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Kinross: Enviable Project Pipeline Offset By Operational Setbacks

Nov. 01, 2021 7:01 AM ETKinross Gold Corporation (KGC), K:CA21 Comments
Taylor Dart profile picture
Taylor Dart


  • Kinross Gold is one of the worst-performing senior gold producers since Q3 2020, down more than 41% vs. a 30% decline in the Gold Miners Index.
  • The underperformance can be tied to setbacks related to pit instability at Round Mountain, and a fire at the company's flagship Tasiast operation that has sidelined the mill until Q4.
  • However, at a P/NAV ratio of just over 0.80x, these setbacks look to be mostly priced in, especially considering the meaningful growth from key projects over the next few years.
  • Given Kinross' reasonable valuation and solid growth outlook, if it can execute on key projects, I would view any pullbacks below US$5.20 as low-risk buying opportunities.

A copper mine in Nevada America.

Paul-Briden/iStock via Getty Images

The Q3 Earnings Season has finally begun and the results have been mixed, given that the sector is up against tough year-over-year comps due to the record gold price in Q3 2020. Kinross Gold (

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Taylor Dart profile picture
"A bull market is when you check your stocks every day to see how much they went up. A bear market is when you don't bother to look anymore."- John Hammerslough - Disclosure: I am not a financial advisor. All articles are my opinion - they are not suggestions to buy or sell any securities. Perform your own due diligence and consult a financial professional before trading or investing.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of GLD, AEM either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Disclaimer: Taylor Dart is not a Registered Investment Advisor or Financial Planner. This writing is for informational purposes only. It does not constitute an offer to sell, a solicitation to buy, or a recommendation regarding any securities transaction. The information contained in this writing should not be construed as financial or investment advice on any subject matter. Taylor Dart expressly disclaims all liability in respect to actions taken based on any or all of the information on this writing.

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