We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Kinross Gold Corp to Divest Portion of Lundin Gold Shares
Read MoreHide Full Article
As part of its portfolio management strategy, Kinross Gold Corporation (KGC - Free Report) announced that it has inked a deal with GMP Securities L.P., whereby GMP has agreed to buy for re-sale, on a private placement basis, 5,500,000 common shares of Lundin Gold Inc., which represents about 4.6% of currently outstanding common shares.
GMP is purchasing shares at a price per share of CAD$5.60, resulting in gross proceeds of CAD$30,800,000.
Kinross holds about 22.1% of the issued and outstanding shares before closing the sale. After the completion of the sale, the company will own 20,656,250 shares, representing approximately 17.4% of the issued and outstanding shares.
Closing of the sale is subject to customary closing conditions and is expected to take place on or around Oct 5, 2016.
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 earnings of a penny. Revenues of $876.4 million in the quarter surged 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 anticipates producing about 2.7–2.9 million gold equivalent ounces this year.
Kinross currently has a Zacks Rank #3 (Hold).
Stocks to Consider
Some better-ranked companies in the mining space include AngloGold Ashanti Ltd. (AU - Free Report) , New Gold Inc. (NGD - Free Report) and Newmont Mining Company (NEM - Free Report) .
New Gold also sports a Zacks Rank #1 and has an expected earnings growth rate of 491.7% for the current year.
Newmont flaunts a Zacks Rank #1 and has an expected earnings growth rate of 91.3% for the current year.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Kinross Gold Corp to Divest Portion of Lundin Gold Shares
As part of its portfolio management strategy, Kinross Gold Corporation (KGC - Free Report) announced that it has inked a deal with GMP Securities L.P., whereby GMP has agreed to buy for re-sale, on a private placement basis, 5,500,000 common shares of Lundin Gold Inc., which represents about 4.6% of currently outstanding common shares.
GMP is purchasing shares at a price per share of CAD$5.60, resulting in gross proceeds of CAD$30,800,000.
Kinross holds about 22.1% of the issued and outstanding shares before closing the sale. After the completion of the sale, the company will own 20,656,250 shares, representing approximately 17.4% of the issued and outstanding shares.
Closing of the sale is subject to customary closing conditions and is expected to take place on or around Oct 5, 2016.
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 earnings of a penny. Revenues of $876.4 million in the quarter surged 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 anticipates producing about 2.7–2.9 million gold equivalent ounces this year.
Kinross currently has a Zacks Rank #3 (Hold).
Stocks to Consider
Some better-ranked companies in the mining space include AngloGold Ashanti Ltd. (AU - Free Report) , New Gold Inc. (NGD - Free Report) and Newmont Mining Company (NEM - Free Report) .
AngloGold Ashanti has an expected earnings growth rate of 440% for the current year. The company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
New Gold also sports a Zacks Rank #1 and has an expected earnings growth rate of 491.7% for the current year.
Newmont flaunts a Zacks Rank #1 and has an expected earnings growth rate of 91.3% for the current year.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>