Kinross Gold (TSX: K) (NYSE: KGC) reviewed 10-01-2020
Market Cap: $11.2 B (USD)
Share Price: $8.89 (USD)
Shares outstanding: 1.25 Billion
Cash: $1.527 B (USD) as of 30 Jun 2020
Total liquidity: $2.2 B (USD)
Long-term Debt: $2.671 B (USD) as of 30 Jun 2020
Credit facility: Revolver $811 M (USD)
Current operations: Yes
Insiders: Low
Institutional: 520 institutions own 70% of shares
Website: kinross.com
Investor Presentations: https://www.kinross.com/news-and-investors/default.aspx
President & CEO: J. Paul Rollinson
Gold major
Large portfolio of developed resources
Principal mines: Fort Knox, Round Mountain, Bald Mountain (USA), Paracatu (Brazil), Tasiast (Mauritania), Chirano (Ghana), Kupol and Dvolnoye (Russia)
Kinross Gold Produced 571,978 Au equivalent ounces in Q2 2020; (648.251 in Q2 2019), but production was impacted by COVID-19 and reduced operations at Paracatu, Round Mountain, and Chirano
Metal sales were $1.887 B (USD) at 30 June 2020
AISC stated at $983 (USD) at 30 June 2020
Operating cash flow of $196 M (USD) in 2nd qtr 2020, compared to 2019 at $71.1 M (USD)
PFS for Lobo Marte, Chile adds reserves of 6.4 M Au oz
Announced a 70% purchase in Peak Gold project in Alaska on 30 Sept 2020
Bottom line:
- Solid, well-known Major and respected mine operator with core expertise in building producing gold mines
- Perennial two million+ ounce gold producer
- Could improve the balance sheet
- I personally own it with a +8.58% portfolio weighting