Kinross Shares Are Benefiting From Gold Prices Near Historical Highs

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 2.1 million gold equivalent ounces sold by Kinross in 2024. 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 (including byproduct credits) of roughly USD 1,370 per ounce in 2024 places Kinross within the second quartile of the gold cost curve, at around the 45th percentile. Kinross had about a decade of gold reserves at the end of 2024.