Speaking at the RBCCM Gold Day in London, Kinross Gold (NYSE:KGC) CEO, Tye Burt, boasted of possibly having the "fastest growing gold deposit in the world."
He was talking about Tasiast, the gold mine located in Mauritainia, which came with the acquisition of Red Back Mining.
Burt seems to be touting the project strongly because of concerns he may have paid too much for it. Burt is saying the growth potential of Tasiast will more than make up for the steep cost to obtain it.
Current drilling at Tasiast has expanded the resource by close to half a billion ounces, added Burt.
He goes so far as to state that among the major gold miners, Kinross is positioned to grow the most with their combined mining assets.
Kinross hasn't done much over the last year as far as share price, actually losing some from the same time a year ago.
If they can pay down their debt while increasing production at the rate they envision, that could change very soon. It's mostly a matter of will, and it seems they have it. At that time the share price could very well take off.
Kinross closed Thursday at $18.66, losing $0.03, or 0.16 percent.
Showing posts with label Tye Burt. Show all posts
Showing posts with label Tye Burt. Show all posts
Friday, November 12, 2010
Wednesday, September 8, 2010
Kinross (NYSE:KGC) CEO Says Tasiast Mine Production will Exceed Estimates
With the vote on whether or not Kinross Gold Corp. (NYSE:KGC) shareholders will give the go ahead for the proposed $6.6 billion acquisition of Red Back Mining Inc. (TSE:RBI), coming up, the focus is on the Tasiast mine, which will be the key to a successful transaction.
Kinross Gold Corp. Chief Executive Officer Tye Burt has been out stumping for the deal to go through, saying the analysts’ estimates for the Tasiast mine are far short of the reality.
Burt said this in an interview, “We put out numbers yesterday that would guide the Street to significantly higher numbers, some six times the throughput that’s currently being done at that mine.”
Not everyone is convinced though, as investor advisement firm RiskMetrics Group Inc. recommended to Kinross shareholders that they should vote against the deal.
RiskMetrics said the gold production at Tasiast would have to be “significantly higher” to bring the project to a point of breaking even.
Burt sees no problem with the deal going forward, and hasn't heard shareholders express opposition to the deal.
Kinross Gold Corp. Chief Executive Officer Tye Burt has been out stumping for the deal to go through, saying the analysts’ estimates for the Tasiast mine are far short of the reality.
Burt said this in an interview, “We put out numbers yesterday that would guide the Street to significantly higher numbers, some six times the throughput that’s currently being done at that mine.”
Not everyone is convinced though, as investor advisement firm RiskMetrics Group Inc. recommended to Kinross shareholders that they should vote against the deal.
RiskMetrics said the gold production at Tasiast would have to be “significantly higher” to bring the project to a point of breaking even.
Burt sees no problem with the deal going forward, and hasn't heard shareholders express opposition to the deal.
Thursday, August 5, 2010
Gold Prices Help Kinross Gold (NYSE:KGC) Exceed Expectations
Kinross Gold's (NYSE:KGC) (TSE:K) earnings were up over 33 percent, driven by higher gold prices, even as production was down and costs increased. Nothing helps margins better than higher prices.
Earnings increased to $113.1 million, or 16 cent a share, growing from $84.3 million, or 12 cents a share last year in the same quarter.
Revenue climbed to $696.6 million, a 16.5 percent gain. The average gold price in the second quarter increased from $915 an ounce to 1,158 an ounce.
Sales costs for a gold-equivalent ounce rose to $496, a 14 percent increase.
Kinross CEO Tye Burt said the company should reach their goal of 2.2 million gold-equivalent ounces in 2010.
Earnings increased to $113.1 million, or 16 cent a share, growing from $84.3 million, or 12 cents a share last year in the same quarter.
Revenue climbed to $696.6 million, a 16.5 percent gain. The average gold price in the second quarter increased from $915 an ounce to 1,158 an ounce.
Sales costs for a gold-equivalent ounce rose to $496, a 14 percent increase.
