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Message: Kinross news

Kinross news

posted on Oct 28, 2009 10:17AM

Kinross has cut their output forecast, partly because of problems ramping up a new mine. Like all the majors, they are always in need of new resources, and would prefer to acquire producing or near producing properties. They are presently mining the two mountains next to War Eagle, and though their expertise is in open pit, I think they might be interested in War Eagle at some time. I just hope SFMI gets things going quickly so we can't be taken out cheap! Not that I'm advocating a takeover, but it is something we should be aware of. I'd much rather have shares of SFMI that I think will keep gaining than shares of Kinross which won't grow nearly so quickly...

TORONTO, Oct 27 (Reuters) - Canadian gold miner Kinross Gold Corp (K.TO) lowered its full-year 2009 production outlook and raised its forecast for cost of sales, prompting analysts to lower earnings and output forecasts for Kinross, which sent the shares down almost 5 percent on Tuesday.

The revised outlook is due partly to a slower than expected ramp-up at Kinross's Paracatu mine in Brazil, the company said late on Monday.

Full story at: Kinross cuts output forecast

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