Kinross Gold Corp. said it expects full-year 2026 and 2027 attributable production to be 2% to 3% below the low end of the previously disclosed guidance, with approximately 1.84 to 1.86 million gold equivalent ounces (Au eq. oz.) expected per year. The change to the company’s 2026 guidance is concentrated at two smaller assets, La Coipa and Round Mountain, and is the result of extreme weather and operational challenges, according to the company, though the balance of the portfolio continues to perform well, led by Paracatu and Tasiast. Kinross expects third-quarter 2026 attributable production of approximately 425,000 Au eq. oz.
Adjusting the company’s 2026 cost guidance because of the updated production estimates, attributable production cost of sales is expected to be approximately $1,420 to $1,460 per Au eq. oz. sold, and attributable all-in sustaining cost is expected to be approximately $1,850 to $1,900 per Au eq. oz. sold. Total operating and capital costs for the year remain on track despite higher oil prices. Reflecting its strong cash flow outlook and balance sheet strength, Kinross is increasing its return of capital target from 40% to 50% of free cash flow to shareholders for 2026.
At La Coipa, in Chile, a series of unprecedented winter weather events throughout the third quarter disrupted mining and milling activities. Continuing weather impacts have resulted in lower-than-planned mining rates and mill throughput into September. Kinross said weather and mining conditions have begun to stabilize, improving mining rates and the ability to blend, and the site is implementing a variety of measures to improve plant throughput and recovery with recent positive results.
While the La Coipa mine plan includes processing of some higher copper sulphide ore blended with oxide ore through the existing circuit, a pre-feasibility study is underway to study the potential for the addition of a flotation circuit focused on the higher copper sulphide mineralization identified below multiple open pit mines at La Coipa. The company also saw higher-than-expected copper grades and lower-than-expected recoveries in some of the sulphide ore mined at La Coipa in the third quarter and has adjusted the production forecast for 2026 and 2027 to reflect lower recovery and stockpiling of some high copper material for potential future processing.
At Round Mountain Phase S, in the USA, lower mining rates and lower than expected grades and recoveries have reduced annual production expectations in 2026 and 2027. The lower mining rates result in a deferral of higher-grade Phase S ore into future periods, while the lower mill grade and recoveries result in a loss of production versus prior estimates. The operation is focused on implementing initiatives to improve the mill grade, recovery and mining rates. Phase X remains on track and is expected to contribute production as planned in 2028.
Paracatu and Tasiast, Kinross’ two largest, lowest-cost operations, continue to deliver strong performance and are expected to produce a combined 1.1 million oz for the fifth consecutive year, in line with previously disclosed guidance. The revised 2026 and 2027 outlook is concentrated at La Coipa and Round Mountain and does not change the quality of the company’s broader portfolio.
Kinross said it continues to advance its pipeline of development projects on schedule, including its U.S. projects, Great Bear and Lobo-Marte. In 2028, Kinross expects to benefit from the commencement of production at Phase X and Curlew, while Tasiast advances into the higher-grade portion of the orebody at the bottom of the open pit.
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