Kinross Gold Corp reported a sharp drop in first-quarter net earnings on Wednesday due to weaker bullion prices but its production increased and costs edged lower.The Canadian miner said its net earnings fell to $31.8 million, or 3 cents a share, in the three months to the end of March from $162.4 million, or 14 cents a share, a year earlier.Adjusted for one-time items, Kinross' earnings dropped to $34.1 million, or 3 cents a share, from $172.4 million, or 15 cents a share, a year earlier.Revenue dropped to $817.4 million from $1.06 billion as realized gold prices fell to $1,299 an ounce in the quarter from $1,624 per ounce a year earlier.
Kinross Gold Corporation (Kinross) is engaged in gold mining and related activities, including exploration and acquisition of gold-bearing properties, the extraction and processing of gold-containing ore, and reclamation of gold mining properties. Shares of KGC fell by 2.21% or $-0.09/share to $3.99. In the past year, the shares have traded as low as $3.98 and as high as $6.65. On average, 11254600 shares of KGC exchange hands on a given day and today's volume is recorded at 7709842.
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