Kinross Gold seen as loser, Rio Tinto a winner in U.S. sanctions on Russia

|About: Kinross Gold Corporation (KGC)|By:, SA News Editor

Kinross Gold (NYSE:KGC) -5.3% pre-market as new U.S. sanctions caused Russian markets to tumble, as ~20% of KGC’s production this year will come from Russia.

Conversely, industry sources say Rio Tinto (NYSE:RIO) will be among the biggest winners from sanctions imposed on Russian aluminum giant Rusal, as it is considered well placed to replace Russian metal flows; RIO +1.2% premarket.

Traders and analysts say the sanctions should accelerate a rerouting of global aluminum shipments that began last month after the U.S. imposed a 10% duty on aluminum imports under Section 232 of U.S. trade laws.