Kinross likes its margins
Kinross Gold (NYSE:KGC) said its margins grew by 60% in its Q3, which was released today.
“Year-over-year, our margins grew by 60% to $1,171 per gold ounce sold, which substantially outpaced the 30% increase in the average realized gold price. We also continued to strengthen our investment grade balance sheet and ended the quarter with approximately $935 million in cash and total liquidity of $2.5 billion," said CEOJ. Paul Rollinson.
Production was down. For the nine months ended in September, total gold produced was 7% less at 1.755 million gold ounces compared to 2019. Cost of sales per ounces was $1,289 over the same nine month period in 2020.
Average realized gold price per ounce in Q3 was $1,908 per ounce. Rollinson said production is headed up.
“In September, we were pleased to announce an expected 20% increase in production over the next three years to 2.9 million gold equivalent ounces, along with plans for a quarterly dividend to return capital to our shareholders. We also provided a long-term production outlook which forecasts Kinross producing an average of 2.5 million gold equivalent ounces annually through to 2029.
Last month Kinross said its long-term production outlook was expected to be 2.5 million Au eq. oz.1 to 2029.