Kinross reports 2024 fourth-quarter and full-year results

Core Viewpoint - Kinross Gold Corporation reported strong financial and operational results for 2024, achieving record free cash flow and significant debt repayment, while maintaining stable production guidance for the upcoming years [2][5][43]. Financial Performance - Kinross achieved record free cash flow of over $1.3 billion in 2024, more than doubling year-over-year [5][19]. - The company repaid $800 million of debt during 2024, completing the repayment of a $1 billion term loan by February 10, 2025 [23][25]. - Reported net earnings for Q4 2024 were $275.6 million, or $0.22 per share, compared to $65.4 million, or $0.06 per share, in Q4 2023 [20]. - Full-year net earnings for 2024 were $948.8 million, or $0.77 per share, compared to $416.3 million, or $0.34 per share, in 2023 [20]. Production and Cost Metrics - Gold equivalent production for 2024 was 2.13 million ounces, slightly above the guidance of 2.1 million ounces [3][43]. - The production cost of sales per gold equivalent ounce sold was $1,020 for 2024, up from $942 in 2023 [12][44]. - Attributable all-in sustaining cost per gold equivalent ounce sold was $1,388 for 2024, compared to $1,316 in 2023 [15][45]. Operational Highlights - Tasiast achieved record throughput and production, becoming the highest-margin operation for the company [8][26]. - Paracatu delivered over 500,000 gold ounces for the seventh consecutive year [8]. - Bald Mountain converted nearly 1 million resource ounces to reserves, with plans to proceed with mining at the Redbird pit [7][39]. Future Guidance - Kinross expects to produce approximately 2.0 million attributable gold equivalent ounces in 2025, with stable production guidance for 2026 and 2027 [43][44]. - The attributable production cost of sales is expected to be $1,120 per ounce in 2025, reflecting a moderate increase due to lower overall production and inflationary impacts [44][45]. - Attributable capital expenditures for 2025 are forecasted to be approximately $1,150 million [50]. Sustainability and Community Engagement - Kinross is on track to achieve a 30% reduction in emissions intensity by 2030, having implemented over 15 energy efficiency projects in 2024 [56]. - The company provided flood relief aid to communities in Mauritania and Brazil, demonstrating its commitment to local community support [57]. - Kinross was recognized for its corporate governance, ranking as the top gold mining company in The Globe and Mail's annual corporate governance ranking [58].