Kinross - gar nicht so schecht

 

Das kanadische Minenunternehmen Kinross Gold Corp. verzeichnete zwar auch Verluste aufgrund der jüngsten Edelmetallschwäche, jedoch liefert das Bild der Charttechnik zahlreiche Unterstützungszonen welche aus mittelfristiger Sicht der Aktie durchaus zur nachhaltigen Stabilisierung verhelfen sollten. Zudem je nach Ansatz der Trendlinienausrichtung bisweilen die seit Mai 2005 bestehende Aufwärtstrendlinie sogar noch intakt ist. Auch wenn diese aufgrund der geringen Berührungspunkte eher Trendweisenden als einen Signalbegründenden Charakter aufweist. So bleibt dennoch Festzustellen, dass die Kinross Aktie am ehesten von einer möglichen Goldberuhigung/-stabilisierung aus charttechnischer Betrachtungsweise profitieren sollte. Denn gerade in den letzten Tagen und insbesondere während des gestrigen Tagesverlaufs zeigte sich der Euro abermals gegenüber den US-Dollar äußerst schwach (neue Jahrestiefs) während sich der Goldpreis über der 800-Dollar-Marke fangen und zugleich im weiteren Handelsverlauf deutlich erholen konnte.

Quelle Charts: Tradesignal Web Edition

Fazit:

Das big picture der Aktie zeigt trotz der deutlichen Preisrückschläge eine Korrektur im "normalen Rahmen". Nach ca. 450% Kursanstieg innerhalb von etwa dreieinhalb Jahren ist eine stärkere, bisweilen kaum erfolgte, Korrektur nicht überzubewerten und somit bewegt sich das Chartmuster der Aktie tendenziell noch im Aufwärtstrend. Im Vergleich zu anderen Goldminen immerhin eine Leistung! Elementar um diesen Trend aufrecht zu erhalten ist nunmehr das dauerhafte verweilen über 14 Dollar. Gelingt dies, so ist mit dem Überwinden der Marke von 18,20 Dollar wieder von Kursbewegungen in Richtung 22 Dollar auszugehen. Hingegen mit dem Unterschreiten der Unterstützung bei rund 14 Dollar zunächst ein Test des Kursniveaus um 11,50 anstehen wird.

Quelle Charts: Tradesignal Web Edition

Long Szenario:

Das Behaupten des Kursniveaus über 14 Dollar ist von Erfolg gekrönt und folglich wird mit dem Überwinden der Kursmarke von 18,20 Dollar weiteres Aufwärtspotenzial bis rund 22 Dollar generiert. Auf diesem Niveau verläuft die aktuelle Abwärtstrendlinie welche durchaus als Widerstands- bzw. Konsolidierungshürde fungieren könnte. Ein Durchbruch dieser Hürde spricht für den Angriff auf das Jahreshoch um 27/28 Dollar.


Short Szenario:

Ein Ende der Rohstoffkorrektur ist nicht in Sicht und somit dunkelt sich durch den Bruch des Kursniveaus um 14 Dollar die bis dahin noch annährend freundliche Chartlage etwas deutlicher ein. Als vorerst nächste Haltestelle im Zuge des weiteren Kursverfalls dient der Unterstützungsbereich um 11,50 Dollar. Im weiteren ruft der einstellige Bereich um 9,25/35 Dollar.


© Christian Kämmerer

 

http://www.goldseiten.de/content/diverses/artikel.php?storyid=8199

 

http://biz.yahoo.com/ap/080821/kinross_gold_mover.html

 

Kinross surges as analyst upbeat on '09 production
Thursday August 21, 1:00 pm ET

Kinross shares rise 9 percent; analyst forecasts future production growth after 2008 PITTSBURGH (AP) -- Shares of Kinross Gold Corp. climbed Thursday after an analyst raised future production estimates based on anticipated growth at Kinross mines in the United States, Russia and Brazil.

 

 

 

Its stock gained $1.42, or 9 percent, to $17.16 in afternoon trading. The stock has traded between $10.94 and $27.40 over the past year, and is off 14.5 percent year-to-date.

Stephen D. Walker, an analyst with RBC Capital Markets, reduced his 2008 gold equivalent production forecast for Kinross because of mine expansion delays, lower production at one mine and the planned sale of another mine.

