Tue, May 24, 4:35 PM
- Kinross Gold (NYSE:KGC) says the processing facility remains in operation at its Tasiast mine in Mauritania after unionized workers at the site went on strike.
- KGC also says it does not expect the strike to affect the planned $300M first-phase expansion to double Tasiast's production and cut costs.
- Analysts at BMO Capital have estimated that a one-month strike could impact KGC's 2016 earnings per share by less than 2%.
Wed, May 11, 11:37 AM
- Goldman Sachs raises its 2017 gold price forecast to $1,150/oz. from $1,000 but says equity investors must remain selective, as the firm issues two stock upgrades and two downgrades among gold miners.
- Newmont Mining (NEM +0.1%) is upgraded to Buy from Neutral with a $36 price target, hiked from $23.50, as Goldman says NEM as the gem of the group and believes organic growth from Merian is less than six months away.
- The firm also upgrades Kinross Gold (KGC -9%) to Neutral from Sell with a $5.30 price target, but downgrades Franco-Nevada (FNV -2.7%) to Sell from Neutral with a $51 price target and Goldcorp (GG -1.8%) to Neutral from Buy with a $16 target.
- Now read Paul Singer: Gold just getting started
Wed, May 11, 9:19 AM
- Kinross Gold (NYSE:KGC) +3.2% premarket after reporting Q1 earnings which came in slightly better than expectations while revenue fell short of estimates.
- KGC produced ~687K equiv. oz. of gold during Q1 at an all-in sustaining cost of $963/oz., up from the ~629K oz. produced in the year-ago quarter when AISC was $964/oz., as production in the latest quarter was helped by the acquisitions of Round Mountain and Bald Mountain mines in Nevada.
- KGC reaffirms its FY 2016 forecast guidance for production of 2.7M-2.9M gold equiv. oz. while raising its capex outlook by $160M to $755M to include spending on the Tasiast Phase One expansion.
Tue, May 10, 5:15 PM
Mon, May 9, 5:35 PM
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Mon, May 9, 9:14 AM
Mon, Apr. 11, 12:39 PM
- Gold miners are surging amid higher gold prices and a positive research note from RBC Capital, as the Market Vectors Gold Miners ETF (GDX +4.9%) powers higher with all 39 of its equity components rising.
- Kinross Gold (KGC +6.9%) and AngloGold Ashanti (AU +4.9%) are upgraded to Outperform at RBC, citing valuation amid an increase in the firm's 2016 gold price outlook to $1,250/oz. from $1,150; the firm says KGC's production profile has improved with the 2015 acquisition of mines from Barrick Gold (ABX +5.6%) and the planned Tasiast expansion, while AU represents the most robust opportunity in its South African coverage, supported by a diverse, low cost asset portfolio.
- Goldcorp (GG +3.8%) is sharply higher despite RBC's downgrade to Underperform, as the firm believes shares trade at a significant premium to Tier 1 peers and management needs to re-establish investor confidence in operations and strategy.
- Also: NEM +5.7%, AEM +4.9%, FNV +2.9%, HMY +3.8%, EGO +7.9%, NG +7.6%, HL +4.4%, GFI +3.1%, GOLD +1.7%, SBGL +6%, SLW +4.2%.
- Other ETFs: NUGT, GGN, DUST, SIL, GLDX, SGDM, ASA, SLVP, RING, PSAU, TGLDX, GDXX, GDXS
- Now read Kinross Gold: Analyst estimates following the news on Tasiast mine expansion
Thu, Mar. 31, 5:40 PM
Thu, Mar. 31, 12:59 PM
- Kinross Gold (KGC +0.8%) hits a 52-week high before pulling back a bit, following news out yesterday that the company is proceeding with the expansion of its Tasiast mine.
- KGC is upgraded to Buy from Hold with a $4.50 price target, raised from $3.50, at TD Securities on the news, and believes KGC can fully self-fund the first two Tasiast expansion phases with cash on hand and operating cash flow, given the company's $700M cash balance and $2.2B in total liquidity.
- Shares are upgraded to Outperform from Market Perform with a $5 price target, up from $4, at Raymond James, which now expects a more manageable consolidated production decline for KGC of ~11% during 2016-20, a significant improvement from the firm's previous estimate of a 27% decline.
