Market Overview

Kinross Gold Down After Reporting 2011 Prelim Results and 2012 Outlook

Kinross Gold Corporation (NYSE: KGC) is getting hit hard this morning following its preliminary 2011 results and 2012 outlook. The company announced it expects to produce approximately 2.6-2.8 million gold equivalent ounces from its current operations. Production cost of sales per gold equivalent ounce is expected to be in the range of $670-715 for 2012. Additionally, Kinross Gold Corporation's forecast for exploration and business development expenses is approximately $255 million, of which $185 million is forecast for exploration. Capitalized exploration is forecast to be $35 million, for total 2012 forecast exploration expenditures of $220 million.

Kinross Gold is currently trading at $10.53, a loss of $2.12 or 16.76%.

Posted-In: Intraday Update Movers

 

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