Kinross posts strong second-quarter results
Canada-headquartered Kinross Gold has had a strong second quarter, supporting an “excellent” first half of the year, CEO Paul Rollinson reported on Wednesday.
The company’s portfolio of mines in the US, Brazil, Mauritania, Chile and Canada, performed well, delivering high-margin production, he said, reporting quarterly output of 535 338 gold-equivalent ounces.
“We remain on track to meet our annual production and cost guidance for 2024,” affirmed Rollinson.
Quarter-on-quarter, Kinross’ margins grew by 21% to $1 313/oz of gold sold, outpacing the rise in the gold price. Attributable free cash flow more than doubled to $346-million, totalling $491-million year-to-date.
The miner reported a 40% year-on-year jump in net earnings of $210.9-million, or $$0.17 a share, and adjusted net earnings increased to $174.7-million, or $0.14 a share.
“We are continuing to prudently manage our business with a focus on maintaining our cost profile and capital discipline while continuing to advance projects and exploration targets to drive future value. We also continue to strengthen our investment-grade balance sheet and reduce debt,” said Rollinson.
At Manh Choh, in Alaska, Kinross achieved a significant milestone with the first gold bar poured on July 8. Full commissioning of the modifications at the Fort Knox mill is expected in the third quarter and the project is on track to deliver its planned production this year.
At Great Bear, in Canada, Kinross is on schedule to release a preliminary economic assessment in September. During the quarter, Kinross drilled the deepest drill hole to date, which returned 3.8 m at 9.52 g/t at a vertical depth of 1 575 m, demonstrating robust mineralisation at depth, as well as outside the current resource.
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