Analyst Note
| Kristoffer Inton |Kinross reported fourth-quarter results with few surprises, as its production of 2.4 million gold equivalent ounces at cost of sales of $723 per ounce and all-in sustaining cost of $987 per ounce were within guidance. With average realized gold prices 30% higher than last year, adjusted operating cash flow rose 36% to $528 million.