Kinross Gold expects to produce 2.2Moz this year - Brazil, Chile

Toronto-based Kinross Gold (TSX: K, NYSE: KGC) has issued a preliminary output guidance for 2009 and 2010 of 2.23Moz gold equivalent and 2.2Moz respectively. Both estimates are in line with previously stated guidance, the company said in a statement Friday.
"As gold demand surged and prices hit record levels, Kinross delivered its highest-ever quarterly output in the fourth quarter of 2009, and expects to produce a record 2.23Moz equivalent for the full-year 2009, a 21% increase over 2008," CEO Tye Burt said.
Costs for last year are expected to have averaged US$435-450/oz of gold equivalent and are forecast at US$460-490/oz for 2010.
By country, in 2009 gold equivalent production from Brazil is expected to have been 430,000oz, Chile 465,000oz, Russia 690,000oz and the US 650,000oz.
As for capital expenditures this year, Kinross said it aims to spend about US$550mn, of which US$225mn will be for mine development, US$90mn for a new ball mill at the Paracatú mine in Brazil and US$48mn for new projects, the company said.