Q3 2024 Kinross Gold Corp Earnings Call Transcript
Key Points
- Kinross Gold Corp (KGC) reported a strong third quarter with production, cost, and cash flow all improving over the prior quarter.
- The company generated record quarterly free cash flow of $415 million, a 20% increase compared to the prior quarter.
- Kinross Gold Corp (KGC) has repaid $650 million of its $1 billion term loan, strengthening its balance sheet.
- The company is on track to meet its full-year production and cost guidance, with strong year-to-date performance.
- Kinross Gold Corp (KGC) continues to advance its exploration and development projects, including Great Bear and Lobo Marte, which show significant potential for future production.
- Kinross Gold Corp (KGC) anticipates lower production next year due to mine plan sequencing, particularly at its lowest-cost asset, Tasiast.
- The company is facing inflationary pressures, with labor costs expected to increase by 5-6% and overall inflation averaging around 3%.
- Production at Bald Mountain is expected to taper off after next year unless new projects are approved.
- Round Mountain is expected to have lower production next year as the company transitions to new mining phases.
- Kinross Gold Corp (KGC) is still in the budgeting process, and there is uncertainty regarding future capital expenditures and cost structures.
Thank you for standing by and welcome to the Kinross Gold third quarter, 2024 results conference call and webcast.
All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session.
(Operator Instruction)
Thank you. I'd now like to turn the call over to David Shaver, senior Vice President of Kinross Gold. 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 Clad Schimper will Dunford and Jeff Gold for a complete discussion of the risks and uncertainties which may lead to actual results differing from estimates contained in our forward-looking information. Please refer to page 2 of this presentation. Our news release dated November 5th 2024 the MDNA for the period ended September 30th 2024 and our most recently filed AIG all of which are available on our
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