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Kinross Gold loss narrows as output rises, costs fall

People look on during the Kinross Gold Corporation annual general meeting for shareholders in Toronto, May 9, 2012. REUTERS/Mark Blinch (Reuters)

(Reuters) - Kinross Gold Corp reported a slightly narrower second-quarter loss on Wednesday as production rose and costs fell at the world's fifth-biggest gold miner. The Toronto-based miner said it recorded an adjusted net loss of $9.8 million, or 1 cent per share, in the quarter ended June 30, from a loss of $13.6 million, or 1 cent per share, in the year-prior period. Kinross, which has 10 mines in North and South America, Africa and Russia, produced 671,267 equivalent ounces of gold during the quarter, up from 660,898 ounces in the same period last year. All-in sustaining costs to produce an ounce of gold - an industry cost benchmark - fell to $988 from $1,011 in the year-prior quarter. Toronto-based Kinross maintained its 2016 production and cost outlook. The miner said it has resolved an expatriate work permit issue with the government of Mauritania and expects to resume normal operations at its Tasiast mine in August. Operations at the mine were suspended in June. (Reporting by Susan Taylor in Toronto; Editing by Matthew Lewis)