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Author Topic: KGC - Kinross Gold, Inc. - NYSE  (Read 7895 times)
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« on: December 25, 2008, 09:59:17 PM »


Daily Chart:  http://stockcharts.com/h-sc/ui?s=KGC&p=D&b=5&g=0&id=p11530901891

Weekly Chart:  http://stockcharts.com/h-sc/ui?s=KGC&p=W&b=5&g=0&id=p32192343823

News:  http://finance.yahoo.com/q/h?s=KGC+Headlines

Business Summary:  Kinross Gold Corporation, together with its subsidiaries, engages in mining and processing gold ores. It is also involved in the exploration and acquisition of gold bearing properties. The company’s gold production and exploration activities are carried out principally in Canada, the United States, the Russian Federation, Brazil, Ecuador, Chile, Ghana, and Mauritania. As of December 31, 2011, its proven and probable mineral reserves included 62.6 million ounces of gold, 84.9 million ounces of silver, and 1.4 billion pounds of copper. The company was founded in 1972 and is based in Toronto, Canada.
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« Reply #1 on: January 08, 2009, 10:26:27 AM »

Kinross to Boost Output By As Much As 39% This Year

Jan. 7 (Bloomberg) -- Kinross Gold Corp., Canada’s third- largest gold producer, expects to increase production by as much as 39 percent this year as expansion of a Brazilian deposit and new mines in the U.S. and Russia bolster output.

Output will reach the equivalent of 2.4 million to 2.5 million ounces of gold this year, from 1.8 million to 1.9 million ounces in 2008, Toronto-based Kinross said today in a statement. The figures include some silver production. Financial results for the fourth quarter and last year are due next month.

http://www.bloomberg.com/apps/news?pid=20601082&sid=a2mwvvTNFazo&refer=canada#

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« Reply #2 on: March 17, 2009, 10:42:13 AM »

Ecuador Lifts Mining Ban On Kinross - Official

QUITO, March 17 (Reuters)

Ecuador lifted a mining ban on Kinross (K.TO) (KGC) that allows the Canadian gold miner to restart operations immediately, a government official told Reuters on Tuesday citing the notification.

http://www.reuters.com/article/marketsNews/idUKN1725559820090317?rpc=44
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« Reply #3 on: April 19, 2009, 06:35:41 AM »

Should react soon at the current level as the rsi near 30 and it  never broke this level since september 08, Sto pretty down too , 3.29/3.o3 ...  Wink  close 13.79$
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« Reply #4 on: May 06, 2009, 09:21:20 AM »

Kinross Gold Profit Rises 7.9% on Increased Output

May 5 (Bloomberg) -- Kinross Gold Corp., Canada’s third- largest gold producer, said first-quarter profit rose 7.9 percent because of higher output and lower costs.

Net income climbed to $76.5 million, or 11 cents a share, from $70.9 million, or 11 cents, a year earlier, Toronto-based Kinross said today in a statement. The company sold shares valued at $414.6 million in the first quarter to fund acquisitions. Sales rose 61 percent to $532.7 million.

Kinross and other gold producers are seeking to profit from investment demand for the precious metal as a haven from economic turmoil. The credit crisis and global recession have reduced costs for fuel and mining equipment, helping gold miners widen profit margins.

Profit excluding some one-time items was 10 cents a share, the company said. That trails the 14-cent average estimate of 16 analysts surveyed by Bloomberg.

http://www.bloomberg.com/apps/news?pid=20601082&sid=aaf0jrvd1ZV0&refer=canada#
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« Reply #5 on: November 11, 2009, 01:24:12 AM »

Kinross receives authorization to re-commence advanced exploration at Fruta del Norte gold project in Ecuador

Toronto, Ontario, November 10, 2009

Kinross Gold Corporation (TSX-K; NYSE-KGC) today announced that it has obtained authorization from the Ecuadorian Ministry of Non-Renewable Natural Resources to re-commence advanced exploration activities at the Fruta del Norte (FDN) gold project in Zamora-Chinchipe province in Ecuador.

With this authorization, Kinross expects to re-commence its drilling program at FDN shortly. The program includes a 20,000 meter drilling campaign to support completion of a feasibility study. The Company plans to use four drills to execute the drilling campaign which is expected to take six months to complete. Kinross expects to complete a
pre-feasibility study in January 2010.

