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KGC

Kinross Gold Corporation

6/20/2013, 2:50 AM ET

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Thursday, June 13, 12:55 PM Ecuador’s congress is poised to approve a mining reform to attract investment in the country’s largely untapped, minerals-rich sector. But President Correa's modifications don’t go nearly far enough for miners, with the main sticking point being a 70% windfall tax on revenues. Earlier this week, Kinross Gold (KGC) said it’s taking a $720M charge to walk away from its concession to tap the country’s largest gold deposit. 1 Comment [Commodities]
Tuesday, June 11, 10:55 AM Analysts support Kinross Gold's (KGC -5.2%) decision to give up on the Fruta del Norte project, seeing the move as freeing up $1.4B for better uses rather than agreeing to Ecuador's tax demands. The move also could signal a higher likelihood that KGC will greenlight the $2.7B Tsasist expansion project in Mauritania. 1 Comment [Commodities, On the Move]
Tuesday, June 11, 9:10 AM Premarket gainers: BEAT +48%. QCOR +29%. DOLE +22%. CTRX +13%. SURG +9%. GME +5%.
Losers: LULU -15%. LDK -9%. IRE -6%. STP -6%. KGC -6%. XTEX -5%. Comment! [On the Move]
Monday, June 10, 5:41 PM Kinross Gold (KGC) -5% AH on news it will cease development of its Frutal del Norte project in Ecuador after failing to reach agreement with the government on the country's mining and tax laws, resulting in a Q2 charge of ~$720M. KGC also extends the maturity dates of its $1.5B revolving credit facility and $1B term loan. Comment! [Commodities, On the Move]
Friday, June 7, 2:09 PM Gold miners large (GDX -4.1%) and small (GDXJ -5.3%) alike are suffering a beat-down after jobs data from both the U.S. and Canada beat estimates; gold's gains for the week are entirely erased, and the metal "could melt even faster" if the global recovery continues. ABX -4.2%, AEM -6.7%, NEM -2.8%, GG -4.5%, AU -5.5%, EGO -5%, KGC -5.3%. SLW -2.8%, SSRI -7.3%, EXK -5.9%. GLD -2%, SLV -4.1%. 39 Comments [Commodities, On the Move]
Friday, May 31, 5:30 PM After-hours top gainers, as of 5:15 p.m.: AZC +9%. ORI +6%. JASO +5%. THD +4%. CAW +4%.
After-hours top losers: NBG -2%. GDXJ -2%. KGC -2%. BYD -2%. AG -2%. 1 Comment [On the Move]
Tuesday, May 21, 9:41 AM IAMGOLD (IAG -4.9%) reports encouraging drill results from its Boto Gold project in West Africa, saying drilling continues to return wide intervals with good grades, confirming previous results and further extending the zones drilled. But gold miners (GDX -2.5%) are broadly lower as futures resume their descent after yesterday's wild ride: KGC -4.7%, EGO -4.6%, GFI -3.6%, ABX -2.8%, GG -2.2%, NEM -1.8%. Comment! [Commodities, On the Move]
Monday, May 20, 12:57 PM As precious metals prices turn around, share prices of gold (GDX +4.7%) and silver miners (SIL +3.1%) surge: ABX +5.9%, GG +4.5%, KGC +6.4%, NEM +4.7%, SLW +4%. Even South African producers turn mixed, despite the call from the country's mine workers union for big pay increases: AU -0.8%, GFI +1.5%, HMY -0.5%. 2 Comments [Commodities, On the Move]
Friday, May 10, 12:23 PM The mini-recovery in gold and metals mining stocks is stopped as gold prices sink 3% today to ~$1,425/oz. after closing higher in each of the past two weeks. A breach of key chart levels is prompting heavy selling of gold futures, already under pressure from a stronger dollar and rising stock markets. Among big miners: ABX -3%, NEM -2.1%, GG -1.6%, KGC -3.8%, SLW -2.7%, FCX -1.8%. Comment! [Commodities, On the Move]
Thursday, May 9, 11:12 AM Kinross Gold (KGC +1%) extends gains after Q1 results showed a 10% jump in Y/Y production levels and a 12% drop in all-in costs. CEO Paul Rollinson credits tough decisions in moving to "get away from production at all cost, to meaningfully try to create value through margin and NPV." But aside from the past two days, investors still don't feel the love, as the stock is stuck near its lowest since 2002. Comment! [Commodities]
Wednesday, May 8, 8:52 AM Kinross Gold (KGC) +4.1% premarket after reporting a 50% Y/Y increase in its Q1 profit, as production increased and costs fell. Produced 648.9K attributable gold equivalent oz. vs. 588.3K in the year-ago quarter. Cost per gold equivalent oz. of attributable production was $729, down from $738. Says it is on target to meet 2013 guidance for production and cost of sales at each region and company-wide. Comment! [Commodities, Earnings, On the Move]
Tuesday, May 7, 5:49 PM Kinross Gold (KGC): Q1 EPS of $0.15 beats by $0.01. Revenue of $1.06B beats by $0.03B. (PR) 1 Comment [Earnings, Breaking News]
Tuesday, May 7, 12:10 AM Notable earnings after Tuesday’s close: ANDE, ARAY, AWK, AXLL, BIO, BIOL, BMC, BWC, CA, CDXS, CHRW, CODI, DGI, DGIT, DIS, DVA, EA, ENPH, EXEL, GA, GPOR, HTA, IAG, JAZZ, KGC, LYV, MAKO, MCEP, MCK, MDLZ, MITK, MRO, MYGN, NVTL, OAS, OCLR, OHI, ONXX, ORA, PRI, RBCN, SD, SGEN, SYMC, SYNC, TRIP, TWO, URS, VCLK, WBMD, WFM, WMB, WPZ, WTI, Z 1 Comment [Earnings]
Monday, May 6, 5:35 PM Notable earnings after Tuesday’s close: ANDE, ARAY, AWK, AXLL, BIO, BIOL, BMC, BWC, CA, CDXS, CHRW, CODI, DGI, DGIT, DIS, DVA, EA, ENPH, EXEL, GTEK, GA, GPOR, IAG, JAZZ, KGC, LYV, MAKO, MCEP, MCK, MDLZ, MITK, MRO, MYGN, NVTL, OAS, OCLR, OHI, ONXX, ORA, PRI, RBCN, SD, SGEN, SYMC, SYNC, TRIP, TWO, URS, VCLK, WBMD, WFM, WMB, WPZ, WTI, Z 1 Comment [Earnings]
Monday, April 29, 2:42 PM More on Citi's review of gold mining stocks: On Buy-rated Barrick (ABX +3.4%), the firm believes liquidity concerns at $1,400/oz. gold are misplaced since ABX already has announced $600M in spending cuts, plans to issue new long-term debt to address near-term maturities, and continues to negotiate non-core asset sales. Citi also keeps a Buy on Kinross (KGC -2.2%) because of the growth offered by the Tasiast project. 5 Comments [Commodities, Quick Ideas, On the Move]
Monday, April 29, 11:39 AM Gold miners (GDX) have been smacked by plunging gold prices, but Citigroup and HSBC think they have further to fall. Citi worries about AngloGold (AU) because negative free cash flow would hit its "already stretched balance sheet," but Harmony Gold (HMY) has the balance sheet to weather similar problems; Gold Fields (GFI) is its sector favorite. HSBC cuts GFI, Agnico Eagle (AEM) and many others. 1 Comment [Commodities, Quick Ideas]