Kinross Gold Cuts 2015 Capital Expenditure Guidance

(RTTNews) - Kinross Gold Corp. (GC,K.TO) said that it cuts its fiscal year 2015 Capital expenditure guidance to $650 million from the prior estimate of $725 million.

All-in sustaining cost per gold equivalent ounce (Au eq. oz.) sold guidance for the year has been lowered to $975-$1,025 from the previous estimate od $1,000-$1,100. Cost of sales per Au eq. oz. guidance range for the year has been lowered to $690-$730 from the previous guidance range of $720-$780.

Production guidance range for the year has been narrowed upward to 2.5-2.6 million Au eq. oz. from the previous guidance range of 2.4-2.6 million Au eq. oz.

Overhead, general and administrative, and business development expenses, for fiscal year 2015 is expected to be below guidance of $205 million.

Kinross also said it is exploring additional opportunities to reduce overhead costs as part of a company-wide spending review, the results of which will be announced in the third quarter of 2015.