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Gold/Mining/Energy : Kinross Gold

KGC 27.33

-3.6%

12:22 PM EST

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To: Ming who wrote (18)	8/7/1997 12:36:00 AM
From: tk	of 530

Kinross's main properties are Hoyle Pond and Gold Banks, these properties alone will be producing over 400,000 ounces a year by 1999. The expected cash costs will be under $200 a ounce. As for their high cost producing mines, Kinross has hedged their production to cover costs and may eventually shut them down. As for the price of gold, for the short term gold will edge lower, at the moment the price of gold is being influenced by short sellers (speculators)who are taking advantage of the recent bearish cycle to make further profits. Gold producers are reducing supply of Gold by shutting down high cost producing mines. The spread between demand and supply will widen and central bank sales will not make up this short fall. Thus, the price of gold will edge higher. In yout best case scenario, a $10 target for Kinross is still a 38% return using today closing price.

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