Maintaining Kinross Gold's USD 5.20 Per Share FVE; Shares Close to Fair Value

Kinross Gold is a senior gold miner with production split roughly 70% in the Americas and 30% in West Africa. Its Paracatu mine in Brazil and Tasiast mine in Mauritania accounted for about 55% of the roughly 2 million gold equivalent ounces produced by Kinross in 2022. Both mines are also in the bottom half of the gold cost curve, but we don’t consider them moatworthy due to remaining mine lives of about a decade. They are more than offset by Kinross’ remaining higher-cost mines. The company’s average all-in sustaining cost of roughly USD 1,300 per gold equivalent ounce in 2022 places Kinross at around the 55th percentile of the gold cost curve. Kinross had about a decade of gold reserves at the end of 2022.