The company reported an 89% jump in net earnings to US$1.4 billion on revenue of $4.2 billion compared with $717 million on $3.5 billion in 2019. Higher gold prices more than compensated for a 6.4% fall in production to 2.4 million ounces of gold-equivalent.

The company provided guidance that production will remain at 2.4Moz in 2021 before rising to 2.9Moz in 2023 as it maintains a capital expenditure programme of $900 million this year. Kinross saw its all-in sustaining cost increase 4% in 2020 to $1,025/oz from $987/oz in 2019 attributed to costs related to the COVID-19 pandemic, although the company expects this will trend down again to 2019 levels by 2022.

Kinross grew its proven and probable reserves by 23% in 2020 by adding 8.7Moz, with 6Moz related to a pre-feasibility study for its Lobo Marte project in Chile. The company maintained a $1,200/oz reserve reference price and ended the year with some 30Moz on its books as exploration at Kupol in Russia and Paracatu in Brazil added a year each to their respective mine life, while Chirano in Ghana added three years.

A feasibility on Lobo Marte is expected in the fourth quarter with first production possible in 2027. Pre-stripping at the nearby La Coipa in Chile began in January with first production scheduled for mid-2022.

The company increased its exploration budget for 2021 to $129 million and also increased its resource reference price to $1,600/oz from $1,500/oz. Kinross ended 2020 with 32.4Moz of measured and indicated resources and 9Moz of inferred resources.

Kinross has $2.8 billion in available liquidity, mainly due to an increase in its cash position to $1.2 billion as the company's total debt fell to $4.2 billion compared with $2.5 billion at the end of 2019.

Shares in Kinross Gold are trading at C$9.32, valuing the company at $11.7 billion.