Has anyone done any analytical work regarding the various revenue streams that K has? It seems to me that they have a couple of mines that appear only slightly profitable or have a short remaining life. With the addition of FDN plus all the other ore under ARU's 95k hectares, it seems that the tail is now wagging the dog. If K were wise, they would sell or abandon all but the most profitable mines they now have and concentrate on developing FDN & surrounding areas. The Russian mining operation should be the lst to go. The only drawback would be the political situation in Ecuador, but it can't be any worse than what they face in Russia. Once Ecuador's new mining law is enacted and the back-to-work order issued, I think we will see K take off, particularly if they start shedding some of these less profitable non-Ecuador holdings.

kinross no longer has any high-cost mines. they inherited some marginal operations when they acquired bema, but those are gone now. julietta (in russia) had costs of $750/oz, and was the last to go. selling off those properties has reduced the company's production and reserves, but increased its margins.

the highest-cost mine remaining is maricunga at $545/oz, most of the rest are in the mid-400's, and the new ones are even lower cost. the shedding of less profitable holdings that you mention has been going on for some time, and all of the mines they still have will be very profitable at a $900 gold price.

the newer mines are the lowest cost producers as kinross is emphasizing profitability over size. they don't want to get bigger just for the sake of being bigger, so each acquistion has to be accretive to shareholder value, and all of the underperforming assets have been monetized.

the mines that are operating now are the company's bread and butter, and they should take production close to 2.5 million ounces next year. there are expansion plans for some existing properties, but any real growth beyond that will have to come from fruta del norte and cerro casale in chile some years from now.