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Kinross Gold Corporation (KGC) - $25 value - yours FREE >>
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Kinross Gold Corporation (KGC) - $25 value - yours FREE >>
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Kinross Gold (KGC) Repays Senior Notes Worth $250 Million
Kinross Gold Corporation (KGC - Free Report) has paid back $250 million worth of senior notes due Sep 1, 2016.
Kinross has now repaid all immediate debt, with no maturities due until 2020 given that the maturity dates of the company’s $500 million term loan and $1,500 million revolving credit facility have been extended by a year, to Aug 10, 2020 and Aug 10, 2021, respectively.
Without any maturities in the next four years, Kinross can concentrate on the funding of its growth opportunities. The company’s strong balance sheet will provide it with the financial flexibility to continue with the projects in the pipeline, including the expansion of Tasiast Phase One and potential expansion of Bald Mountain.
KINROSS GOLD Price
KINROSS GOLD Price | KINROSS GOLD Quote
Kinross reported a net loss of $25 million or 2 cents per share for second-quarter 2016, narrower than a net loss of $83.2 million or 7 cents per share in the year-ago quarter. Adjusted loss came in at $9.8 million or a penny per share. The Zacks Consensus Estimate was of earnings of a penny per share. Revenues of $876.4 million in the quarter rose around 16% year over year and surpassed the Zacks Consensus Estimate.
Kinross’ cash and cash equivalents were $968.2 million as of Jun 30, 2016, down 6.1% year on year. Long-term debt declined around 12.8% year over year to $1,733.1 million. For 2016, the company reaffirmed its previously stated production guidance. It expects to produce about 2.7–2.9 million gold equivalent ounces this year.
Kinross currently has a Zacks Rank #3 (Hold).
Some better-ranked companies in the mining space include AngloGold Ashanti Ltd. (AU - Free Report) , New Gold Inc. (NGD - Free Report) and Sibanye Gold Limited , all sporting a Zacks Rank #1 (Strong Buy).
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