In our coverage of Kinross Gold’s (TSX: K) first quarter financial results, we referred to the company rather succinctly – they were the adult in the room while other majors fell short.
That analysis continues to hold true in the second quarter. They’ve managed to keep a tight reign on costing and hold production steady, enabling margins on each ounce of sold gold to rise to $2,204 an ounce – which is about $100 less than the average realized price they recorded in the year ago period. And well, you can probably imagine what that did to free cash flow.
Lets dive in.
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