Kinross Gold Updates Paracatu Mine Resources & Reserves, Extends LOM to 2034
Summary
Kinross Gold released an updated Technical Report for its Paracatu Mine, detailing Mineral Resources and Reserves as of December 31, 2025, and outlining a life of mine extending to 2034.
Key Events
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Updated Mineral Reserves
Proven and Probable Mineral Reserves total 399.64 million tonnes at 0.38 g/t gold, containing 4.84 million ounces, supporting operations until 2034. These reserves are estimated using a long-term gold price of US$2,000 per ounce.
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Revised Mineral Resources
Measured and Indicated Mineral Resources, exclusive of reserves, are 329.20 million tonnes at 0.33 g/t gold, totaling 3.52 million ounces. This represents a 6% decrease in contained ounces from the prior year, primarily due to model refinements and updated parameters.
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Strategic Cut-off Grade Maintained
The Mineral Reserve cut-off grade is maintained at 0.19 g/t gold, higher than the calculated 0.17 g/t, due to strategic and operational considerations including tailings storage capacity constraints and long-term mine development priorities.
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Sustaining Capital Plan
The Life of Mine plan includes $654 million in sustaining capital from January 1, 2026, primarily allocated for mine mobile equipment and tailings storage facility expansions.
Analysis
This comprehensive Technical Report provides updated Mineral Resource and Reserve estimates for Kinross Gold's significant Paracatu Mine. While Measured and Indicated Mineral Resources saw a modest 6% decrease in contained gold ounces compared to the prior year, this is attributed to model refinements and strategic pit redesigns rather than a fundamental degradation of the deposit. The report confirms a robust Mineral Reserve of 4.84 million ounces of gold, supporting operations until 2034. The decision to maintain a higher cut-off grade despite economic calculations highlights prudent management of operational constraints like tailings capacity. Investors should note the long-term operational visibility and the substantial sustaining capital planned to support the mine's continued production.
At the time of this filing, KGC was trading at $28.06 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $33.5B. The 52-week trading range was $11.12 to $39.11. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.