Kinross Gold Corporation (NYSE:KGC) still not grossing at peak levels

Posted by Samantha Donahue August 13, 2013 0 Comment 1179 views

On Friday, gold stocks ended pretty sharply in the wake of a drawn-out rally in the prices of bullion. The yellow metal recovered around $45/ounce from the trough that it was on Wednesday last. That was when the dollar had hit its 7-week lows. Some economic optimism shone through from heartening data from China. The news of dipping mine-output in SA added some support to the precious metal.

On Monday, gold prices rose above 1% to its peak in almost 22 weeks on softer U.S data. In addition, holdings in the largest gold exchange traded fund rose for the first time in 2 months. This added some fuel as well. Currently, KGC is trading 6.30% higher at $5.57 in yesterday’s trading. The company is trading 4.20% over its 50-day average and 24.35% below the 200-day moving average. It is -49.77% below the 52-week high and 22.96% above the 52-week low.

The company

The Canada-based Kinross Gold Corporation (NYSE:KGC) is a gold mining company that has mines in Brazil, Chile, Canada, Ghana, Ecuador, United States, Russia and Mauritania. It has approximately 8,000 employees across the world. The company is involved in gold mining and its related-activities. It explores and acquires gold-bearing properties, extracts and processes ore that contains gold. It also reclaims gold-mining companies. KGC is also involved in the production and sale of silver. The company produces gold in the form of dore. This dore is then shipped to various refineries where it goes through final-processing. The company operates in various business segments such as – Round Mountain, Fort Knox, Maricunga, Tasiast, Kettle River-Buckhorn, Crixas, La Coipa, Kupol, Paracatu and Chirano.

On 23 March 2011, Kinross completed the sale of its around 8.5% interest in Harry Winston Diamond Corp. On 27 April 2011, the company acquired the remainder of 25% interest in CMGC, the mining and geological company.

About Samantha Donahue

Samantha Donahue is a digital fellow with GDP insider. Samantha earned a Bachelor's degree in Government from Cornell University and later his Master's degree in Journalism from Columbia University. She has also received numerous awards from the Associated Press, Society of Professional Journalists, and other media organizations for many of her exclusive stories. Samantha thrives reporting on breaking news and as a general assignments news reporter.

View all post by Samantha Donahue Visit author's website

Write Your Comment