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Kinross Gold Corp T.K

Alternate Symbol(s):  KGC

Kinross Gold Corporation is a Canada-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. The Company’s projects include Fort Knox, Round Mountain, Bald Mountain, Manh Choh, Paracatu, La Coipa, Lobo-Marte, Tasiast and Great Bear projects. Fort Knox is an open-pit gold mine located near the city of Fairbanks, Alaska. Round Mountain is a long-life, open pit mine located in Nevada. Bald Mountain is an open pit mine with an estimated mineral resource base located in Nevada along the southern extension of the prolific Carlin trend. Manh Choh project is in Alaska, located approximately 400 kilometers southeast of Fort Knox. Paracatu is a long life, cornerstone operation located near the city of Paracatu in Brazil’s Minas Gerais region. It operates the La Coipa mine in the Atacama region and owns the Lobo-Marte development project, which is located approximately 50 kilometers southeast of La Coipa.


TSX:K - Post by User

Bullboard Posts
Post by Olympicon May 30, 2014 3:28pm
381 Views
Post# 22616271

$300M potentially recouped by Kinross

$300M potentially recouped by KinrossKinross wrote off $720M when halting its Fruto del Norte site in Ecuador. They could not reach an agreement with the government over increased taxes. It has leaked that the company is looking to sell the project for $300M. There is reported by bloomberg that four parties are interested in purchase - Junefield Mineral Resources Holdings Ltd. being on of them.

With this asset written off the books and valued at zero - a $300 sale would represent a major boost to an already decent balance sheet. The adjusted one time impact to the income statement would further support the $52M in gold sales produced in Q1 and sold in Q2.

See: https://www.bloomberg.com/news/2014-05-30/kinross-said-to-be-in-talks-to-recoup-ecuador-mine-losses.html
Bullboard Posts