But he wrote in a note to investors that production was due to increase in 2009 and grow further by 2011, largely because of ramp-ups at Kinross' Paracatu mine in Brazil, its Kupol mine in Russia and its Kettle River/Buckhorn mine in Washington state.

Cash costs for Toronto-based Kinross are expected to increase for 2008, in line with the company's increased guidance, but are due to fall next year as the company enters a full year of production at the low-cost Kupol mine, he wrote.

Kinross is also expected to complete a planned acquisition of Canada-based Aurelian Resources Inc., according to Walker.

Last month, Kinross said it will buy Aurelian for more than $1 billion in a move designed to boost its mining reserves. That would give Kinross control over Aurelian's gold, silver and base metals reserves in Ecuador's Cordillera del Condor region.

Walker, who holds an "Outperform" rating on the stock, cut the Kinross' price target to $23 from $27, but said "we maintain our positive investment case for Kinross."

That price target implies upside of 46.1 percent over its closing price Wednesday of $15.74.

Earlier this month, Kinross reported sharply lower second-quarter earnings because of weaker production and higher costs. Its profit dropped by half to $26 million, or 4 cents per share, from $53 million, or 9 cents per share, during the same period last year.

Excluding one-time items, the company said its adjusted profit rose 17 percent to $55.8 million, or 9 cents per share, from $47.6 million, or 4 cents per share, last year.

Its results met analysts' average forecast of an adjusted profit of 9 cents per share, according to a poll by Thomson Reuters.

Quarterly revenue edged up 3 percent to $298.7 million from $290.1 million last year.

Kinross also slightly lowered its 2008 production forecast to about 1.8 to 1.9 million gold equivalent ounces. It expects to produce about 2.4 to 2.5 million gold equivalent ounces in 2009, the company said.

Analysts predict Kinross will earn $1.07 per share on revenue of $2.35 billion for 2009.

 

Kettle River (100% ownership and operator) – USA

The Kettle River properties are located in Ferry County in the State of Washington and cover approximately 3,075 hectares through patented and unpatented mining claims and fee lands. Kinross acquired Kettle River through the acquisition of Echo Bay on January 31, 2003. At the time of the acquisition the mine was placed on care and maintenance. Kinross recommenced operations in December 2003 on the Emanuel Creek deposit which was completed in November 2005. The mill, which has a daily capacity of 1,800 tonnes per day, is temporarily shutdown in anticipation of ore from the nearby Buckhorn deposit.

The Buckhorn Mountain Project

In August 2006, Crown Resources shareholders approved the acquisition of Crown and its wholly-owned Buckhorn gold deposit. The Buckhorn deposit is located in north-central Washington State, USA, approximately 76 kilometers by road from Kinross’ Kettle River gold milling facility.

Construction on the Buckhorn underground mine is proceeding on schedule and on budget and was approximately 90% complete as of March 31, 2008, with $68 million of capital committed or spent. The mine is expected to commence gold production in October 2008. The water treatment plant is operating and mine development from the upper and main portals is progressing.

Mineral Reserve and Resource Summary

Kinross Gold Corporation’s Share at December 31, 2007

  Tonnes Grade Ounces Gold ( X 1,000) (g/t) ( X 1,000) Proven and Probable Reserves 1,993 15.46 990 Measured and Indicated Resources(a)           -              -              -    a) Measured and Indicated Resources exclude Proven and Probable Reserves

 

Fort Knox (100% ownership and operator) - USA

Kinross acquired the Fort Knox open pit mine, located near Fairbanks, Alaska, in 1998. The Fort Knox mine is located within the Fairbanks mining district, a northeast trending belt of lode and placer gold deposits that comprise one of the largest gold producing areas in the state of Alaska. Access to the Fort Knox mine from Fairbanks, Alaska is by 34 kilometers of paved highway and 8 kilometers of unpaved road. The area has a sub-arctic climate with long cold winters and short summers.

• Fort Knox Technical Report (PDF)

The Fort Knox deposit is mined by conventional open pit methods. Mining is carried out on a year-round basis, seven days a week and the mill has a daily capacity of between 33,000 and 45,000 tonnes per day. Ore from the Fort Knox mine is processed at Kinross’ carbon-in-pulp mill, which processes ore 24-hours per day, year-round and has a daily capacity of between 33,000 to 45,000 tonnes.

