U.S. Sanctions on Russia Unfairly Tank Kinross Share Price by Nearly 9%
Following new sanctions that the U.S. placed on seven Russian oligarchs and 17 governmental officials, the Russian stock index fell about 11% and the Russian ruble fell about 4%. Inexplicably, Kinross Gold’s shares fell about 9% on Monday, likely due to the fact that operates some of its mines in Russia.However, drawing associations between Russian sanctions and a potential adverse impact on Kinross would be remiss, in our view. First, although only 20% of production is based in Russia, Canada-...
Kinross Gold is engaged in the mining and processing of gold and, as a by-product, silver ore and the exploration for, and the acquisition of, gold bearing properties in the Americas, the Russian Federation, West Africa and worldwide. As of Dec 31 2013, Co.'s proven mineral reserves for gold and silver were 1,122 ounces and 1,179 ounces respectively.7,883 7,883 7,883
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