Kinross reports strong Q3 results

9th November 2023 By: Mariaan Webb - Creamer Media Senior Deputy Editor Online

Kinross reports strong Q3 results

Canada-based Kinross Gold has delivered a strong third quarter, with a solid production profile and significant cash flow generation, president and CEO Paul Rollinson reported on Wednesday.

The mining company increased its production by 11% year-on-year to 585 449 gold-equivalent ounces (GEOs) at an all-in sustaining cost (AISC) of $1 296/GEO.

Kinross generated $122.9-million in free cash flow during the quarter, reported cash and cash equivalents of $464.9-billion and said it had total liquidity of about $2-billion.

The board declared a quarterly dividend of $0.03 a share.

The Tasiast mine, in Mauritania, achieved record quarterly production of 171 140 GEOs, significantly exceeding the previous record set in the second quarter. Paracatu, in Brazil, delivered higher production, both on a quarter-on-quarter and a year-on-year basis, of 172 482 GEOs. La Coipa, in Chile, performed well, producing 65 975 GEOs and was the lowest-cost mine in the portfolio.  

Kinross’ US mines delivered a total of 175 852 GEOs in the third quarter, which was a drop from the 203 333 GEOs produced in the corresponding quarter of 2022. 

The company is on track to meet its 2023 guidance for production, cost of sales and AISC, as well as capital expenditures.