Canadian firm Kinross Gold has become the latest miner to withdraw its production and cost guidance for 2020, citing the coronavirus pandemic’s significant impact on the world economy and the implications of government-mandated constraints on business activities.
While the crisis has had no material impacts on Kinross’ operations to date, it said on Wednesday that the suspension of its guidance was prudent.
For the first quarter of 2020, gold production had been impacted, in part, by crisis-related contingency measures and was expected to be about 560 000 gold-equivalent ounces (GEOs), with sales expected to be lower at 540 000 GEOs, owing to the impact of the global crisis on the timing of sales and metal shipments.