After the session commenced at $1.76, the stock reached the higher end at $1.8 while it hit a low of $1.74.
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The company reported a loss of $52.7-million, or 5 cents a share, on revenue of $809.4-million during the three months ended September 30. The higher price target estimate for the stock has been calculated at $5.00 while the lower price target estimate is at $1.25. The company expects to be below its updated capital expenditure guidance and below its overhead guidance, which excludes one-time restructuring charges. The company is completing early-stage engineering on an alternative two-phased expansion concept.
The initial Phase One expansion would increase mill throughput capacity from 8,000 ton per day to 12,000 ton per day. A second phase would boost capacity to 38,000 tonnes a day. The company has total market capitalization of $453.70 million and a total of 242.55 million outstanding shares.
As part of its cost reduction efforts, Kinross cut corporate headcount costs by 23% during the third quarter. It laid off 222 employees at Tasiast in Sep 2015. Intial and pre-stripping capital requirements account for $199 million. The most actively traded gold-futures contract, for December delivery, settled up 40 cents at $1,088.50 a troy ounce on the Comex division of the NY Mercantile Exchange.
Barrick Gold Corporation (USA)(NYSE:ABX) recently recorded bearish activity by losing -2.07%. Kinross also said it has created US$30 million of annual savings through job cuts, including layoffs at Tasiast and in the head office in Toronto. Net loss from continuing operations was $842,000.
(4) “Net Debt” is defined as short- and long-term debt less cash and cash equivalents and restricted cash. Adjusted Corporate EBITDA for the third quarter of 2015 was $601 million versus $553 million in the third quarter of 2014. It was one of the most overpriced deals in the history of the gold mining industry, and was largely written down as capital costs at Tasiast increased and gold prices declined. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on November 10th. The Firm is engaged in gold mining and related activities, including investigation and acquisition of gold-bearing properties, the extraction and processing of gold-containing ore, and reclamation of gold mining properties. IAMGOLD finally decided what it would do with the money (I wrote about this in an article devoted to IAMGOLD’s third-quarter results), and it looks like Kinross Gold also found the way to spend its money.
Out of 14 analysts covering Kinross Gold Corporation (NYSE:KGC), 4 rate it “Buy”, 3 “Sell”, while 7 “Hold”.
Kinross expects to be within its original income tax guidance of $55 million based on its assumed gold price plus about 24% of additional profits as it relates to its income taxes on adjusted basis. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. These factors are not meant to represent a complete list of the factors that could affect Kinross.
QUALCOMM Incorporated (QCOM) of the Technology is down -0.94% this morning at $52.44 and 864196 shares. The company presently has an average rating of “Hold” and an average target price of $3.08.
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“We’re on the right side of the line”, he said. This time, the company came up with a new plan.
