Video News/Mining Forum Americas 2025

Kinross Gold (TSX: K; NYSE: KGC) is reporting record free cash flow and strong cost control as gold prices surge. In Q2, the company produced 530,000 ounces at all-in sustaining costs of US$1,500 per ounce, generating margins of more than 50% and record free cash flow of US$650 million. CEO Paul Rollinson told Kitco Mining at Mining Forum Americas 2025, “We’ve had greater margin expansion than the gold price increase, which demonstrates we’re holding the line on cost.” With cash exceeding US$1 billion and shares up 140% year over year, Kinross has also committed to a US$650 million return of capital. “We committed to $650 million return of capital. We will do that,” Rollinson said. Growth is supported by projects including Phase X underground at Round Mountain, Curlew, Great Bear, and Lobo-Marte. At Great Bear, a PEA outlines 500,000–800,000 ounces annually at US$800 AISC, equating to about US$1 billion in free cash flow at today’s prices. Rollinson also pointed to Redbird 2 in Nevada and long-life opportunities in Chile through Lobo-Marte and Maricunga, with the company attracting broader investor interest through its liquidity and dividend policy.