In February 2008, Kinross’ Board of Directors approved the construction of a heap leach facility and expansion of the open pit mine, known as the Phase 7 expansion.  Fort Knox currently mines and stockpiles large volumes of low grade ore and mineralized waste material that cannot be economically processed at the existing mill.  The heap leach facility will allow the mine to process some of these low-grade materials, as well as zones of lower-grade ore that have not yet been mined.

The Fort Knox Project is expected to extend the mine life of the mine from 2012 until 2018.  The project will double the life-of-mine production to 2.9 million gold ounces, and will increase Fort Knox production to an average 370,000 gold ounces per year during the five years commencing in 2010.  It will also reduce the average life-of-mine cost of sales to approximately $390 per ounce.  Production from the Phase 7 expansion project is expected to commence mid-2009.

Mineral Reserve and Resource Summary

Kinross Gold Corporation’s Share at December 31, 2007

  Tonnes Grade Ounces Gold ( X 1,000) (g/t) ( X 1,000) Proven and Probable Reserves 240,915 0.50 3,856 Measured and Indicated Resources(a) 35,791 0.72 834 a) Measured and Indicated Resources exclude Proven and Probable Reserves

 

Round Mountain (50% ownership and operator) - USA

Kinross acquired its 50% ownership interest in the Round Mountain open pit mine and became the operator upon completion of the combination with Echo Bay on January 31, 2003. An affiliate of Barrick Gold Corporation owns the remaining 50% interest in the joint venture known as the Smoky Valley Common Operation.

• Round Mountain Technical Report (PDF)

The Round Mountain gold mine is an open pit mining operation located 96 kilometers north of Tonopah in Nye County, Nevada, and is supported by the local communities of Hadley and Carvers, which provide most of the housing for mine personnel.  

The first gold production from the Round Mountain District occurred in 1906 and in 2006 the mine reached a milestone of 10 million ounces poured.  

The Round Mountain mine currently operates a conventional open pit that is approximately 2,500 meters long in the north-west, south-east direction and 1,500 meters wide (north-east to south-west). The mining is conducted on 10.7 meter benches by electric shovels and front end loaders paired with 136,172 and 218 tonne haul trucks.  

The Round Mountain operation uses conventional open-pit mining methods and recovers gold using four independent processing operations. These include crushed ore leaching (reusable pad), run-of-mine ore leaching (dedicated pad), milling and the gravity concentration circuit. Most of the ore is heap leached, with higher grade oxidized ores crushed and placed on the reusable pad. Lower grade ore, ore removed from the reusable leach pad and stockpiled ore that was previously leached are placed on the dedicated pad.

Mineral Reserve and Resource Summary

Kinross Gold Corporation’s Share at December 31, 2007

  Tonnes Grade Ounces Gold ( X 1,000) (g/t) ( X 1,000) Proven and Probable Reserves  70,868 0.63 1,442 Measured and Indicated Resources(a) 15,316 0.74 366 a) Measured and Indicated Resources exclude Proven and Probable Reserves

 

Crixás (50% ownership) - Brazil

Kinross acquired its 50% ownership interest in the Crixás underground mine, located in the State of Goias and approximately 260 kilometers northwest of Brasilia, Brazil’s capital upon completion of the combination with TVX on January 31, 2003. AngloGold Ashanti is the other 50% owner and operator of the mine.

• Crixás Technical Report (PDF)

The Crixás mine constitutes two currently operating underground gold mines accessed by decline, Mina III and Mina Nova; three orebodies that have been accessed by underground development, Corpo SUL, Corpo IV, and Corpo V; and two orebodies under evaluation, Forquilha and Palmeiras.

The mining methods used are primarily mechanized cut-and-fill and room-and-pillar and ore is transported to surface by 25 tonne trucks. The operation runs 24 hours per day, 7 days per week.

The first geological, geochemical and geophysical reconnaissance work began in the Crixás region in 1973. Detailed geological mapping and ground magnetic surveys were completed and diamond drilling was conducted from 1973 to 1976. In 1976, gold mineralization was discovered below a group of excavations known as the Mina III Old Workings and work concentrated in that area.

