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Gold Investing
Kinross Highlights Record Free Cashflow in Q3, Set to Meet Guidance
Nov. 07, 2024 09:30AM PST
CEO J. Paul Rollinson said the gold miner is "heavily focused" on staying disciplined and keeping its operational performance consistent.
Jingming Pan / Unsplash
Kinross Gold (TSX:K,NYSE:KGC) reported its Q3 results on Tuesday (November 5), highlighting record free cashflow supported by debt reduction and key developments at its operatios.
The miner outlined quarterly production of 564,106 gold equivalent ounces, a year-on-year decline of 4 percent. According to the company, the decrease was largely due to planned lower output at certain mines.
The average realized gold price recorded by Kinross in Q3 was US$2,477 per ounce, up substantially from US$1,929 in Q3 2023. Notably, the firm's margins rose to US$1,501 per gold equivalent ounce sold.
Operating cashflow came to US$733.5 million, while attributable free cashflow reached a record of US$414.6 million. On a year-to-date basis, Kinross' attributable free cashflow stands at US$905.8 million.
Net earnings more than tripled to come in at US$355.3 million, or US$0.29 per share.
In a press release, Kinross CEO J. Paul Rollinson emphasized that because of the company’s operational and financial resilience, it remains on track to meet its annual production and cost guidance.
“We remain heavily focused on consistent operational performance, cost control, capital discipline and delivering on planned grades to generate value for our shareholders,” he added.
Additionally, Rollinson highlighted the company’s strengthened balance sheet through a significant reduction in its outstanding term loan balance, with US$650 million repaid on the US$1 billion loan in 2024.
Kinross highlights Q3 operational success
Kinross’ third quarter operational highlights include strong performances at several mines.
Tasiast, a mine located in Central-Western Mauritania, achieved high throughput rates and remains one of the company’s lowest-cost assets despite higher royalty costs due to the elevated gold price.
Meanwhile, Fort Knox in Alaska benefited from the start of production at the Manh Choh project, resulting in record grade and recovery levels, which significantly boosted cashflow. At the Paracatu mine in Brazil, production rose due to higher grades, though year-on-year output was lower due to mine sequencing.
The company also said it made substantial progress on its exploration and development initiatives, releasing a preliminary economic assessment (PEA) for the Great Bear project in September.
The PEA projects annual production of over 500,000 ounces with all-in sustaining costs around US$800 per ounce for the first eight years, supporting Kinross’ expectations of a high-margin, top-tier operation.
Exploration drilling at Round Mountain and Curlew is ongoing, with promising grades and widths reported, while the closure plan for Kinross' advanced exploration program at Great Bear is under review by the Ontario Ministry of Mines, with early works construction expected to begin in the near term.
Kinross notes that as part of its dividend program, it has declared a dividend of US$0.03 per common share payable on December 12, 2024, to shareholders of record as of November 28, 2024.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.
When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.
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Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics. When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.
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