7 million non-cash charge was recorded to increase the estimated cost to reclaim certain previously closed mines. This, combined with the results of operations from the portfolio of mines, resulted in a net loss for the year 2002 of $30.9 million, or $0.32 per share. The 2002 loss compares to a $36.3 million, or $0.42 per share loss in 2001. The loss in 2001 included non-cash charges of $16.1 million.
Fourth Quarter
The Company's share of attributable gold equivalent production was 231,238 ounces in 2002, a decrease of 3% when compared to 238,244 ounces in 2001. Average total cash costs per attributable gold equivalent ounce were $198 in 2002, compared to $200 in 2001. Cash flow provided from operating activities in 2002 was $14.4 million, compared to $15.8 million in 2001. Cash flow provided from operating activities decreased in 2002 due to lower gold equivalent production and increased reclamation spending. In 2002, a $7.7 million non-cash charge was recorded to increase the estimated cost to reclaim certain previously closed mines. This, combined with the results of operations from the portfolio of mines, resulted in a net loss for the fourth quarter of 2002 of $12.9 million, or $0.12 per share. The 2002 loss compares to a $17.5 million, or $0.18 per share, loss in 2001. The loss in 2001 included non-cash charges of $16.1 million
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