Business
Kinross Gold Reports Strong 2024 Second-Quarter Results
Robust margins and significant free cash flow enable $200 million debt repayment Positive progress at all growth projects including first gold produced from
About this update from Kinross Gold Corporation
[{"type":"text","content":" Robust margins and significant free cash flow enable $200 million debt repayment Positive progress at all growth projects including first gold produced from Manh Choh High-grade exploration results at Great Bear, Round Mountain and Curlew TORONTO, July 31, 2024 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the second quarter ended June 30, 2024. This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on pages 30 and 31 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted. 2024 second-quarter highlights: Guidance reaffirmed: On an attributable basis, Kinross remains on track to meet its 2024 annual guidance for production, cost of sales, all-in sustaining cost and capital expenditures. Production of 535,338 gold equivalent ounces (Au eq. oz.). Production cost of sales of $1,029 per Au eq. oz. sold and all-in sustaining cost1 of $1,387 per Au eq. oz. sold. Margins2 increased to $1,313 per Au eq. oz. sold, outpacing the rise in the average realized gold price. Operating cash flow of $604.0 million and adjusted operating cash flow1 of $478.1 million. Attributable free cash flow1 of $345.9 million. Reported net earnings of $210.9 million, or $0.17 per share, with adjusted net earnings1 of $174.7 million, or $0.14 per share1. Balance sheet strength: Kinross has improved its debt metrics, with term loan repayments of $200.0 million. Total liquidity3 is approximately $2.1 billion, including cash and cash equivalents of $480.0 million. Kinross’ Board of Directors declared a quarterly dividend of $0.03 per common share payable on September 6, 2024, to shareholders of record at the close of business on August 22, 2024. Climate Report: Kinross released its 2023 Climate Report, providing a comprehensive summary of its progress in 2023. Operations: Tasiast, Paracatu and La Coipa delivered 67% of total production, with production cost of sales of $848 per Au eq. oz. sold and margins2 of $1,494 per Au eq. oz. sold. Sustained strong performance at Tasiast as the mine continued to be the highest-margin operation in the por...