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Kinross Gold Corp K

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Recent Setbacks Weigh on Kinross’ Q2 and Near-Term Outlook; Lofty Gold Price Limits Upside

Analyst Note

| Kristoffer Inton |

Kinross reported second-quarter results that included production of 538,091 million attributable gold equivalent ounces at all-in sustaining cost of $1,048 per ounce. Production was 6% lower and AISC 8% higher than the year-ago quarter given the recent setbacks at Tasiast and Round Mountain. Given the fire at Tasiast and instability detected at Round Mountain, the company had lowered its 2021 production guidance in June to 2.1 million ounces, down from 2.4 million ounces. It now also increased its AISC guidance to $1,110 per ounce for the year, up from $1,025 per ounce.

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Company Profile

Business Description

Kinross Gold is a Canada-based senior gold producer, producing roughly 2.4 million gold equivalent ounces in 2020. The company had 30 million ounces of proven and probable gold reserves and 59 million ounces of silver reserves at the end of 2020. 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.

Contact
25 York Street, 17th Floor
Toronto, ON, M5J 2V5, Canada
T +1 647 788-4478
Sector Basic Materials
Industry Gold
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 8,951

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