“The re-launch of the advanced exploration program is an important and positive development for the FDN project and for the mining industry in Ecuador,” said Tye Burt, President and CEO. ”We look forward to working closely with the government of Ecuador and local communities to advance the development of responsible mining at FDN,” he added.

http://www.kitco.com/pr/1267/article_11102009185302.pdf
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« Reply #6 on: February 18, 2010, 11:03:00 AM »

TORONTO, ONTARIO--(Marketwire - Feb. 17, 2010) -

For more information, please see Kinross' year-end 2009 Financial Statements and MD&A at www.kinross.com.

Kinross Gold Corporation (TSX:K)(NYSE:KGC) today announced its results for the fourth quarter and year ended December 31, 2009.

(This news release contains forward looking information that is subject to the risks and assumptions set out in our Cautionary Statements on Forward-Looking Information located on page 8 of this news release. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.)

Highlights

- Production(1) in the fourth quarter 2009 was a record 613,858 gold equivalent ounces, an increase of 12% over the same period last year. For full-year 2009, gold equivalent production was 2,238,665 ounces, in line with previously-announced guidance, and a 22% increase over 2008.

- Revenue for the quarter was a record $699.0 million, compared with $484.4 million in the fourth quarter of 2008, an increase of 44%, with an average realized gold price of $1,094 per ounce sold compared with $794 per ounce sold in Q4 2008. Full-year 2009 revenue was $2,412.1 million, a 49% increase over full-year 2008. The average realized gold price for the full year was $967 compared with $857 per ounce sold for full-year 2008.

- Cost of sales per gold equivalent ounce(2) was $437 for Q4, an increase of 17% compared with Q4 2008. Cost of sales per ounce for full-year 2009 was $437, in line with previously-stated guidance, compared with $421 for full-year 2008. Cost of sales per gold ounce on a by-product basis was $383 in Q4 and $388 for the full-year 2009. Kinross' attributable margin per ounce sold(3) was a record $657 in Q4, a year-over-year increase of 57%. The attributable margin per ounce sold for full-year 2009 was $530, a 22% increase over 2008.

- Adjusted operating cash flow(4) in Q4 was $292.2 million, a 21% increase over Q4 2008, and $937.2 million for the full year, a 48% increase over full-year 2008. Adjusted operating cash flow per share in Q4 was $0.42 per share, a 14% increase over Q4 2008, and $1.36 for full-year 2009, a 35% increase over full-year 2008.

- Adjusted net earnings(4) were $148.6 million, or $0.21 per share, in Q4, compared with earnings of $56.8 million, or $0.09 per share for the same period last year. Adjusted net earnings for the full-year 2009 were $304.9 million, or $0.44 per share, compared with $243.8 million, or $0.39 per share for full-year 2008. Reported net earnings were $235.6 million, or $0.34 per share in Q4, compared with a net loss of $968.8 million, or $1.47 per share, for Q4 2008. Full year reported net earnings were $309.9 million, or $0.45 per share, compared with a net loss of $807.2 million, or $1.28 per share for full-year 2008.

- Kinross has entered into an agreement with Barrick Gold Corporation to sell one-half of its 50% interest in the Cerro Casale project in Chile to Barrick for a total value of $475 million, comprising $455 million in cash, plus the assumption by Barrick of a $20 million contingent obligation.

- The Board of Directors declared a dividend of $0.05 per share payable on March 31, 2010 to shareholders of record on March 24, 2010.

(1) Unless otherwise stated, production figures in this release are based on Kinross' share of Kupol production (75%).

(2) Cost of sales per ounce is a non-GAAP measure and is defined as cost of sales as per the financial statements divided by the number of gold equivalent ounces sold, both reduced for Kupol sales attributable to a third-party 25% shareholder.

(3) Attributable margin per ounce sold is a non-GAAP measure and is defined as average realized gold price per ounce less attributable cost of sales per gold equivalent ounce sold.

(4) Reconciliation of non-GAAP financial measures is located on pages 9 and 10 of this news release.

CEO commentary

Tye Burt, President and CEO, made the following comments in relation to fourth quarter and full-year 2009 results.

"Kinross finished 2009 strongly with record production, margins, and revenue for both the quarter and the full year. Margins averaged $530 per ounce in 2009, an increase of 22% year-over-year, compared with a 13% year-over-year increase in the average gold price. Adjusted operating cash flow in 2009 was $937.2 million, an increase of 48% over 2008, while adjusted operating cash flow per share was $1.36, up by 35% over 2008.

