10 High Risk High Reward Growth Stocks Stocks To Buy

4. Kinross Gold Corporation (NYSE:KGC)

Number of Hedge Fund Holders In Q2 2024: 37

Kinross Gold Corporation (NYSE:KGC) is a Canadian gold mining company with operations in Brazil, Chile, Canada, and other countries. The growing popularity of gold among retail and professional investors as well as central banks in the wake of US bond volatility has translated into 77% share price gains for Kinross Gold Corporation (NYSE:KGC)’s stock over the past twelve months. At the same time, central to the firm’s hypothesis is its ability to control costs at its different production sites. Like other gold miners, Kinross Gold Corporation (NYSE:KGC)  remains vulnerable to regulatory risks to its gold mines as well as production stoppages that drop output. However, a weakening economic environment could bode well for Kinross Gold Corporation (NYSE:KGC) as investors rush into haven assets. On an operational front, the hypothesis is dependent on stable production volume and consistent gold quality along with consistent guidance. Additionally, it has faced gold quality pressures at its Paracatu mine which has created some headwinds.

Kinross Gold Corporation (NYSE:KGC)’s management shared details for its 2024 production outlook during the Q2 2024 earnings call:

“Following a strong first half, Tasiast remains on-track to meet its full year production guidance of 610,000 ounces. At Paracatu, reduction of 130,000 ounces and a cost of sales of $1,039 per ounce were unplanned and also improved over the prior quarter. The mine continues to see steady performance on throughput, grades and recoveries in line with the mine plan. Mine sequencing continues to transition through the lower grade portions of the pit as planned before moving back into the higher grades by year-end into 2025.

Paracatu remains on-track to meet it’s 2024 production guidance of 510,000 ounces. At La Coipa, Q2 production of 66,000 ounces was lower over the prior quarter whilst cost of sales was higher mainly due to higher low maintenance costs and timing of sales. Production at La Coipa remains on-track for the full year target of 250,000 ounces as strong performance on grades and recoveries offset lower throughput.”