Kinross Gold Net Earnings Rise 88% for First Half
The gold miner reported net earnings attributable to common shareholders of $1.687 billion for the six months ended June 30, 2026
Kinross Gold Corporation (KGC), a gold mining company with operations in Canada, the United States, Brazil, Chile, Mauritania, and Finland, reported a significant increase in profitability for the first half of 2026. Net earnings attributable to common shareholders rose 88% to $1.687 billion for the six months ended June 30, 2026, compared to $898.7 million in the same period in 2025.
Metal sales for the six-month period rose 44% to $4.646 billion. This revenue growth occurred despite a decline in production volumes. Total gold equivalent ounces produced fell 5% to 1.002 million ounces, and attributable gold equivalent ounces produced decreased 4% to 984,889 ounces. Gold ounces sold specifically decreased 6% to 968,979 ounces over the six-month period.
Operating earnings for the first half of 2026 rose 88% to $2.525 billion. The company said production cost of sales increased 22% to $1.365 billion during this period. For the three months ended June 30, 2026, operating earnings were $1.186 billion, a 53% increase from $774.8 million in the prior-year quarter.
Cash flow from operating activities for the first half of 2026 rose 43% to $2.285 billion. Attributable adjusted operating cash flow increased 49% to $2.241 billion. The company ended the period with cash and cash equivalents of $2.656 billion.
Capital expenditures for the three months ended June 30, 2026, were $411.0 million, compared to $306.1 million for the same period in 2025. The company also spent $95.5 million on dividends paid to common shareholders during the first six months of 2026.
Kinross noted that approximately 70% to 80% of its costs are denominated in U.S. dollars. The company stated that a 10% change in foreign currency exchange rates would be expected to result in an approximate $30 impact on attributable production cost of sales per equivalent ounce sold.