Kinross Gold not `under pressure` to do deals
Mining News Pro - Miner Kinross Gold does not feel under pressure to do deals, CEO Paul Rollinson said on Tuesday, playing down a media report that said it was eying the sale of its business in the Americas.
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"We don`t feel under pressure," to do deals, Rollinson said, adding that its mines in the Americas are an important part of the overall business.

Four of seven Kinross mines are located in the Americas, comprising the largest part of its production and an important part of its overall business, Rollinson said during an investor presentation.

"I don`t see a lot of upside in debating the rumor of the week," he said, adding the miner looks at opportunities from time to time but prefers asset deals that offer synergies.

"We`re focused on the portfolio and making it the best we can be and we don`t feel under any pressure as it relates to M&A."

Selling the Americas assets could unlock value but it is not clear that Kinross` remaining Africa and Russian properties would attract an improved multiple, TD Securities analyst Greg Barnes said in a note on Monday.

"And in an environment in which investors are encouraging consolidation and scale, by splitting-up, Kinross would be going against the grain," the analyst wrote.

On Tuesday, Kinross said it expects to produce about 2.5-million gold equivalent ounces annually from 2020 to 2029, citing growing output across its mines and declining costs.

Kinross in September said it expected to increase production by 20% from 2021–2023, with an estimated output of 2.4-million gold equivalent ounces in 2021, 2.7-million gold equivalent ounces in 2022 and 2.9-million gold equivalent ounces in 2023.


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