"We have increased our focus on operational excellence by advancing the Kinross Way, including implementing company-wide processes for Continuous Improvement and standardizing best practices. We have also added depth and strength to our corporate and regional management teams, and introduced a new corporate organizational structure to help execute effectively our operational and growth strategies.

"We continue to make adjustments to our asset portfolio to improve shareholder value, such as the acquisition of Dvoinoye near our Kupol mine in Russia, which expands our presence in this rapidly growing new district. We also announced the sale of half of our share of Cerro Casale, which scales the project to a more optimal size within our portfolio, and generates immediate cash proceeds.

"Looking ahead, Kinross' strategy is based on performance from a core set of strong assets, organic growth from existing operations, medium-term increases in production from new development projects, and ongoing optimization of our asset portfolio."

http://www.marketwire.com/press-release/Kinross-2009-Production-Increases-by-22-Revenue-by-49-TSX-K-1118650.htm
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« Reply #7 on: March 11, 2010, 07:21:47 PM »

Kinross Announces Proposed Acquisition Of Underworld Resources

March 11, 2010, 9:40 am EST

TORONTO, ONTARIO--(Marketwire - 03/11/10) - Kinross Gold Corporation (TSX:K - News)(NYSE:KGC - News) and Underworld Resources Inc. ("Underworld") (TSX-V:UW - News) announced today that they have entered into a letter agreement whereby Kinross would offer to acquire 100% of the outstanding common shares of Underworld (the "Common Shares") by way of a friendly take-over bid, other than the 8.5% of the Common Shares already owned by Kinross (on a fully-diluted basis).

Subject to the execution of definitive agreements, the board of directors of Underworld unanimously recommends the offer to its shareholders and the directors and management team have agreed to tender their shares to the offer. Pursuant to the terms of the letter agreement, Underworld has agreed to work exclusively with Kinross toward the conclusion of a definitive support agreement which is anticipated to be executed and delivered by the parties by March 15, 2010.

http://finance.yahoo.com/news/Kinross-Announces-Proposed-iw-2927101759.html?x=0&.v=1
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« Reply #8 on: May 05, 2010, 03:14:14 PM »

Kinross Buys C$600m Stake In Red Back

Wed, 05 May 2010

VANCOUVER-based Red Back Mining has agreed to placing shares with Kinross Gold Corp. to raise C$600m in a deal that had some analysts puzzled.

The transaction is expected to close in May if approved by the TSX and it will give Kinross a seat on the Red Back board. TSX-listed Kinross has to hold the 24 million shares it is buying for C$25 each for at least four months.

Red Back produced 342,085 oz in 2009 and wants to lift output close to a half a million ounces or more this year. Kinross predicts output of 2.2 million oz this year.

Red Back will use the funds towards expanding output at its Tasiast mine in Mauritania to exploit a “rapidly growing” resource and reserve base there. It also has the Chirano gold mine in Ghana, home to big mining operations run by AngloGold Ashanti and Gold Fields.

http://www.miningmx.com/news/gold_and_silver/kinross-buys-C$600m-stake-in-Red-Back.htm
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« Reply #9 on: July 09, 2010, 07:18:55 AM »

Kinross to Announce Q2 Financial Results on August 4, 2010

July 8, 2010

Kinross Gold Corporation (TSX: K; NYSE: KGC) will release its financial statements and operating results for the second quarter of 2010 on Wednesday, August 4, 2010, after market close. In connection with the release, Kinross will hold a conference call and audio webcast on Thursday, August 5, 2010 at 8:30 a.m. EDT to discuss the results, followed by a question-and-answer session. To access the call, dial:

Canada & US toll-free – 1-800-319-4610
Outside of Canada & US – 1-604-638-5340

http://www.kitco.com/pr/1267/article_07082010163147.pdf
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« Reply #10 on: August 02, 2010, 08:11:14 PM »

Kinross Gold To Buy Red Back For About US$7.1 Bln

8/2/2010

Kinross Gold Corp. (K.TO: News ,KGC: News ) will buy the remaining outstanding shares of fellow Canadian gold producer Red Back Mining Inc. (RBI.TO: News ) that it does not already own in an all stock deal valued at about US$7.1 billion, the two companies said Monday.

