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Property News
August 12, 2009
Kinross reported that at the Crixás joint venture mine in Brazil, tonnes of ore mined and processed were higher than the same period last year primarily due to expansion. Gold equivalent ounces produced were lower due to lower grades. Lower grade areas were mined in the second quarter, consistent with the mine plan. Metal sales decreased as a result of lower production.
Kinross reported that at the Crixás joint venture mine in Brazil for the 3 months ended Mar31/09, lower grade areas were mined, consistent with the mine plan for the quarter. As a result, gold equivalent ounces produced and sold, as well as metal sales, decreased in the first quarter of 2009 compared with 2008. Cost of sales was in line with the previous year, but cost of sales per ounce was higher due to lower production.
Metal sales for full-year 2008 increased by 14% due to higher gold prices, which was partially offset by a 10% decline in gold equivalent ounces sold for the year. Cost of sales were higher comparable to the prior year primarily because of higher energy costs.
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