Kinross Gold's FVE Raised by 3% on Higher Gold Prices; Shares Overvalued

Kinross Gold is a senior gold miner with production split roughly 70% in the Americas and 30% in West Africa. Its Paracatu mine in Brazil and Tasiast mine in Mauritania accounted for about 55% of the roughly 2.2 million gold equivalent ounces produced by Kinross in 2023. Both mines are also in the bottom half of the gold cost curve, but we don’t consider them moatworthy due to remaining mine lives of about a decade. They are more than offset by Kinross’ remaining higher-cost mines. The company’s average all-in sustaining cost of roughly USD 1,300 per gold equivalent ounce in 2023 places Kinross at around the middle of the gold cost curve. Kinross had about a decade of gold reserves at the end of 2023.