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Kinross (KGC) Sells Its 17% Stake in Pinecrest Resources

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Kinross Gold Corporation (KGC - Free Report) sold its 10,925,000 shares in Pinecrest Resources Ltd. at C$0.36 per share, with gross proceeds anticipated to be C$3.9 million.

Shares were disposed through private sales, and represented around 17% of the issued and outstanding shares in Pinecrest Resources. Notably, the disposition was rendered for investment purposes.

Kinross no longer holds any shares of Pinecrest Resources after the disposition.

Shares of Kinross have rallied 93% in the past year compared with the industry’s 56.3% growth.



On its first-quarter earnings call, the company withdrew its 2020 view in April although the coronavirus pandemic did not have any material impact on its operations during the first quarter. It believes that the decision is prudent, considering the significant impacts of the pandemic on the global economy, commercial activities, global health and further potential business disruptions.

Nevertheless, favorable foreign-exchange rates and fuel prices are likely to provide some support and partly offset the company’s incremental costs, stemming from contingency measures.

Kinross Gold Corporation Price and Consensus


Zacks Rank & Stocks to Consider

Kinross currently carries a Zacks Rank #3 (Hold).

Some better-ranked companies in the basic materials space are Agnico Eagle Mines Limited (AEM - Free Report) , Franco-Nevada Corporation (FNV - Free Report) and Barrick Gold Corporation (GOLD - Free Report) .

Agnico Eagle currently sports a Zacks Rank #1 (Strong Buy) and has a projected earnings growth rate of 74.2% for 2020. The company’s shares have gained 34.1% in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.

Franco-Nevada has an expected earnings growth rate of 19.2% for 2020. The company’s shares have surged 75% in the past year. It presently carries a Zacks Rank #2 (Buy).

Barrick has a projected earnings growth rate of 64.7% for the current year. The company’s shares have rallied around 85% in a year. It currently has a Zacks Rank #2.

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