Slider,
Good to hear from you, the ole SD thread just isn't the same without your posts of value.
Hope this is helpful:
Date: Tue Jun 27 2000 21:01
Goldteck (Kinross Gold ) ID#432286:
Copyright ¸ 2000 Goldteck/Kitco Inc. All rights reserved
Notes from Kinross Investor Relations posted by zebarker 6/26/00 5:07 pm Message no 1137 Yahoo KGC Message Board #### ON SUPPORTING
THE STOCK PRICE: Kinross received regulartory approval in January, 2000 to allow the company to buy back upto approximately 15 million shares over
12 months. To date, Kinross has purchased approximately 3 million shares but has not been
in the market recently, however, two officiers of the company have purchased about 100,000 shares recently. The primary plan in defence of our
sagging share price is to continue to focus on the optimization of our producing assets and to communicate our progress to "the street".
Unfortunately our first quarter results were weak but we anticipate improving performance of our assets as the year unfolds with the fourth
quarter expected to be our strongest quarter. We expect our production to grow by about 15% in 2001 and our total cash costs to decline to
approximately US$190 per ounce in 2001.
ON CUURENT HEDGE POSITION:Our hedge position is released quarterly with our financial results. As of March 31, 2000 Kinross had spot deferred
forward contract totalling 925,000 ounces of gold at prices ranging from US$305 to US$325 per ounce for delivery in 2000 to 2004. We also have a total of
300,000 ounces of calls
sold at US$340 per ounce in the years 2002 to 2004. Kinross is approximately a one million ounce per year producer and as such we are
under-hedged compared to our peer group producers. Kinross is not subject
to margin requirements on any of its hedging lines. For more detail on our hedge position I refer you to our website ( kinross.com ) for the details of our first
quarter press release of May 1, 2000.ON MERGERS/ACQUISITIONS Kinross has grown to become the fifth largest North American producer in the last
seven years due to a focus on merger and acquisition activity. ( Refer to my paper presented at the Mining Millennium Conference in March, 2000 " A M&A
Case History of Kinross", also available on our website. ) Unfortunately, our current weak share price makes us more reactive than proactive in the "M&A
game" but we continue to monitor the situation and are prepared to react appropriately. Our current corporate development focus is on property consolidation
opportunities such the satellite deposits near our Fort Knox operations in Alaska and the consolidation of the Porcupine Gold Camp in Timmins
Ontario.Regards, Gord McCreary, VP Investor Relations and Corporate Development
Best Regards,
Roebear |
