Kinross Gold CorporationNYSE
Mon, Oct. 24, 2:24 PM
- Analysis from Canaccord Genuity suggests the gold price may have bottomed, thus the firm upgrades Goldcorp (GG -2%), Centerra Gold (OTCPK:CAGDF +0.8%), Detour Gold (OTCPK:DRGDF -1.5%) and Fortuna Silver Mines (FSM -0.4%) to Buy from Hold.
- With the recent pullback in commodity prices, "a window of opportunity appears to have presented itself, and we believe investors should consider increasing weights" in select precious metals stocks, the firm says.
- Canaccord cites rising market volatility related to the upcoming U.S. election, the recent pullback in extreme non-commercial long gold positions on the Comex, declining selling pressure among hedge funds, and real interest rates remaining near zero whether or not the Fed raises rates in December.
- The firm cites other names that could benefit, as underperforming portfolio managers look to increase their leverage to gold, including Kinross Gold (KGC -5.7%), Iamgold (IAG -2.2%) and B2Gold (BTG -3.9%) among senior producers, Endeavour Mining (OTCQX:EDVMF -1.6%) and Alamos Gold (AGI -3%) among mid- and small-cap producers, and Tahoe Resources (TAHO -1.1%) in the silver space.
Mon, Oct. 17, 5:36 PM
Thu, Oct. 13, 5:35 PM
Fri, Oct. 7, 9:37 PM
- Barrick Gold’s (NYSE:ABX) 50% stake in the Kalgoorlie super pit gold mine has attracted interest from Kinross Gold (NYSE:KGC) and Zijin Mining (OTCPK:ZIJMF) in a sale that could fetch as much as $1B, Bloomberg reports.
- Australia's Newcrest Mining (OTCPK:NCMGF), Northern Star Resources (OTCPK:NESRF) and Evolution Mining (OTCPK:CAHPF), as well as some Chinese companies, also are considering bids, due by the end of October, according to the report.
- ABX is said to be considering ways to structure the sale, including the possibility of selling shares in the holding company that owns the mine, which would not include a right of first offer for Kalgoorlie operator and joint venture partner Newmont Mining (NYSE:NEM) and thus would allow other buyers to potentially acquire the stake.
- NEM has expressed interest in the 50% of the mine it does not already own ever since ABX announced plans to sell its stake in July.
Wed, Oct. 5, 9:44 AM
- Kinross Gold (KGC +1.6%) says it reached a new three-year collective labor agreement with unionized employees at its Tasiast mine in Mauritania.
- Operations at Tasiast were brought to a three-week halt in June after employees stopped work over negotiations with staff delegates on the new agreement and other items; normal operations resumed in mid-August after resolving a dispute over expatriate work permits.
- KGC says it also agreed to a "Mauritanization" plan with the government to increase the number of local workers at Tasiast.
Tue, Oct. 4, 2:20 PM
- Precious metals miners are slammed as gold prices dip well below $1,300/oz. to settle at $1,269.70, its lowest since the U.K.'s Brexit vote in June, as upbeat U.S. manufacturing data yesterday has stoked expectations of higher interest rates.
- Gold is “falling off the cliff,” says Naeem Aslam, chief market analyst at ThinkMarkets. “Traders are buying the equity market with both hands, especially over in the U.K.” as the British pound declines.
- Among precious metals miners today: ABX -9.2%, KGC -10.4%, GG -7.8%, NEM -8.7%, EGO -7.4%, RGLD -7.8%, AEM -8.9%, NG -9.7%, SLW -9.1%, FNV -5.6%, IAG -11.2%, GOLD -8.1%, AU -9.3%, GFI -6.4%, SBGL -8.1%, HMY -9.9%, AUY -11.6%, BTG -9.3%, NGD -6.6%.
- ETFs: GDX, NUGT, GDXJ, GGN, DUST, SIL, JNUG, GLDX, JDST, SGDM, ASA, SLVP, SILJ, RING, PSAU, SGDJ, TGLDX, GDJJ, GDXX, GDXS
Wed, Sep. 21, 5:55 PM
- Newmont Mining (NYSE:NEM) was today's best-performing stock in the S&P 500 and precious metals miners gained across the board, enjoying a big boost from the Fed’s decision to keep interest rates unchanged.
- NEM even outperformed the VanEck Vectors Gold Miners ETF (NYSEARCA:GDX) - +7.5% vs. +7% - and Credit Suisse analysts say business in looking up for the miner, as NEM continues to meet or beat cost and production targets, as well as strengthen its portfolio.
- The firm adds that NEM believes shareholders appreciate its predictability, discipline and defining growth based on free cash flow rather than production.
- Also today: ABX +8.6%, GG +7%, AEM +7.1%, EGO +5.7%, KGC +7.6%, SLW +7.8%, FNV +4.8%, RGLD +9.6%, IAG +7.9%, GOLD +4.7%, AU +10.4%, GFI +9%, SBGL +9.5%, HMY +11.8%, AUY +7.6%, BTG +6.3%, NG +8.1%.
- ETFs: GDX, NUGT, GGN, DUST, SIL, GLDX, SGDM, ASA, SLVP, RING, PSAU, TGLDX, GDXX, GDXS
Thu, Aug. 25, 6:57 PM
- Kinross Gold (NYSE:KGC) +4.6% AH after confirming it has suspended operations and dismissed 300 employees at its Maricunga gold mine in Chile, after a judicial decision upheld a move by the country's environmental regulator to shut the water system linked to the mine.
