Q2 2024 Kinross Gold Corp Earnings Call Transcript
Key Points
- Operating margins grew by over 20% compared to the prior quarter.
- Free cash flow more than doubled in the second quarter to $346 million.
- Production in the second quarter was on plan, delivering 535,000 ounces at a cost of sales of just over $1,000 per ounce.
- Tasiast mine had an excellent quarter, driving significant free cash flow.
- Kinross Gold Corp (KGC) remains on track to achieve its production and cost guidance for the full year.
- La Coipa's Q2 production was lower compared to the prior quarter due to higher mill maintenance costs and timing of sales.
- Cost of sales at Round Mountain was higher quarter over quarter due to lower production.
- Bald Mountain's production was slightly lower than the prior quarter as planned, with higher cost of sales.
- There are ongoing maintenance shutdowns planned for Tasiast and La Coipa in Q3, which may impact production.
- The deep drilling results at Great Bear will not be reflected in the upcoming PEA, potentially delaying visibility on the full resource potential.
Thank you for standing by. My name is Joe, and I will be your conference operator today. At this time, I would like to welcome everyone to the second quarter 2024 results conference call and webcast. (Operator Instructions) I would now like to turn the conference over to Chris Lichtenheldt, Vice President of Investor Relations. You may begin.
Thank you and good morning. With us today we have Paul Rollinson, CEO; and from the Kinross senior leadership team, Andrea Freeborough, Claude Schimper, William Dunford and Geoff Gold.
For a complete discussion of the risks and uncertainties which may lead to actual results different from estimates contained in our forward-looking information please refer to page 2 of this presentation, our news release dated July 31, 2024, the MD&A for the period ended June 30, 2024, and our most recently filed AIF, all of which are available on our website.
I will now turn the call over to Paul.
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