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« Gold Prices Capped by Stubborn Dollar | Main | Randgold Resources Limited: A Buy Shortly »
Tuesday
Sep292009

Kinross Gold Corporation Could Up Gold Production by 57% in 5 Years

Kinross Gold Chart 30 Sep 09.JPG


Kinross Gold Corporation (KGC) is Canada’s third- largest producer of the precious metal, may increase output by about 57 percent in the next five years if it proceeds with projects under evaluation in South America.

Proposed expansions at three producing mines and the possible development of three new projects may add about 1.3 million ounces of annual output, Chief Executive Officer Tye Burt, 52, said yesterday. Putting all six into production may cost about $3 billion, Burt said.

“These are major projects, and if they all received the go-ahead, they would see us growing for the next five or six years,” Burt said in an interview at the company’s headquarters in Toronto. “They could add 1.3 million ounces of annual production, but most importantly at very attractive economics.”

Burt said on Sept. 16 that the gold industry “may be in the midst of a perfect storm” because demand for the precious metal is outpacing new discoveries. Gold climbed to an 18-month high of $1,025.80 an ounce on Sept. 17 in New York. The price reached a record of $1,033.90 in March 2008, as per a report by Bloomberg.

Taking quick look at the chart we can see KGC is making steady progress and is being supported by its 50dma and its 200dma which are heading north in parallel. The volume of shares traded jumped early in September but has now returned to close its daily average and the technical indicators are in the middle of their ranges at the moment.

Gold closed at $991.70 in New York as the US Dollar stubbornly hangs on to the slippery wall dollar debasement, quantitative easing et al.

Kinross Gold Corporation trades on the Toronto stock Exchange under the symbol of ‘K’ and on the New York Exchange under the symbol of ‘KGC’

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