Trimming Kinross’s FVE After 4Q Earnings; Recent Gold Price Increase Likely to Reverse in 2018
Kinross’ attributable production fell by about 4% to 2.7 million gold equivalent ounces in 2017. However, a slightly higher gold price and a 3% year-over-year decline in all-in sustaining cost, or AISC, to $954 per ounce helped offset the lower production. As a result, adjusted operating cash flow was actually up over the prior year to nearly $1.2 billion, compared with a little over $900 million in 2016. Additional internally generated cash flow was helpful given the company’s current investmen...
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