Gold price tumbles on reports of de-escalating Middle East tensions
Gold plunged 3% after Axios reported that Israel and Lebanon have accepted the terms of a ceasefire agreement.
Shares in Kinross were up sharply in after hours trading on the NYSE on Wednesday following the release of the Canadian gold miner’s third quarter results which despite declines in earnings and revenues beat expectations.
Building on solid gains during regular trading despite a lackluster gold price Kinross stock is now worth $5.2 billion in New York and boasts year-to-date gains of more than 34%.
The Toronto-based miner’s third quarter earnings came in at $0.05 per share against expectations of $0.02 per share. Revenue for the September quarter was down nearly 9% at $828 million, compared to $910 million in the same period last year. Quarterly all-in sustaining cost was $937 per gold equivalent ounce, compared to $1,001 in Q3 2016.
Total gold production for the quarter was just shy of 654,000 attributable gold equivalent ounces down from 684,000 produced in the third quarter of 2016. Kinross said production guidance for 2017 is tracking towards the higher end of approximately 2.5-2.7 million ounces while all-in sustaining costs are likely to come in at the lower end of its guidance range of $925-$1,025.
The Canadian based miner expects to be within its capital expenditures guidance of $900 million for 2017.
