Kinross Gold Corporation (NYSE:KGC) Q2 2022 esults Earnings Conference Call July 28, 2022 8:00 AM ET
Company Participants
Chris Lichtenheldt - Vice President, Investor Relations
Paul Rollinson - President & CEO
Andrea Freeborough - EVP & CFO
Paul Tomory - EVP & Chief Technical Officer
Geoff Gold - EVP, Corporate Development, External Relations & Chief Legal Officer
Conference Call Participants
Fahad Tariq - Credit Suisse
Anita Soni - CIBC World Markets
Carey MacRury - Canaccord Genuity
Mike Parkin - National Bank
Tanya Jakusconek - Scotiabank
Operator
Good day, and thank you for standing by. Welcome to the Kinross Second Quarter 2022 Results Conference Call and Webcast. All lines have been placed on mute to prevent background noise. [Operator Instructions] During today's call, there will be a question-and-answer session. [Operator Instructions] I will now turn the conference over to Chris Lichtenheldt, Vice President of Investor Relations. Please go ahead.
Chris Lichtenheldt
Thank you, and good morning. With us today, we have Paul Rollinson, President and CEO; and from the Kinross senior leadership team, Andrew Frere, Paul Tomory and Geoff Gold.
For a complete discussion of the risks and uncertainties, which may lead to actual results differing from estimates contained in our forward-looking information, please refer to Page 2 of this presentation, our news release dated July 27, 2022, the MD&A for the period ended June 30, 2022, and our most recently filed AIF, all of which are available on our website.
I will now turn the call over to Paul.
Paul Rollinson
Thanks, Chris, and thank you all for joining us. Today, I'm going to briefly review our second quarter performance, comment on our expectations for the second half of 2022 and update you on key developments across our portfolio. Then I will provide some comments on the state of our business and the compelling value opportunity our shares currently offer. After that, I will turn the call over to Andrea and Paul, who will provide more detail on our financial performance and on our operations.
Beginning with our results. As a company that has met guidance nine out of the last 10 years, I am not happy with our operational results in the first half of this year. Given the challenges we have encountered, we are now targeting production at the low end of our guidance range.
In order to meet the low end of guidance, we will need to produce nearly 400,000 ounces more in the second half than we did in the first. We see the increase in production coming from the following four areas.