Kinross Gold

Gold producers vow to fight back as shares tumble despite rising prices

Canada’s big gold miners are under siege in the markets, their shares tumbling even as bullion rides high, and they’re vowing to fight back.

Kinross Gold’s Mauritanian desert storm

The Tasiast gold mine in the Mauritanian desert was the biggest acquisition in Kinross Gold Corp.’s 19-year existence and one of the biggest takeovers in the history of the gold industry.

Need a mining job? Head to Ecuador

Ecuador needs at least 300 mining engineers and geologists in the near future to be able to deliver on its recent mining contracts, but only about 40 such professionals graduate annually from six universities that offer those programs, according to the agency that regulates Ecuador’s mining industry.

Report says Tasiast will produce until 2046

Kinross, the beleaguered gold producer whose stock price has been hammered of late due to a $4.6 billion writedown and alleged violations of securities laws, will continue pouring gold at its Tasiast mine in Africa until the year 2046, according to a technical report released on Friday.

Ecuador on the verge of closing second large-scale mining deal

Ecuador’s government and Canada’s Kinross Gold could sign an agreement in June to develop the long-delayed “Fruta del Norte” gold project, the country’s largest mine, reports local newspaper El Telégrafo.

Cost overruns, write downs leave Kinross Gold priced for takeover

With the miner's stock having fallen by nearly half since September, bankers see it a target for bigger players who are always on the hunt for deposits to replenish their reserves.

Ecuador to sign $1.4 billion copper contract but Kinross gold project stalled

Chinese-owned mining company Ecuacorriente will sign a contract to invest $1.4 billion over five years for extracting copper in Ecuador's southern Amazon, reports local newspaper La Republica.

Class action sharks circle as Kinross Gold vows to fight

At last count four law firms say they are filing class action lawsuits stemming from Kinross Gold's decision to take a non-cash goodwill impairment charge of nearly $3 billion.

Lawyers investigating Kinross Gold over non-disclosure of Tasiast gold mine low grade ore

A number of U.S. law firms are investigating Kinross over claimed non-disclosure of low grade ores at its Tasiast gold project in Mauritania to assess whether the gold miner may have misled investors.

Ecuador, Kinross hit impasse over Fruta del Norte

Talks between the Ecuadorian government and Kinross Gold have stalled over the country's largest mine, Fruta del Norte.

Despite losses, Kinross hikes dividend by a third

Kinross Gold (TSX:K) lost $2.78 billion in the fourth quarter, having been forced to writedown the value of its Tasiast project in Africa.

Colorado Resources announces Kinross enters into Red Sky joint venture

COLORADO RESOURCES LTD. (TSX VENTURE:CXO) ("Colorado" or the "Company") is pleased to announce it has completed $500,000 of expenditure requirements under the terms of an Exploration Agreement with Kinross Gold Corporation (TSX:K)(NYSE:KGC), one of the world's leading senior gold producers.

Open season on Kinross: First a downgrade and legal probe, then someone drops $72 million on it

Kinross Gold was taking more punishment on Wednesday morning after its stock was downgraded and US securities litigation firm Holzer Holzer & Fistel announced it is investigating potential violations of federal securities laws by the miner over gold grades at its Tasiast property. Then at 13:30 the stock popped into positive territory after a single trade worth $72 million went through.

Kinross Provides Preliminary 2011 Results and 2012 Outlook

Kinross Gold Corporation (TSX:K)(NYSE:KGC) today provided its preliminary operating results for the full-year 2011 and outlook for 2012, and announced a project optimization process to improve capital allocation, project sequencing, and investment returns.

Kinross closes term loan to fund increase in Kupol ownership

Kinross Gold Corporation (TSX:K)(NYSE:KGC) announced today that its previously disclosed US$200 million non-recourse loan from a group of international financial institutions to finance the increase in Kinross' ownership of the Kupol mine to 100% has been funded.

Kinross reaches agreement in principle with Ecuadorian government on Fruta del Norte exploitation contract

Kinross Gold Corporation (TSX:K.TO – News)(NYSE: KGC – News) announced today it has reached a non-binding agreement in principle with the government of Ecuador regarding key fiscal and legal parameters for the exploitation of the Fruta del Norte (FDN) deposit in Ecuador's Zamora Chinchipe province.

