| Kinross Gold (KGC) Resumes Operations at Maricunga Mine - Analyst Blog | |
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Kinross Gold Corporation KGC announced that mining and crushing operations at its Maricunga mine have resumed in early May, before the scheduled restarting target of June. The company temporarily suspended operations at the mine due to extreme weather conditions in Chile. The region experienced heavy rain that caused flooding and damaged infrastructure.
Kinross noted that the temporary suspension of operations will affect production and operating costs at the Maricunga mine, especially in the third quarter of 2015. However, as per the company, there will be no change in company-wide or regional production guidance.
Kinross recognized the efforts of its team for successfully restarting operations despite the challenging conditions. The ADR plant operated throughout the restart effort, producing gold from existing material in the heap leach. The company has installed an additional backup power plant to support the return to full operation. Main power lines are expected to be back in operation in September. Kinross reported a net loss of $6.7 million (or a penny per share) for the first quarter of 2015, in contrast to net earnings of $31.8 million, (or 3 cents per share) in the year-ago quarter. The loss in the reported quarter resulted from foreign exchange losses of $18.7 million, mainly related to deferred income taxes. Adjusted (excluding one-time items) earnings were a penny per share in the first quarter as against adjusted earnings of 3 cents recorded in the year-ago quarter. The results came ahead of the Zacks Consensus Estimate of break-even results. Revenues decreased roughly 4.4% year over year to $781.4 million in the reported quarter due to lower gold prices, partly offset by higher gold equivalent ounces sold. However, revenues came ahead of the Zacks Consensus Estimate of $754 million. Kinross currently carries a Zacks Rank #3 (Hold). Better-ranked gold mining companies include Primero Mining Corp. PPP, Newmont Mining Corporation NEM and Richmont Mines Inc. RIC. While Primero Mining sports a Zacks Rank #1 (Strong Buy), Newmont and Richmont Mines 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 >> 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 NEWMONT MINING (NEM): Free Stock Analysis Report KINROSS GOLD (KGC): Free Stock Analysis Report PRIMERO MINING (PPP): Free Stock Analysis Report RICHMONT MINES (RIC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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Kinross Gold Corporation
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PRODUCER |
CODE : K.TO |
ISIN : CA4969024047 |
CUSIP : 496902404 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Kinross Gold is a gold producing company based in Canada. Kinross Gold produces gold, silver in Brazil, in Canada, in Chile, in Ghana, in Mauritania, in Russia and in USA, develops copper, gold and silver in Chile, and holds various exploration projects in Canada, in Chile and in Russia. Its main assets in production are ROUND MOUNTAIN in USA, CRIXÁS, MORRO DO OURO and PARACATU in Brazil, REFUGIO MINE (VERDE AND PANCHO), FORT KNOX, MARICUNGA and LA COIPA in Chile, PORCUPINE and MUSSELWHITE in Canada, CHIRANO in Ghana, TASIAST in Mauritania and KUPOL in Russia, its main assets in development are KETTLE RIVER, GOLD HILL and CERRO CASALE in Chile and its main exploration properties are AHAFO NORTH, BIBIANI NORTH, BOLE, BOLE - BOLGATANGA, AKYEM, RUSSIAN MOUNTAIN, HORN MOUNTAIN, GIL, ENCHI and GOLDBANKS - KINROSS in Ghana, FRUTA DEL NORTE in Ecuador, HAMMOND REEF in Canada, KUBAKA MINE - BIRKACHAN in Russia and LOBO-MARTE in Chile. Kinross Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 11.3 billions as of today (US$ 8.2 billions, € 7.7 billions). Its stock quote reached its lowest recent point on October 27, 2000 at CA$ 1.43, and its highest recent level on December 13, 2002 at CA$ 9.99. Kinross Gold has 1 246 749 952 shares outstanding. |