Mining started in 1987 with ore being stockpiled on the surface. Development was largely completed by the end of 1989, enabling successful testing of the metallurgical circuit to take place through the fourth quarter of 1989. Initial doré bullion associated with this testing was poured on November 14, 1989. Initial gold sales from the project occurred in January 1990.

Mineral Reserve and Resource Summary

Kinross Gold Corporation’s Share at December 31, 2007

  Tonnes Grade Ounces Gold ( X 1,000) (g/t) ( X 1,000) Proven and Probable Reserves 2,652 5.08 433 Measured and Indicated Resources(a) 114 3.55 13 a) Measured and Indicated Resources exclude Proven and Probable Reserves

 

Paracatu (100% ownership and operator) - Brazil

The Paracatu mine is a large scale open pit mine located less than three kilometers north of the city of Paracatu, situated in the northwest part of Minas Gerais State, 230 kilometers from Brasília, the capital of Brazil. Kinross acquired its ownership interest in the Paracatu open pit mine upon completion of the combination with TVX on January 31, 2003. On December 31, 2004, Kinross completed the purchase of the remaining 51% of Paracatu from Rio Tinto.

• Paracatu Technical Report (PDF)

Access to the site is provided by paved federal highways or by charter aircraft that can land at a small paved airstrip on the outskirts of Paracatu. The mine is the largest employer in Paracatu, which is predominantly an agricultural town (dairy and beef cattle and soy bean crops) located in Brazil’s tropical savannah. Gold mining has been associated with the Paracatu area since 1722 with the discovery of placer gold in the creeks and rivers of the Paracatu region.  

The mill and mine operates 24 hours per day, 7 days per week. The nominal plant throughput is 1.5 million tonnes per month or 18 million tonnes per year, considering the present ore hardness.

The Paracatu Expansion

The Paracatu expansion project is scheduled to begin commissioning in July 2008.  When fully operational, the expansion is expected to increase ore production at Paracatu from 18 million tonnes per year to 60 million tonnes per year, and to roughly triple current gold production.  The project is expected to extend the life of the mining operation to 2040.  

Construction on the Paracatu expansion project was 89% complete as of March 31, 2008, with $476 million of capital spent or committed.  The project remains on schedule to begin commissioning in July 2008.  The crushing, conveying, and stockpiling facilities are near completion, and testing of these facilities is expected to begin in May.  All mining equipment is now on site, the electric shovel is being erected, and training for mobile equipment operators is in progress.

Mineral Reserve and Resource Summary

Kinross Gold Corporation’s Share at December 31, 2007

  Tonnes Grade Ounces Gold ( X 1,000) (g/t) ( X 1,000) Proven and Probable Reserves  1,425,703 0.39 18,013 Measured and Indicated Resources (a) 267,307 0.32 2,773 a) Measured and Indicated Resources exclude Proven and Probable Reserves

 

La Coipa (100% ownership and operator) - Chile

The La Coipa mine is located in the Atacama Region of northern Chile, approximately 1,000 kilometers north of Santiago and 140 kilometers northwest of the community of Copiapó, Chile. Kinross acquired its ownership interest in the La Coipa open pit mine upon completion of the combination with TVX on January 31, 2003. On December 21, 2007, Kinross completed the purchase of the remaining 50% from Goldcorp Inc. and became the operator.

• La Coipa Technical Report (PDF)

The earliest written information about La Coipa as a precious metal prospect dates back almost a century, when a small underground copper-silver mine was in operation about 2 kilometers southeast of the present day operations. Regional resources have been sporadically exploited since then, but the La Coipa area itself did not receive any attention from exploration geologists until the late 1970s.

The overall operation consists of five deposits known as Ladera-Farellon, Coipa Norte, Brecha Norte, Can-Can and Puren. Coipa Norte and Brecha Norte are currently being mined by open pit methods, and exploitation at Puren began in 2005, with Can-Can to follow in 2007. Mining of the Brecha Norte ore body began in 2003 and will be completed in 2006.

The La Coipa open pit mine and its 15,000 tonne per day mill began operation in October 1991. A new crushing system was installed in October 1999, increasing throughput to 17,000 tonnes per day. Conventional open pit mining methods and equipment are used to mine all ore and waste. Benches are laid out at 10 meter intervals, allowing for the existence of berms every two benches. The overall wall slopes vary from 45 degrees to 52 degrees. Mining is carried out with one hydraulic shovel, front-end loaders, diesel rotary drills, and 154-tonne trucks.

