Gold miner Kinross Gold Corporation KGC reported a net loss of $13.9 million or a penny per share for the first quarter of 2016, wider than a net loss of $6.7 million or a penny per share in the year-ago quarter. The loss widened particularly due to lower gold prices. The reported net loss includes one-time items including foreign exchange losses of $2.8 million, and acquisition-related costs of $7.6 million.Adjusted earnings (excluding one-time items) were $1.4 million or breakeven per share, compared with adjusted earnings of $15.3 million or a penny per share recorded in the year-ago quarter. Analysts polled by Zacks were expecting a loss of a penny per share on an average.Revenues of $782.6 million were almost in line with the year-ago quarter as higher gold sales were partly offset by lower average realized gold prices. Revenues, however, missed the Zacks Consensus Estimate of $796 million. Operational PerformanceAttributable gold production was 687,463 ounces for the quarter, up around 9% year over year. The increase was primarily driven by two acquisitions, Bald Mountain and the remaining 50% stake of Round Mountain that the company did not possess previously.Production cost per gold equivalent ounce fell to $694 in the quarter from $709 in the prior-year quarter, mainly due to lower cost of fuel and positive foreign exchange rates. Margin per gold equivalent ounce sold was $485 in the first quarter, down 4.7% year over year.Average realized gold prices fell to $1,179 per ounce in the quarter from $1,218 per ounce a year ago.Financial ReviewAdjusted operating cash flow was $202.6 million, down 5.7% from $214.8 million in the prior-year quarter. Cash and cash equivalents were $750.4 million as of Mar 31, 2016, down from $1,010.5 million as of Mar 31, 2015.Long-term debt declined around 12.8% year over year to $1,732.5 million. Capital expenditures fell to $139.5 million in the quarter from $149.5 million in the prior-year quarter because of reduced spending at Fort Knox.During the first quarter, Kinross issued 95,910,000 common shares. The company received net proceeds of $275.7 million for the same.Development UpdatesThe Tasiast Phase One expansion is underway. The development will nearly double the production levels and halve the cost of sales. Exploration at Bald Mountain is on track while the Russian development projects are progressing per management’s plans.Kinross has also been evaluating the Maricunga mine plan. The mine’s cost position and prospective need for capital may force the company to temporarily discontinue mining by the end of October. In the event of a suspension, heap leach rinsing is expected to continue at the mine for roughly three years. The mine produced 212,155 gold equivalent ounces in 2015.The mine’s mining and crushing operations have been temporarily suspended following the water curtailment order by Chile’s environmental regulatory authority (SMA) on May 2, 2016. The current suspension is not expected to impact the regional output outlook provided by the company.2016 OutlookFor 2016, Kinross has reaffirmed its previously outlined production guidance. The company expects to produce 2.7–2.9 million gold equivalent ounces this year. The overall production cost of sales is expected to be in the range of $675–$735 per gold equivalent ounce while all-in sustaining cost (AISC) is estimated to be $890–$990 per gold equivalent ounce. The company expects capital expenditure of $755 million for 2016.Zacks RankKinross currently carries a Zacks Rank #3 (Hold).Some better-ranked mining companies are New Gold, Inc. NGD, sporting a Zacks Rank #1 (Strong Buy), Alamos Gold, Inc. AGI and Gold Fields Ltd. GFI, both carrying a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report KINROSS GOLD (KGC): Free Stock Analysis Report GOLD FIELDS-ADR (GFI): Free Stock Analysis Report NEW GOLD INC (NGD): Free Stock Analysis Report ALAMOS GOLD INC (AGI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research