mining

Kinross's earnings jump 40% in Q2

Kitco Media
By Michael McCrae
Published
Updated
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The average realized gold price in Q2 2024 was $2,342 per ounce, compared with $1,976 per ounce in Q2 2023.

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Kitco News - Kinross (TSX: K) reported today that in Q2 net earnings increased by 40% to $210.9 million for Q2 2024, or 17 cents per share, compared with reported net earnings of $151.0 million, or 12 cents per share, for Q2 2023.

Kinross had production of 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.

Kinross declared a dividend of US$0.03 per common share for the second quarter of 2024.

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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