- Now read Kinross Gold to proceed with first phase of Tasiast mine expansion
Wed, Mar. 30, 11:49 AM
- Kinross Gold (KGC -2.5%) says it will go ahead with the expansion of the Tasiast gold mine in Mauritania, expecting to spend $300M on the first expansion phase plus ~$428M in costs for stripping for a total cost of $728M.
- As a result, KGC expects total 2016 capex will rise to $755M from the $595M it forecast last month.
- The first phase of the expansion is expected to increase mill throughput capacity to 12K metric tons/day from 8K metric tons/day.
- Once the first part of the expansion is complete, Tasiast will have all-in-sustaining costs of $760/oz., compared with current production costs of ~$1,400/oz., CEO Paul Rollinson says.
- Developing the mine is essential to keeping KGC’s production levels stable, as the company’s Fort Knox operation in Alaska and Round Mountain mine in Nevada are both nearing the end of their lives, BMO analyst Andrew Kaip says.
Mon, Mar. 21, 11:58 AM
- The Chilean government has shut down the water system attached to Kinross Gold's (KGC -0.2%) Maricunga mine and says the company may no longer take water from wells in the Pantanillo area near the mine, citing environmental harm caused by the operation.
- KGC says it is committed to responsible environmental management, and says the region has suffered from a protracted drought for many years, resulting in a drop in groundwater levels across the region that is unrelated to mining operations.
- Maricunga produces 230K-250K oz./year of gold.
Thu, Feb. 25, 9:12 AM| Thu, Feb. 25, 9:12 AM | 9 Comments
Wed, Feb. 24, 4:59 PM
- Kinross Gold (NYSE:KGC) -5.8% AH after announcing a bought-deal public offering of 83.4M common shares priced at $3.00/share, with an underwriters option to purchase up to an additional 15% of the offering.
- KGC says it plans to use the proceeds to strengthen its balance sheet and long-term liquidity position to repay credit facilities that were utilized to purchase assets from Barrick Gold.
Thu, Feb. 18, 7:17 PM
- Kinross Gold (NYSE:KGC) becomes the latest precious metals miner to have its credit rating cut to junk after Standard & Poor’s downgrades KGC to BB+ from BBB-,
- S&P says it expect KGC's competitive position to remain weaker than its investment-grade peers over the next two years, which primarily reflects the company's relatively higher cost structure.
- S&P also sees KGC's profitability remain highly reliant on low-cost but high-risk Russian operations at least over the next year.
- However, the ratings agency calls KGC's outlook stable, as the company should maintain an intermediate financial risk profile over the next 12 months.
Tue, Feb. 16, 3:49 PM
- Gold prices tumbled to their sharpest single-session loss since March 2015, based on most-active contracts, as investors turned more optimistic on the global economy after stock markets rallied and the European Central Bank said it stood ready to boost stimulus measures if needed.
- Adding to gold's decline was a report from Goldman Sachs commodities chief Jeffrey Currie, who said it is time to bet against the traditional safe haven as investor fears are overdone and do not justify the recent rally.
- "On net, fears around China, oil and negative interest rates have likely been overstated in the gold price and other financial markets," Currie says, doubling down on an earlier prediction that gold will slump to $1,100/oz. in three months and $1,000/oz. in 12 months.
- ABX -5.2%, NEM -5.1%, GG -5.5%, AEM -4.1%, SLW -2.9%, KGC -9.5%, NG -5.8%, AU -10.1%, FNV -3.8%, GFI -10.7%, HMY -5.3%, SBGL -11.6%, IAG -10.7%, GOLD -6.5%, EGO -10.5%, AUY -7.1%, HL -7.7%.
- ETFs: GLD, SLV, GDX, NUGT, IAU, AGQ, GGN, CEF, PSLV, DUST, SIL, PHYS, USLV, SIVR, SGOL, ZSL, UGL, GLDX, DGP, GTU, SPPP, GLL, UGLD, DZZ, SLVO, GLDI, SGDM, DSLV, ASA, OUNZ, SLVP, DGL, DBS, GLTR, RING, DGZ, DGLD, DBP, WITE, PSAU, TGLDX, USV, GEUR, GYEN, JJP, UBG, GDXS, GDXX
Tue, Feb. 16, 9:13 AM| Tue, Feb. 16, 9:13 AM | 1 Comment
Kinross Gold Corp. engages in the production, acquisition, exploration and development of gold bearing properties in the Canada, the United States, the Russian Federation, Brazil, Ecuador, Chile, Ghana and Mauritania. Its principal products are gold and silver produced in the form of dore. The... More
Sector: Basic Materials