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.