Kinross Gold Earnings Surged in Q3 This Year

SEATTLE (Scrap Monster): Kinross Gold reported strong third quarter 2023 results. The quarterly earnings surged, while revenue topped estimates.

The company reported third quarter profit of $109.7 million. The profits stood at 9 cents per share. The adjusted earnings were $144.6 million or 12 cents per share. The company posted revenue of $1.1 billion during the quarter ended September 30, 2023, higher from the consensus estimate of $1.06 billion.

Kinross’s production totalled 585,449 gold equivalent ounces, significantly higher than the prior year quarter by 11%. The production cost of sales was $911 per gold equivalent ounce and the all-in sustaining cost for the quarter was $1,296 per gold equivalent ounce sold. The company reported cash and cash equivalents of $464.9 million and total liquidity of around $2.0 billion as at the end of the quarter.

Tasiast mine achieved record quarterly production and sales. Paracatu too delivered higher production. La Coipa once again emerges as the lowest cost mine in the portfolio. The exploration program continued to make excellent progress at Great Bear. It approved mining of the optimized Phase S open pit. Also, a ceremonial groundbreaking was held at Round Mountain, the company press release noted.