Kinross reported an excellent second quarter of $0.02 a share versus a loss last year. In addition, Canada's third largest gold company will produce 1.7 million ounces from its twelve mines at a cash cost of $230 per ounce. Kinross has $200 million of cash with a working capital position of $270 million at the end of June. The company has recently acquired positions in Cumberland, Anatolia Minerals and White Knight giving it excellent exploration potential. Kinross expects to explore around key mines Fort Knox, Round Mountain and Kubaka. Kettle River will come on stream this year extending Kinross reserve life. Kinross is hedge free and is well levered to the gold price. Buy.
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