Workflow
Kinross 2025Q2 黄金产销量分别环比增加 0.1%/0.3%至 15.94/15.81 吨，归属于普通股股东的净利润环比增长 44.2%至 5.307 亿美元
HUAXI Securities·2025-08-02 11:21

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q2 2025, Kinross reported a gold production of 512,574 ounces (15.94 tons), a year-on-year decrease of 4.3% but a quarter-on-quarter increase of 0.1% [2] - The average realized gold price in Q2 2025 was $3,285 per ounce, reflecting a year-on-year increase of 40.3% and a quarter-on-quarter increase of 15.0% [2] - Net profit attributable to common shareholders reached $530.7 million in Q2 2025, a year-on-year increase of 151.6% and a quarter-on-quarter increase of 44.2% [4] Production and Sales Performance - Gold sales in Q2 2025 were 508,300 ounces (15.81 tons), a year-on-year decrease of 2.4% but a quarter-on-quarter increase of 0.3% [2] - The unit sales profit for gold in Q2 2025 was $2,204 per ounce, a 68% increase compared to $1,313 per ounce in Q2 2024 [3] - The total cost per ounce sold in Q2 2025 was $1,936, which is a 9.1% increase year-on-year and a 15.4% increase quarter-on-quarter [3] Financial Performance - Sales revenue for Q2 2025 increased to $1.7285 billion, a year-on-year growth of 41.7% and a quarter-on-quarter growth of 15.4% [4] - Operating profit for Q2 2025 was $774.8 million, reflecting a year-on-year increase of 159.7% and a quarter-on-quarter increase of 35.8% [4] - The net cash flow from operating activities was $992.4 million in Q2 2025, a year-on-year increase of 64.3% and a quarter-on-quarter increase of 66.2% [6] Capital Expenditures and Cash Management - Capital expenditures in Q2 2025 were $306.1 million, a year-on-year increase of 11.6% [6] - As of June 30, 2025, Kinross had cash and cash equivalents of $1.1365 billion, up from $694.6 million on March 31, 2025 [6] - The company has an additional available credit line of $1.6 billion, with total liquidity of approximately $2.8 billion [6] Development Projects - Kinross is advancing the AEX project at the Great Bear mine, with construction expected to start in Q4 2024 [8] - The Redbird mine expansion project is progressing as planned, with ongoing studies and engineering work [9] - Baseline studies for the Lobo-Marte project are being conducted to support the environmental impact assessment [11]