Under the deal, Red Back shareholders will receive 1.778 Kinross shares and 0.110 share purchase warrant for each Red Back share held. Kinross currently holds 9.3% of the issued and outstanding Red Back shares.

The value of the offer is C$30.50 per Red Back share, representing a premium of about 17% to Red Back's July 30 closing stock price of C$26.02 on the TSX. After the completion of the merger, the current Kinross shareholders will own about 63% of the combined company, while current shareholders of Red Back will own about 37%.

Red Back owns and operates the Chirano Gold Mine in Ghana and the Tasiast Gold Mine in Mauritania. The assets would give Kinross a strong position in West Africa, one of the world's fastest-growing gold regions.

The combined company will have 10 mines and 4 development projects, operating in 8 countries. Pro forma 2010 production for the combined company is expected to be about 2.6 - 2.7 million gold equivalent ounces.

http://www.rttnews.com/Content/TopStories.aspx?Id=1379707
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« Reply #11 on: August 04, 2010, 11:52:53 PM »

Kinross Gold Corp Q2 Profit Surges

August 04, 2010

Canadian gold mining company Kinross Gold Corp. (KGC, K.TO) reported Wednesday a jump in profit for the second quarter, on minimal impact of foreign exchange and reflecting a 38% rise in margins, benefiting from higher gold prices, that helped revenues to grow 16% despite a 4% drop in production. Quarterly adjusted earnings per share rose 34% over the year-ago period and met Street estimates, while revenues came in ahead of expectations.

For the second quarter, Kinross Gold Corp.'s net earnings jumped to US$103.8 million or US$0.15 per share from US$19.3 million or US$0.03 per share in the year-ago period. Foreign exchange losses for the quarter dropped substantially to US$3.6 million from US$57.5 million in the year-ago period. Adjusted net earnings rose 34% for the quarter to US$113.1 million or US$0.16 per from US$84.3 million or US$0.12 per share last year.

http://fr.quote.com/news/story.action?id=RTT008042043004399
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« Reply #12 on: September 01, 2010, 07:06:46 PM »

Kinross Provides Additional Information On Red Back Transaction

September 1, 2010

Kinross Gold Corporation announced today that in response to a request from Institutional Shareholder Services (ISS), the Company is providing further details regarding its friendly combination with Red Back Mining Inc. This includes additional detail to the “Background to the Arrangement” section of the management information circular dated August 16, 2010. The Company is also providing further information on its development plans for the Tasiast mine, in order to assist Kinross shareholders in evaluating the transaction.

Background to the transaction

From December 2009 through the first quarter of 2010, the Kinross Board met on five occasions, during which it received regular updates regarding potential acquisitions from Kinross management. These meetings included a number of discussions regarding early stage review of potential opportunities involving Red Back. Over the next four months, prior to the announcement of the transaction on August 2, 2010, the Board convened a further four times.

At these meetings, the proposed business combination with Red Back was the subject of detailed discussion and consideration. In addition, the standing Special Committee of the Board, which advises the Board and management on transactional matters as part of its mandate, met on numerous occasions during the same period. On ten separate occasions, the Special Committee met specifically to discuss potential opportunities involving Red Back.

Between January 2010 and the announcement of August 2, 2010, senior management from the two companies met five times to formally discuss and negotiate the terms of a potential business combination. Additional detail on the chronology and substance of the above meetings during which the Red Back combination was discussed is provided in an appendix to this news release.

Tasiast development plans

Following closing, Kinross plans to undertake immediately an extensive development program to expand the Tasiast operation. The Company currently anticipates completing this expansion program within approximately 36 months, with a view to commencing operations at a new mill in the fourth quarter of 2013. Given its extensive due diligence of Red Back and the Tasiast mine, the Company has already undertaken a substantial amount of planning and development work to support the proposed expansion.

http://www.kitco.com/pr/1267/article_09012010180236.pdf
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« Reply #13 on: December 06, 2010, 11:24:25 AM »

Kinross To Invest $1.5bn In Mauritania Gold Mine

December 6, 2010

Canada-based Kinross Gold will invest $1.5bn in the Tasiast gold mine in Mauritania. The investment will be spent over three years to increase the mine's production from 200,000oz to one million ounces annually, reports Bloomberg.

