Kinross Gold aims to produce over 2.5m ounces of gold per year

In an update to its long-term production guidelines, Kinross Gold (KGC + 1.4%) says it expects to produce an average of ~ 2.5 million gold equivalents per year over the 2020-29 period. Kinross also reiterates the earlier forecast that production will increase 20% in 2021-23, with an estimated production of 2.4 million ounces of gold equivalent in 2021, 2.7 million ounces in 2022 and 2, 9 million ounces in 2023. The miner points to four growth projects that should help keep production going for years to come: the recently acquired Peak Project in Alaska, the Phase S expansion at Round Mountain, the Lobo Marte Project in Chile and Udinsk, the first deposit expected to be developed on the Chulbatkan project in Russia's far east. Kinross also says it expects the cost of selling per ounce sold to decrease over the next three years. The 10-year outlook follows a report from Globe and Mail that Kinross plans to sell its North and South American mines to focus on its production in Russia and South Africa.