Reporting its financial performance in U.S. dollars, Kinross said its adjusted fourth-quarter net earnings jumped to $148.6 million, or 21 cents per share, compared with earnings of $56.8 million, or 9 cents per share for the same period last year. Adjusted net earnings for the full-year 2009 were $304.9 million, or 44 cents per share, compared with $243.8 million, or 39 cents per share, a year earlier.

Kinross reported record production of 613,858 gold equivalent ounces in the fourth quarter of 2009, up 12 percent from output during the same period in the previous year. Full-year 2009 gold- equivalent production at Kinross also climbed to 2,238,665 ounces, reflecting a 22 percent increase over 2008 output.

At the Fort Knox gold mine near Fairbanks, Alaska, Kinross produced about 87,000 gold-equivalent ounces in the fourth quarter, up from 60,629 gold-equivalent ounces a year earlier. However, production declined for the full year to 263,260 gold-equivalent ounces, down 20 percent from 329,105 gold-equivalent ounces in 2008.

Kinross said output fell at Fort Knox primarily due to lower grades, which more than offset the larger amount of ore processed and the slightly higher recovery.

Cost of sales fell sharply at Fort Knox to $450 per gold-equivalent ounce, down nearly 24 percent from $591 in third quarter. First gold from a new heap leach was poured in November, and the fourth-quarter mine plan was successfully achieved, as geotechnical issues encountered in the third quarter were resolved, the company said.

Kinross reported operating earnings at Fort Knox of $80.4 million for 2009, down 21.5 percent from $102.3 million in comparable earnings a year earlier.

By comparison, overall operating earning for Kinross soared in 2009 to $645.9 million. The miner reported an operating loss of $611.1 million for the previous year.

At the new Fort Knox heap leach about 3.4 million metric tons of ore had been stacked at the end of the fourth quarter and leaching is progressing well, Kinross said.

Kinross’ exploration and business development expenses for full-year 2009 climbed to $72.5 million, compared with $59.0 million for full-year 2008. Of the total exploration and business development expense, expenditures on exploration totaled $19.6 million and $56.1 million for the quarter and year, respectively. Capitalized exploration expenses totaled $10.6 million.

The company said Phase 7 drilling at Fort Knox converted 369,000 ounces of gold to reserves.

Kinross expects to produce about 2.2 million gold equivalent ounces in 2010. Cost of sales per gold equivalent ounce is expected to average $460 to $490 for full-year 2010.

Capital spending for 2010 is expected to be total about $550 million, which includes about $109 million for mine development and stripping, $91 million for the expansion of tailings facilities at Paracatu, Fort Knox and Kupol, $90 million for a third ball mill at Paracatu and $30 million to advance the Lobo-Marte project in Chile.

The 2010 forecast for exploration and business development expenses is about $102 million, comprising: $79 million for exploration expenses, including $24 million for greenfields exploration and $27 million for programs at existing mine sites; $17 million for technical and environmental services; and $6 million for corporate development.

The gold miner’s revenue for the quarter was a record $699 million, compared with $484.4 million in the fourth quarter of 2008, an increase of 44 percent, with an average realized gold price of $1,094 per ounce sold compared with $794 per ounce sold in the fourth quarter of 2008. Full-year 2009 revenue was $2.41 billion, a 49 percent increase over full-year 2008. The average realized gold price for the full year was $967 compared with $857 per ounce sold for full-year 2008.

Cost of sales per gold equivalent ounce was $437 for the fourth quarter, an increase of 17 percent compared with Q4 2008. Cost of sales per ounce for full-year 2009 was $437 compared with $421 for full-year 2008. Cost of sales per gold ounce on a by-product basis was $383 in the fourth quarter and $388 for the full-year 2009. Kinross’ attributable margin per ounce sold was a record $657 in the fourth quarter, a year-over-year increase of 57 percent. The comparable margin per ounce sold for full-year 2009 totaled $530, a 22 percent increase over 2008.