Kinross Gold: Rapid Deleveraging Helped By Record Gold Prices
- Kinross reported a solid Q3-24 with record free cash flow, despite lower production at three of its highest-margin operations.
- Meanwhile, AISC margins soared 1,270 basis points year-over-year to 45.5%, benefiting from high-grade feed from its new 70% owned Manh Choh Mine.
- However, while 2024 has been a banner year, it's quite possible Kinross could see lower free cash flow looking ahead to 2025 with a dip in production at higher costs.
- In this update we'll dig into its Q3-24 results, recent developments and whether the stock offers an adequate margin of safety at current levels.
Charly_Morlock
All figures are in United States Dollars unless otherwise noted. G/T = grams per tonne (of gold or silver). GEOs = gold-equivalent ounces. SEOs = silver-equivalent ounces. AISC refers to all-in sustaining costs. LOMP = life of mine plan. TPD = tonnes per day.
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