Kinross Temporarily Halts Tasiast Mill Operations Following Fire

Kinross Gold Corporation KGC has temporarily suspended mill operations at its Tasiast mine following a fire that broke out on April 14, 2025, which has since been completely extinguished. No injuries were reported, and mining activities are continuing as planned. 

The company is currently investigating the cause of the fire and evaluating the extent of the damage and any potential operational impact. Preliminary findings suggest the fire was confined to the SAG discharge area. With critical spare parts already available on-site, Kinross does not anticipate any changes to its production guidance for Tasiast.

Tasiast achieved record annual production and cash flow in 2024. It was also the lowest cost operation in the year. Production from the mine was 622,394 gold equivalent ounces in 2024.  KGC expects production of 500,000 gold equivalent ounces in 2025.

Shares of Kinross have surged 128.2% in the past year against a 52% rise of the industry.

For 2025, Kinross expects consolidated production to be 2 million gold equivalent ounces (+/- 5%). The company expects production cost of sales of $1,120 per gold equivalent ounce (+/- 5%) for the year. The company expects all-in-sustaining cost per gold equivalent ounce of $1,500 for 2025. Attributable capital expenditures are predicted at roughly $1,150 million (+/- 5%) for this year.

KGC’s Rank & Key Picks

KGC currently carries a Zacks Rank #3 (Hold).

Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, Idaho Strategic Resources, Inc. IDR and ArcelorMittal S.A. MT

Carpenter Technology currently carries a Zacks Rank #2 (Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.7%. The company's shares have soared 125.6% in the past year. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for Idaho Strategic Resources’ current-year earnings is pegged at 78 cents. IDR, carrying a Zacks Rank #2, surpassed the Zacks Consensus Estimate in three of the trailing four quarters, while missing once, with an average earnings surprise of 77.5%. The company's shares have rallied 98.9% in the past year.

ArcelorMittal, which currently carries a Zacks Rank #2, beat the consensus estimate in three of the trailing four quarters, while missing once. In this time frame, it has delivered an earnings surprise of roughly 4.1%, on average. The company's shares have rallied 6.9% in the past year.

 

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This article originally published on Zacks Investment Research (zacks.com).

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