Gold Mining Stocks Plunge 6%, Market Cap Shrinks by 3 Trillion Won in a Day

On April 21, Canada’s Kinross Gold Corp. (NYSE: KGC) closed at $32.48 on the New York Stock Exchange, down 6.4% from the prior session.

The one-day sell-off erased roughly $2.34 billion in market capitalization—about ₩3.5 trillion—bringing the company’s total market cap to approximately $38.89 billion (around ₩58 trillion). Trading volume surged to 4,505,192 shares, reflecting heightened volatility.

Two days earlier, National Bank Financial trimmed its target price for Kinross’s Toronto-listed shares from CAD 60 to CAD 57.50, while maintaining an “outperform” rating, signaling concerns over short-term fluctuations.

On February 18, Kinross reported its 2025 fourth-quarter and full-year results, announcing a 14% year-over-year increase in its annual cash dividend. The company has also scheduled its first-quarter 2026 earnings release for April 29 and its annual shareholder meeting for April 30.

Headquartered in Toronto, Kinross Gold is a mid-tier to large-scale producer operating six mines across the U.S., Brazil, Mauritania, Chile, and Canada. In 2024, it produced approximately 2.1 million ounces of gold equivalent. Formed in 1993 through the merger of several mining companies, Kinross is listed on both the New York Stock Exchange and the Toronto Stock Exchange under the symbols KGC and K, respectively.