Kinross Gold (TSE:K) Profits Surge

Kinross Gold (TSE:K) surged 45 percent in the first quarter as gold prices continued to rise.

Earnings grew to $110.6 million, or 16 cents a share. Last year during the same quarter Kinross earnings came to $76.5 million, or 11 cents a share. That exceeded analysts expectations of 14 cents a share.

Revenue for the quarter increased to $657.6 million as gold prices rose from $897 an ounce to $1,065 an ounce. Gold production for Kinross grew to 544,134 ounces.

Production cost an ounce came to $461, a 10 percent rise over last year.

Guidance from Kinross was confirmed at production levels of 2.2 million ounces of gold at prices of $460 to 490 an ounce.