Kinross Gold earnings jump 40% to $210.9 million for Q2

Kinross has reported that in Q2 net earnings increased by 40% to $210.9 million for Q2 2024, compared with reported net earnings of $151.0 million, for Q2 2023. Kinross produced 535,338 gold equivalent ounces, 4% lower than the same period a year ago. The 4% year-over-year decrease was primarily due to lower grades at Paracatu according to the planned mining sequence, said Kinross in a news release. 

The average realized gold price in Q2 2024 was $2,342 per ounce, compared with $1,976 per ounce in Q2 2023. Kinross’ margin per gold equivalent ounce (Au eq. oz.) sold increased by 22% to $1,313 for Q2 2024, compared with the Q2 2023 margin of $1,076, outpacing the 19% increase in average realized gold price, noted the company.

All-in sustaining cost per Au eq. oz. sold was $1,387 in Q2 2024, compared with $1,296 in Q2 2023. In Q2 2024, all-in sustaining cost per Au oz. sold on a by-product basis was $1,357, compared with $1,262 in Q2 2023.