- Write by:
-
Wednesday, October 21, 2020 - 11:52:51 PM
-
537 Visit
-
Print
Mining News Pro - Canadian miner Kinross Gold Corp is not under any pressure to do deals, Chief Executive Paul Rollinson said on Tuesday, ramping down a media report that said it was eyeing a London listing and the sale of its business in the Americas.
Canada’s Globe and Mail newspaper, citing anonymous sources, last week reported Kinross was considering moving its primary stock listing to London and selling its North and South American gold mines.
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 2020–2029, 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.
Short Link:
https://www.miningnews.ir/En/News/606454
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
Chinese investors are snapping up stocks tied to high-flying metals from copper to gold, aiding an onshore market facing ...
Outflows from global physically backed gold exchange traded funds (ETFs) continued for a 10th month in March, but at a ...
i-80 Gold fell by over 11% at market open Tuesday following its announcement of a C$100 million ($74m) public offering ...
No comments have been posted yet ...