Shares of Kinross Gold traded over 3.5% higher in the early hours of Thursday’s session after the Canadian miner reported strong earnings for the third quarter of 2023.
At the end of the quarter, Kinross held cash and cash equivalents of C$464.9 million, with total liquidity of approximately C$2 billion. The US operations also saw elevated production, with more ounces recovered from the heap leach pads at Fort Knox. During the quarter, the company also approved mining of the optimized Phase S open pit at Round Mountain, which is expected to add 750,000 oz. to its life-of-mine production profile.
“Our production profile has been solid and generated significant cash flow. We continue to reduce the debt on our investment grade balance sheet and have completed our expansion projects at Tasiast and La Coipa,” Paul Rollinson, Kinross CEO, stated in the Q3 release.