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Kinross Gold +11% after earnings beat, 2017 forecast reaffirmed

Published 05/03/2017, 11:19 AM
© Reuters.  Kinross Gold +11% after earnings beat, 2017 forecast reaffirmed
KGC
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  • Kinross Gold (KGC +11.3%) surges more than 10% after reporting better than expected Q1 earnings and reaffirming its full-year operational forecasts.
  • KGC says Q1 gold equivalent ounces sold fell 1.7% to ~652.5K gold equiv. oz. from 664K oz. in the year-ago quarter, primarily due to lower output at Kupol in Russia and the timing of sales at Maricunga in Chile, where mining and crushing activities were suspended due to water curtailment orders; the average gold price realized rose to $1,220/oz. from $1,179/oz. a year ago.
  • KGC “had a very strong production quarter, clearly alleviating market concerns about the company’s performance, if there were any,” BMO analyst Andrew Kaip says.
  • Now read: Resource Sector Digest: On Acquisition Targets


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