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Kinross Gold Corp KGC

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Morningstar’s Analysis

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Raising Kinross’ FVE After Adding Promising Projects, but Lofty Gold Prices Still Limit Upside

Analyst Note

| Kristoffer Inton |

Kinross reported a strong third quarter, with solid operational performance boosted by higher gold prices. Third quarter attributable production of 603,312 gold equivalent ounces, or GEO, was roughly flat versus a year ago, while all-in sustaining costs, or AISC, on a co-product basis declined 7% to $958 per ounce. With average realized gold prices 30% higher than last year, adjusted operating cash flow rose 86% to $550 million.

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Company Profile

Business Description

Kinross Gold is a Canada-based senior gold producer, producing roughly 2.5 million gold equivalent ounces in 2019. The company had 24.3 million ounces of proven and probable gold reserves and 55.7 million ounces of silver reserves at the end of 2019. It operates mines and focuses its greenfield and brownfield exploration in the Americas, West Africa, and Russia. The company has historically used acquisitions to fuel expansion into new regions and production growth.

25 York Street, 17th Floor
Toronto, ON, M5J 2V5, Canada
T +1 416 365-2496
Sector Basic Materials
Industry Gold
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 8,970