The Proven and Probable Mineral Reserves are sufficient for three years of production. The mine is scheduled to cease production in 2011 if additional reserves are not found; however, Kinross believes there is significant potential for additional reserves and resources near the present mine site.

Mineral Reserve and Resource Summary

Kinross Gold Corporation’s Share at December 31, 2007

  Tonnes Grade Ounces Gold ( X 1,000) (g/t) ( X 1,000) Proven and Probable Reserves 10,136 1.33 433 Measured and Indicated Resources(a) 11,466 0.99 364 a) Measured and Indicated Resources exclude Proven and Probable Reserves         Tonnes Grade Ounces Silver ( X 1,000) (g/t) ( X 1,000) Proven and Probable Reserves 10,136 85.3 27,783 Measured and Indicated Resources(a) 11,466 29.3 10,807 a) Measured and Indicated Resources exclude Proven and Probable Reserves

 

Maricunga (100% ownership and operator) - Chile

The Maricunga open pit mine is located in the Maricunga Mining District in central Chile, approximately 120 kilometers east of Copiapo and is situated between 4,200 meters and 4,500 meters above sea level. Kinross acquired its original 50% interest and became operator of the mine through the Kinam merger on June 1, 1998. In February 2007, Kinross acquired the remaining 50% to become 100% owner of the Maricunga property through the acquisition of Bema Gold Corporation.

• Maricunga Technical Report (PDF)

Commercial production began on October 1, 1996. In 2001, due to low gold prices and operational difficulties, mining activities were suspended and the operation was placed on care and maintenance. In late 2002, a multi-phase exploration program commenced and in 2003, it was determined that the mine would be recommissioned.  

The mine went into commercial production in the fourth quarter of 2005 and achieved its average targeted production rate of 40,000 tonnes per day in November 2005.

The Maricunga mine is a three-stage crushing and heap leach operation with a name plate capacity of 40,000 tonnes of ore per day, or 11 million tonnes per year.  

Facilities include a permanent camp with access to the site from Copiapo provided by road. Power that was once supplied by on-site diesel powered generators is now taken from the main power grid.  

Mineral Reserve and Resource Summary

Kinross Gold Corporation’s Share at December 31, 2007

  Tonnes Grade Ounces Gold ( X 1,000) (g/t) ( X 1,000) Proven and Probable Reserves 222,650 0.76 5,440 Measured and Indicated Resources(a) 42,475 0.69 1,890 a) Measured and Indicated Resources exclude Proven and Probable Reserves

 

Julietta (90%ownership) - Far Eastern Russia

Kinross acquired a 90% interest in and became operator of the Julietta underground mine on February 28, 2007 through the acquisition of Bema Gold. The Julietta mine is located approximately 250 km by air northeast of the city of Magadan. The remaining 10% interest is held by Russian shareholders.  

Located in the Omsukchansk Region of the Magadan Oblast, the Julietta mine is approximately 250 km by air northeast of the city of Magadan.   

The mine has been in operation since September, 2001 and produces approximately 75,000 ounces of gold equivalent per year.

Mining is carried out by sublevel longhole stoping and cut and fill methods. Ore goes through a crushing and grinding circuit, followed by flotation of sulfides and ultimately cyanidation of the flotation concentrate. The gold-silver precipitate is recovered by a Merrill Crowe circuit. The plant, which started up in September 2001, has a capacity of 400 tonnes per day of ore. The flowsheet has been changed recently, with replacement of the precipitation sock filters with filter presses.

Mineral Reserve and Resource Summary

Kinross’ share as at December 31, 2007

  Tonnes Grade Ounces Gold ( X 1,000)

(g/t)

( X 1,000)

Proven and Probable Reserves 104 16.60 55 Measured and Indicated Resources(a) 245 16.04 127 a) Measured and Indicated Resources exclude Proven and Probable Reserves           Tonnes Grade Ounces Silver ( X 1,000) (g/t) ( X 1,000) Proven and Probable Reserves 104 179.6 601 Measured and Indicated Resources(a) 245 114.7 905 a) Measured and Indicated Resources exclude Proven and Probable Reserves