Kinross CEO Tye Burt said the company should reach their goal of 2.2 million gold-equivalent ounces in 2010.
Tuesday, August 3, 2010
Kinross (NYSE:KGC) Acquires Rest of Red Back (TSE:RBI)
Kinross Gold Corporation (TSX:K)(NYSE:KGC) announced late Monday that they'll be acquiring the rest of the common shares they don't already own in Red Back Mining Inc. (TSX:RBI).
On a fully diluted basis, the deal is valued at $7.1 billion.
Shareholders in Red Back, per terms of the deal, will receive 1.778 Kinross common shares, plus 0.110 of a Kinross common share purchase warrant for each Red Back common share held.
After the deal is completely, shareholders in Kinross will hold about 63 percent of the newly-merged company, while Red Back shareholders will own close to 37 percent.
The combined gold production estimates for the new company by 2015 will be an estimated 3.9 million ounces, according to analysts' estimates. Kinross has stated they think those estimates could be far below the potential assets coming with Red Back.
In 2010, pro forma gold production is expected to reach 2.6 million to 2.7 million gold equivalent ounces.
After the deal the company will have a total of 10 mines and 4 development projects, with operations in 8 countries.
Proven and Probable mineral reserves in the merged company will surge to 53.2 million ounces, while Measured and Indicated mineral resources will increase to 19.5 million ounces.
Kinross CEO Tye Burt and Red Back CEO Richard Clark said this in a press release:
"This is a transformational opportunity," said Burt. "By combining Kinross' world-class mines, growth projects and proven ability in mine development with the potential of Red Back's assets, we are creating a gold growth powerhouse. The significant upside in reserves that we believe exists at Red Back, and Kinross' ability to accelerate that potential, makes this an outstanding prospect for shareholders of both companies."
"Kinross' record of successful project development and delivery together with the world class prospects of Tasiast is an exciting and unique combination," added Clark. "The growing underground production profile at Chirano and Red Back's prospective exploration portfolio fits neatly with the impressive asset base of Kinross. Red Back shareholders will benefit by participating in a large and well-diversified major gold producer with a core stable of high quality producing assets, significant expansion opportunities and an exciting exploration portfolio."
On a fully diluted basis, the deal is valued at $7.1 billion.
Shareholders in Red Back, per terms of the deal, will receive 1.778 Kinross common shares, plus 0.110 of a Kinross common share purchase warrant for each Red Back common share held.
After the deal is completely, shareholders in Kinross will hold about 63 percent of the newly-merged company, while Red Back shareholders will own close to 37 percent.
The combined gold production estimates for the new company by 2015 will be an estimated 3.9 million ounces, according to analysts' estimates. Kinross has stated they think those estimates could be far below the potential assets coming with Red Back.
In 2010, pro forma gold production is expected to reach 2.6 million to 2.7 million gold equivalent ounces.
After the deal the company will have a total of 10 mines and 4 development projects, with operations in 8 countries.
Proven and Probable mineral reserves in the merged company will surge to 53.2 million ounces, while Measured and Indicated mineral resources will increase to 19.5 million ounces.
Kinross CEO Tye Burt and Red Back CEO Richard Clark said this in a press release:
"This is a transformational opportunity," said Burt. "By combining Kinross' world-class mines, growth projects and proven ability in mine development with the potential of Red Back's assets, we are creating a gold growth powerhouse. The significant upside in reserves that we believe exists at Red Back, and Kinross' ability to accelerate that potential, makes this an outstanding prospect for shareholders of both companies."
"Kinross' record of successful project development and delivery together with the world class prospects of Tasiast is an exciting and unique combination," added Clark. "The growing underground production profile at Chirano and Red Back's prospective exploration portfolio fits neatly with the impressive asset base of Kinross. Red Back shareholders will benefit by participating in a large and well-diversified major gold producer with a core stable of high quality producing assets, significant expansion opportunities and an exciting exploration portfolio."
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