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Kinross cuts 2026 to 2027 gold output forecast, raises costs
Kinross now projects 2026 to 2027 attributable gold-equivalent output of 1.84 million to 1.86 million ounces per year and boosts 2025 AISC to $1,850 to $1,900 per ounce sold.
Kinross Gold cut its 2026 and 2027 production outlook by about 8%, citing weather and metallurgical issues at La Coipa in Chile and weaker mining performance at Round Mountain in Nevada, according to Mining.com. The company now expects annual attributable gold-equivalent output of 1.84 million to 1.86 million ounces, down from prior guidance midpoint of 1.9 million to 2.1 million.
Kinross also raised its all-in sustaining cost forecast for this year to $1,850 to $1,900 per ounce sold, compared with $1,730 previously. It expects third-quarter production of about 425,000 gold-equivalent ounces, down from an earlier expectation of 478,000 gold-equivalent ounces and below consensus of 495,000 ounces.
The update followed third-quarter disruptions at La Coipa, where winter storms affected mining and milling, pushing mining rates and mill throughput below plan into September, per the operational update. The company partially offset the weaker outlook by raising its 2026 shareholder return target to 50% of free cash flow from 40%, and said it has returned about $800 million to shareholders this year, including about $655 million through share buybacks.
After the update came following Wednesday’s market close, Kinross shares fell 3.8% to C$38.91 in Toronto, and US-listed shares were down another 3.2% to about $26.75 in premarket trading on Thursday, Mining.com reported. Analysts cited the production and cost revisions as negative, with Desjardins cutting its target to C$53 from C$58 and estimating the new production forecast is 8% to 9% below consensus.
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