Kinross Gold Completes Acquisition of 9.9% Stake in Eminent Gold
Kinross Gold Corporation KGC has acquired a total of 7,574,237 units of Eminent Gold Corp., paying 40 cents per unit for a total investment of around $3 million. This transaction was pursuant to the completion of Eminent’s private placement of 10,711,900 units. Each unit includes one common share of Eminent and one-half of a share purchase warrant. Every warrant allows the holder to buy one common share at a price of 70 cents for a period of 24 months from the date of issuance.Before this acquisition, Kinross had no ownership or control over any securities of Eminent. Following the transaction, Kinross now holds a total of 7,574,237 common shares and 3,787,118 warrants. This represents about 9.9% of Eminent’s issued and outstanding shares on a non-diluted basis and approximately 14.15% on a partially diluted basis.Shares of Kinross have surged 72% in the past year compared with a 26.7% rise of the industry.Image Source: Zacks Investment ResearchKinross aims to produce 2 million gold equivalent ounces (+/- 5%) at a production cost of sales per gold equivalent ounce of $1,120 (+/- 5%), with an all-in sustaining cost of $1,500 (+/- 5%) per ounce sold in 2025. Total attributable capital expenditures are expected to be $1,150 million (+/-5%).Kinross Gold Corporation Price and Consensus Kinross Gold Corporation price-consensus-chart | Kinross Gold Corporation QuoteKGC’s Rank & Other Key PicksKGC currently carries a Zacks Rank #2 (Buy).Other top-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, Idaho Strategic Resources, Inc. IDR and Hawkins, Inc. HWKNCarpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 11.1%. The company's shares have soared 112% in the past year. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.The Zacks Consensus Estimate for Idaho Strategic Resources’ current-year earnings is pegged at 21 cents. IDR, carrying a Zacks Rank #2, surpassed the Zacks Consensus Estimate in two of the trailing four quarters, while missing twice, with an average earnings surprise of 21.7%. The company's shares have rallied 28% in the past year.Hawkins, which currently carries a Zacks Rank #1, beat the consensus estimate in one of the trailing four quarters, while missing thrice. In this time frame, it has delivered an earnings surprise of roughly 6.1%, on average. The company's shares have rallied 57.3% in the past year. 5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kinross Gold Corporation (KGC): Free Stock Analysis Report Carpenter Technology Corporation (CRS): Free Stock Analysis Report Hawkins, Inc. (HWKN): Free Stock Analysis Report Idaho Strategic Resources, Inc. (IDR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks
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