Kinross president and chief executive officer Tye Burt said the company also plans to assist the government of Mauritania in developing a mining school by providing $10m over the next three years. The school will develop a mining school and training centre to support the future development of Mauritania's mining industry.

Earlier in September, Kinross acquired Australia's Red Back Mining, which has mines in Mauritania and Ghana, for $7.2bn.

http://www.mining-technology.com/news/news103975.html
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« Reply #14 on: February 16, 2011, 11:31:45 PM »

Kinross Reports 2010 Fourth Quarter And Year-End Results

February 16, 2011

Kinross Gold Corporation (TSX: K, NYSE: KGC) today announced its results for the fourth quarter and year ended December 31, 2010.

Highlights

Production in the fourth quarter of 2010 was 676,635 gold equivalent ounces, a 10% increase over Q4 2009. For full-year 2010, gold equivalent production was 2,334,104 ounces, in line with previously announced guidance.

Revenue for the quarter was a record $920.4 million, compared with $699.0 million in the fourth quarter of 2009, an increase of 32%, with an average realized gold price of $1,333 per ounce sold compared with $1,094 per ounce sold in Q4 2009. Revenue for the full-year 2010 was a record $3,010.1 million, a 25% increase over full-year 2009.

Cost of sales per gold equivalent ounce was $551 for Q4, which includes a Red Back Mining purchase accounting increase of $13, compared with $437 for Q4 2009. Cost of sales per ounce sold for full-year 2010 was $508, inclusive of a full year Red Back purchase accounting increase of $5, compared with $437 for full-year 2009. Full-year cost of sales per ounce was in line with previously stated guidance. Kinross’ attributable margin per ounce sold was a record $782 in Q4, a year-over-year increase of 19%. The attributable margin per ounce sold for full-year 2010 was $683, a 29% increase over 2009.

Adjusted operating cash flow for Q4 was $332.7 million, a 14% increase over Q4 2009, and $1,091.2 million for the full year, a 16% increase over full-year 2009. Adjusted operating cash flow per share was $0.29 in Q4, versus $0.42 Q4 2009, and $1.32 per share for full-year 2010, compared with $1.36 for full-year 2009.

Adjusted net earnings were $144.7 million, or $0.13 per share, in Q4, compared with $148.6 million, or $0.21 per share, for Q4 2009. Adjusted net earnings for full-year 2010 were $478.8 million, or $0.58 per share, compared with $304.9 million, or $0.44 per share, for full-year 2009. Reported net earnings were $210.3 million, or $0.19 per share in Q4, compared with $235.6 million, or $0.34 per share, for Q4 2009. Full year reported net earnings were $771.6 million, or $0.94 per share, compared with $309.9 million, or $0.45 per share for full-year 2009. Earnings were reduced by additional exploration expenditures of approximately $23 million at Tasiast, and by the timing of year-end metal shipments, which deferred sales of approximately 30,000 ounces of Q4 2010 gold production to Q1 2011.

Kinross forecasts 2011 production of 2.5-2.6 million gold equivalent ounces at an average cost of sales per gold equivalent ounce of $565 - 610.

Proven and probable mineral reserves as of December 31, 2010 were 62.4 million gold ounces, an 11.5 million ounce, or 23% increase year-over-year.

Proven and probable mineral reserves at Tasiast increased to 7.6 million gold ounces, measured and indicated mineral resources were 2.1 million gold ounces and inferred mineral resources increased to 8.6 million gold ounces. The Company has completed a scoping study for the Tasiast expansion project based on a 16-year life for the expanded project with average annual production of approximately 1.5 million ounces at an average gold grade of approximately 2 g/t for the first eight full years of the expanded project.

Kinross has declared its first proven and probable gold reserves of 6.8 million ounces at Fruta del Norte (FDN). The Company has prepared a pre-feasibility study and technical report for FDN that estimates average annual production of 410,000 gold ounces over the 16-year life-of-mine. FDN permitting is on schedule to support the project development timeline.

The Company has completed a scoping study for Dvoinoye that contemplates processing higher-grade Dvoinoye ore at the Kupol mill, and an increase in Kupol throughput from 3,000 to 4,000 tonnes per day.

The Board of Directors declared a dividend of $0.05 per share payable on March 31, 2011 to shareholders of record on March 24, 2011.

http://www.kitco.com/pr/1267/article_02162011173357.pdf
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