GREY:PGDIF - Post by User
Post by
myview1on Sep 16, 2009 12:25pm
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Post# 16310857
Thing are looking up!
Thing are looking up!Kinross Gold Corp (K:TSX) - News Alert
Harry Winston shares rise as mine shutdown canceled
* Planned six-week shutdown canceled as demand improves * Shares
hit 10-month high TORONTO, Sept 16 (Reuters) - Harry Winston
Diamond shares hit a 10-month high on Wednesday after the diamond
retailer and miner said it and partner Rio Tinto will cancel a
planned mine shutdown due to improving demand. Harry Winston,
which is 20 percent owned by Kinross Gold , announced plans in
March for six-week summer and winter shutdowns at its part-owned
Diavik mine in Canada's Northwest Territories, citing a a sharp
drop in diamond demand. The summer shutdown was completed on Aug.
24, and Harry Winston Chief Executive Robert Gannicott said a
further stoppage is no longer needed due to substantial market
improvements since the first quarter. "We do not foresee a return
to extreme conditions that would warrant a further shutdown," he
said in a statement. Shares of Harry Winston were up 15 Canadian
cents, or 1.6 percent, at C$9.31 on the Toronto Stock Exchange on
Wednesday morning. Earlier they traded as high as C$9.61, their
highest point since last November. Harry Winston owns 31 percent
of Diavik, while Rio Tinto owns 60 percent, and Kinross directly
owns the remaining 9 percent. ($1=$1.07 Canadian)