Gold miner Kinross has posted strong results for 2024, achieving record free cash flow and steady production, while also advancing sustainability initiatives and shareholder returns.

The Canadian company delivered free cash flow of $1.3-billion in 2024, more than doubling from the previous year, CEO Paul Rollinson said on Wednesday.

He highlighted that Kinross met its production and cost guidance, repaid $800-million in debt, and saw a 37% increase in margins, significantly outpacing the rise in gold prices.

Kinross produced 2.13-million gold-equivalent ounces (GEO) in 2024, remaining largely in line with the previous year's 2.15-million. While fourth-quarter production declined year-on-year to 501 209 GEO from 546 513 GEO in the fourth quarter of 2023, higher realised gold prices boosted revenue and profitability.

The company reported full-year revenue of $5.15-billion, marking a 21% increase from $4.24-billion in 2023. The rise in revenue was driven by a higher average realised gold price of $2 393/oz, compared with $1 945/oz in 2023. In the fourth quarter, Kinross realised an average gold price of $2 663/oz, a significant jump from $1 974/oz in the fourth quarter of 2023.

Margins also improved, with Kinross’ margin per gold-equivalent ounce sold rising to $1 373 for the full year, up from $1 003 in 2023. Fourth-quarter margins saw an even sharper increase to $1 565/GEO, compared with $998/GEO in in the comparative quarter.

Kinross’ net earnings for 2024 rose to $948.8-million, or $0.77 a share, up from $416.3-million, or $0.34 a share, in 2023. Adjusted net earnings totalled $838.3-million, or $0.68 a share, compared with $539.8-million, or $0.44 a share, in the prior year.

The company reaffirmed its commitment to shareholder returns with a quarterly dividend of $0.03 a share, payable on March 20, 2025. Further, Kinross said it would reinstate its share buyback programme later in the year, pending the renewal of its normal course issuer bid with the TSX.

Kinross said it made progress at its Great Bear project in Canada, having repaid the debt associated with its acquisition and outlined a high-grade resource with strong economic potential. The company also converted nearly one-million ounces of resources to reserves at its Bald Mountain mine, leading to the decision to advance mining at the Redbird deposit.

On the sustainability front, Kinross completed more than 15 energy efficiency projects across its operations and remains on track to achieve a 30% reduction in emissions intensity by 2030. The company also provided flood relief aid to communities in Mauritania and Brazil.

Kinross forecasts production of about two-million GEOs in 2025, maintaining stable output levels through 2027. The company will focus on cost control, capital discipline, and optimising planned grades to sustain its financial strength.