- KGC says the suspension of the Maricunga operations is not likely to affect its 2016 production and cost forecast, although the mine accounted for 8% of its total gold production in 2015.
- KGC also says it has resumed operations at its Tasiast mine in Mauritania following its temporary suspension caused by an expatriate work permit issue.
Thu, Aug. 25, 5:33 PM
Wed, Aug. 24, 2:30 PM
- Shares of gold miners are sharply lower as gold futures fall 1.2% to settle at a one-month low $1,329.70/oz., closing below its 50-day moving average for the first time since June 7.
- The top gold miners ETF (GDX -6.3%) trades well below its 50-day moving average of $29.09 and is on pace for its first four-day losing streak since early November.
- Investors are dialing down bullish bets on gold ahead of Friday's scheduled remarks from Janet Yellen, says Peter Hug, global trading director at Kitco Metals.
- Among top mining stocks: ABX -8.4%, NEM -6.7%, GG -8.7%, KGC -9%, AEM -6.3%, SLW -7.3%, RGLD -7.3%, EGO -7.2%, GFI -5.1%, AUY -8.8%, GOLD -5%, HMY -5.7%, SBGL -4.9%, IAG -8.7%, BTG -6.9%, NG -7.3%, FNV -6%.
- ETFs: GDX, NUGT, GGN, DUST, SIL, GLDX, UGL, DGP, UGLD, GLL, DZZ, SGDM, ASA, SLVP, DGL, RING, DGZ, DGLD, PSAU, TGLDX, UBG, GDXX, GDXS
Wed, Aug. 17, 6:28 PM
- Kinross Gold (KGC -1.8%) has added two names to its C-suite as Chief Operating Officer Warwick Morley-Jepson decides to depart for new opportunities.
- The company named lauren Roberts its new COO, effective Jan. 1. He's a 25-year industry veteran who's been with Kinross since 2004, most recently as senior VP of Corporate Development.
- It also named Paul Tomory to a newly created position, chief technical officer. He'll have oversight of Project Development and "technical aspects of our operations, including Strategic Business Planning and Continuous Improvement, Technical Services (encompassing Mine Planning, Geology and Metallurgy), Supply Chain and Energy."
Wed, Jul. 27, 5:20 PM
Tue, Jul. 26, 5:35 PM
- ABCO, ABX, ACGL, AEM, AF, AGNC, AHL, ALEX, ALSN, AMCC, AMGN, ANIK, ARRS, ASGN, AXTI, BKCC, CA, CAKE, CBI, CBT, CDE, CMO, CMPR, CMRE, CNMD, COHR, CRUS, CSGP, CVTI, CW, CYS, DLB, DRE, ECHO, EFX, ELY, EQY, ESRT, ESV, EXR, FB, FBHS, FOE, FORR, GG, GPRO, GRPN, HOLX, HT, IAC, IBKC, INFN, INT, ISBC, KEX, KGC, KIM, KNL, KNX, KONA, KRA, KS, LLNW, LM, LOGI, LPSN, LRCX, MAA, MANT, MAR, MCK, MEOH, MKSI, MMLP, MMSI, MN, MOH, MUR, NATI, NE, NEU, NGD, NOW, NTGR, NTRI, NVDQ, NXPI, O, OCN, OI, ORLY, OTEX, PEIX, PPC, PSA, PXD, QDEL, QEP, QTM, RCII, ROIC, RRTS, SCI, SFLY, SIGI, SPRT, SPSC, SSNC, SU, TER, TILE, TIS, TMK, TMST, TTEK, TTMI, TYL, UNM, VAR, VNDA, VNR, VRTX, WFM, WFT, WIRE, WLL, WRE, WSR, XL, XLNX
Thu, Jul. 14, 3:45 PM
- Barrick Gold (ABX +1.6%) and Randgold Resources (GOLD -1.1%) are upgraded to Buy from Hold and Kinross Gold (KGC +0.1%) is raised to Hold from Underperform at Jefferies, after the firm increases its gold price forecasts to reflect ongoing elevated macro risk.
- Jefferies rates ABX its top mining pick, and believes the company's conversion of debt to equity via free cash flow is a clear positive and will be accelerated at a gold price of at least $1,300/oz.
- At $1,300 gold, the firm thinks KGC looks inexpensive and more than offsets associated risks, which was not the case assuming $1,200/oz. gold.
- Jefferies says GOLD stands out among its U.K. peers with best in class liquidity, quality operations and a premium valuation that should persist as the gold price moves higher into H2.
Wed, Jul. 6, 6:25 PM
- The view on steel stocks has become “less negative” as metals and mining commodity prices rallied ~13% in Q2, Deutsche Bank's Amy Tan says, while still preferring companies with gold exposure.
- China's stimulus created a financing window in April, effectively allowing most North American M&M companies to either re-capitalize strained balance sheets or extend near-term debt maturities into future periods, according to Tan.
- Citing the improved steel price outlook and balance sheet refinancing, the firm upgraded U.S. Steel (NYSE:X) to Hold from Buy with a $15 price target, raised from $8, and Nucor (NYSE:NUE) to Buy from Hold with a $60 target, up from $52; highly leveraged AK Steel (NYSE:AKS) remains rated Sell.
- Tan also upgraded Kinross Gold (NYSE:KGC) to Hold from Sell on valuation, and raised the stock price target for Buy-rated Newmont Mining (NYSE:NEM) to $44 from $38.
Tue, Jul. 5, 2:00 PM