| Kinross Gold Extends Offer for $500M in 5.95% Senior Notes - Analyst Blog | |
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Kinross Gold Corporation (KGC) announced that it has extended its offer to exchange up to $500 million principal amount of its 5.95% senior notes, due 2024, to Jan 23, 2015. The Notes (the "New Notes"), which are registered under the Securities Act of 1933, will be exchanged for all of the company’s outstanding unregistered 5.95% senior notes due 2024 (the "Old Notes").
The offer, previously set to expire on Jan 19, 2015, will now expire on Jan 23, 2015. The exchange offers are being made upon the terms and are subject to the conditions laid down in a prospectus dated Dec 16, 2014. The Exchange Agent for the offer is Wells Fargo Bank, N.A.
Kinross released its third-quarter 2014 results in November. The company posted adjusted earnings of $70.1 million or 6 cents per share in the quarter, up nearly 29% from adjusted earnings of $54.4 million or 5 cents per share in the year-ago quarter, aided by an increase in gold sales. Earnings per share surpassed the Zacks Consensus Estimate of 3 cents.
On a reported basis, Kinross posted net loss of $4.3 million, or a breakeven in the quarter, compared with net earnings of $46.9 million, or 4 cents per share posted in the prior-year quarter. Net loss in the third quarter of 2014 resulted from higher delayed non-cash income tax expense in Chile, partly offset by higher revenues.
Revenues increased roughly 8% year over year to $945.7 million in the reported quarter due to higher gold equivalent ounces sold from Russia. Sales came ahead of the Zacks Consensus Estimate of $840 million.
Kinross currently carries a Zacks Rank #3 (Hold). Other companies in the gold mining space worth considering include Golden Star Resources, Ltd. (GSS), Pretium Resources Inc. (PVG) and Rubicon Minerals Corporation (RBY). All of these stocks hold a Zacks Rank #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report KINROSS GOLD (KGC): Free Stock Analysis Report PRETIUM RES INC (PVG): Free Stock Analysis Report GOLDEN STAR RES (GSS): Free Stock Analysis Report RUBICON MNRLS (RBY): Get Free Report To read this article on Zacks.com click here. Zacks Investment Research
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Rubicon Minerals Corp.
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EXPLORATION STAGE |
CODE : RBY |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Rubicon Min. is a gold exploration company based in Canada. Rubicon Min. holds various exploration projects in Canada. Its main exploration properties are RED LAKE MCCUAIG, RED LAKE EAST BAY, RED LAKE NORTH, MCCUAIG, RED LAKE SLATE BAY, RED LAKE DMC, RED LAKE ADAMS LAKE, RED LAKE HUMLIN and RED LAKE PHOENIX GOLD in Canada. Rubicon Min. is listed in Canada and in United States of America. Its market capitalisation is US$ 64.4 millions as of today (€ 56.9 millions). Its stock quote reached its highest recent level on December 03, 2010 at US$ 6.34, and its lowest recent point on January 11, 2016 at US$ 0.03. Rubicon Min. has 65 719 527 shares outstanding. |