logo
Published on Gold Anti-Trust Action Committee (http://gata.org)

Kinross considers selling gold mines in Americas, doubling down on West Africa and Russia

By cpowell
Created 2020-10-17 15:00

By Niall McGee
The Globe and Mail, Toronto
Friday, October 16, 2020

Kinross Gold Corp. is considering selling its gold mines in North and South America, moving its primary stock listing to London, and doubling down on its portfolio of assets in Russia and West Africa, according to three sources familiar with the discussions.

Kinross' management believes selling its mines in the Americas and redomiciling its African and Russian business to London would make the remaining parts more valuable than they would be if all the assets were kept inside one business unit, the sources said. The Globe and Mail is not identifying the individuals because they were not authorized to speak publicly about the information, which is confidential.

... Dispatch continues below ...


ADVERTISEMENT

THRIVE 2020 conference next week
details paths to success in mining

The Society for Mining, Metalurgy, and Exploration will hold its THRIVE 2020 conference on the internet Tuesday and Wednesday, October 20-21.

The conference offers a unique opportunity to gain insights from experts about innovative, timely, and critical topics key to rethinking paths to success in the mining industry.

THRIVE 2020 provides unique awareness for forward-thinking managers and insightful investors to gather and highlight opportunities, extract value, and navigate the renewed market environment following the COVID-19 disruption.

Attendees will gain industry insight about financing exploration, feasibility, and construction. They will hear the latest thinking about what is ahead -- where the opportunities are and what all should be thinking about in this unprecedented era of change.

For more information about the conference and to register, please visit:

http://www.smethrive.com/ [1]



Toronto-based Kinross is mulling the overhaul partly because its Russian and West African mines have always traded at a depressed valuation in the North American market, and since the price of gold has surged in the past year, management believes the timing is favourable to sell its mines in the Americas, the sources added.

Kinross has already considered a secondary stock listing in Europe to appeal to investors who are more comfortable than their North American counterparts with having exposure to Africa and Russia. In an interview in August, Kinross' chief executive officer, Paul Rollinson, said the company was considering listing on the London Stock Exchange for that reason.

The miner produces far more gold than Kirkland Lake Gold Ltd. and Agnico Eagle Mines Ltd. but its valuation has long lagged those of its Canadian peers because of the West African and Russian holdings. With a market capitalization of $15.3 billion, Kinross is worth $3.2 billion less than Kirkland and $11.2 billion less than Agnico. Kirkland operates in Canada and Australia, while Agnico's mines are predominantly in Canada. About 44 percent of Kinross' gold production comes from Russia's far east and Mauritania in West Africa, with the rest from the United States and Brazil. ...

... For the remainder of the report:

https://www.theglobeandmail.com/business/article-kinross-gold-corp-consi... [2]

* * *

Join GATA here:

Mining Investment Asia (Virtual)
Monday-Wednesday, November 2-4, 2020

Mining Investment North America (Virtual)
Wednesday-Thursday, November 11-12, 2020

https://www.mininginvestmentasia.com/ [3]

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg [4]

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg [5]

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com [6].

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://www.amazon.com/Rigged-Exposing-Largest-Financial-History/dp/1651... [7]

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net [8].

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org [9]

To contribute to GATA, please visit:

http://www.gata.org/node/16 [10]


Source URL:
http://gata.org/node/20590