Kinross pours record gold in Q2; revenues jump 42%

Shares in Kinross Gold leapt 4.5% on Wednesday after the company published a positive second-quarter earnings report.

Toronto-based Kinross said it had a record quarter for gold production due to additional product from its Kupol gold and silver mine in Russia, of which the company acquired 100% in April, and from West Africa operations that were acquired last September. Kinross poured 676,245 gold ounces of gold in Q2, a 26% increase over the same period last year.

Laguna Resources buys surrounding properties in N Chile gold project

Kingsgate Consolidated Ltd's 70% owned listed subsidiary Laguna Resources NL announced it has entered into a binding MOU to acquire the Esperanza and Chimberos mining leases from Kinross Gold Corporation.

Kinross Gold: unionized workers at Tasiast return following brief work stoppage

Kinross Gold Corporation (TSX:K)(NYSE:KGC) said today that a brief work stoppage at its Tasiast gold mine in Mauritania on May 19th had ended. Normal operations at the site have resumed and all unionized workers are back to work following the resolution of certain issues related to working conditions and pay.

Constructive dialogue with the union is continuing with the aim of improving working conditions to Kinross standards, and to negotiating a collective agreement with unionized employees. Production at Tasiast was not affected by the work stoppage, which lasted less than a day. In the first quarter of 2011 Tasiast produced 51,321 gold equivalent ounces.

Kinross increases 2011 guidance to 2.67m – 2.7m gold equivalent ounces

A robust gold price, new West African production, and strong performance from mining operations contributed to a 42% increase in revenue and an 81% increase in adjusted net earnings for Kinross Gold during the first quarter.

Meanwhile, Kinross has increased 2011 full year-production guidance to 2.67 million – 2.7 million gold equivalent ounces as a result of increasing the company's Kupol interest to 100%.

Reuters: Kinross Gold to pay $350 million for full ownership of Russian mine

Kinross Gold, recently cashed up from its stake sale in Harry Winston Diamond Corp., has now agreed to pay $350 million for full ownership of the Kupol mine in Russia. The mine would account for about 17% of Kinross' gold equivalent production in 2011. Reuters reports:

Gold miner Kinross Gold Corp. said it signed an agreement to buy the stake it does not already own in Chukotka Mining and Geological Co for about $350 million, giving it full ownership of the Russian mining company.

Kinross Gold to invest $1.1bn in Fruta del Norte project to 2016

Canada's Kinross Gold (K.TO: Quote) will invest $1.1 billion in Ecuador's Fruta del Norte gold project until 2016 and could begin digging an underground mine next year, a company executive said on Wednesday.

Ecuador expects $7bn in gold, copper projects in the next 7 years

Ecuador expects companies including Canada's Kinross Gold to invest $7 billion in gold and copper projects in the next seven years, as the OPEC member tries to diversify its economy by encouraging mining.

Natural Resources Minister Wilson Pastor said on Tuesday five projects will be signed in the next few months.

Kinross sells Harry Winston shares

Kinross Gold Corporation (TSX:K)(NYSE:KGC) announced today that it has sold its approximate 8.5% equity interest in Harry Winston Diamond Corporation ("Harry Winston"), consisting of approximately 7.1 million Harry Winston common shares, on an underwritten block trade basis, for gross proceeds of CDN$100 million.

On August 25, 2010, Kinross announced that it had completed the sale of its former 22.5% interest in the partnership holding Harry Winston's 40% interest in the Diavik Diamond Mines joint venture to Harry Winston for US$50 million cash, 7.1 million Harry Winston common shares, and a note payable in the amount of US$70 million maturing 12 months from the date of the sale.

Metso to supply grinding equipment to Kinross Gold, Brazil

Metso will supply a complete ball mill and related equipment and services to Kinross Gold Corporation for its Morro do Ouro Mine in Paracatu, located 230 km south from Brazil’s capital Brasília. The delivery will be completed by June 2010. …