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The Kinross Gold fields in Chukotka in the 3 quarter demonstrate high rates

Total production of Kinross Gold Corporation for the third quarter of 2014 increased to 693,180 thousand ounces of gold equivalent compared to 680,580 thousand ounces in the same period last year. This is stated in the official statement of the company.

The company's revenue increased to 945,7 million dollars compared to 876,3 million in the third quarter of 2013. The average selling price of gold fell from 1,331 thousand to 1,268 thousand dollars per ounce.

According to the executive director of the corporation Paul Rollinson, in the 3 quarter, Kinross has achieved significant success in reducing costs, and lowers forecasts for the cost of sales by 2014 a year. This was made possible by initiatives to reduce costs at a number of mines, discipline in relation to capital costs and the receipt of low-cost ounces from the Chukotka Dvoynoye deposit, he noted.

The company notes the high results of the Kupol and Dvoinoye deposits in the third quarter of 2014. The total gold content in their joint production increased by 17% compared to the 3 quarter of 2013 due to the processing of the richest Double Ore, which was partially offset by the expected decrease in the gold content in the Kupol mine. Production of ounces of gold equivalent increased by 20% compared to 3-quarter of 2013.

Kinross Gold is the largest Canadian investor in Russia and one of the largest foreign investors in the mining industry. The company is engaged in the extraction of silver and gold in Chukotka's Kupol and Dvoinoye deposits.
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