We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Kinross Inks Deal With Maverix to Sell Royalty Portfolio
Read MoreHide Full Article
Kinross Gold Corporation (KGC - Free Report) signed a deal to sell its royalty portfolio to Maverix Metals Inc. for the total consideration of $74 million. The total consideration includes $25 million in cash and 11.2 million Maverix common shares, which represent a 9.4% ownership stake in Maverix.
Per Kinross, the deal realizes the value of its royalty portfolio as well as provides it with upside exposure through its equity position in Maverix.
As part of the deal, Kinross will enter an investor rights agreement with Maverix on transaction closing, which will grant it with pre-emptive rights to engage in any equity financing to retain its ownership position in the future.
The transaction is slated to be closed on or before the end of 2019, subject to customary closing terms and conditions.
Paradigm Capital served as the financial advisor for Kinross in connection with the deal.
Shares of Kinross have rallied 54.4% in the past year compared with the industry’s 50.3% growth.
Last month, Kinross stated that it is on track to attain the production target of 2.5 million (+/- 5%) gold equivalent ounces for 2019. All-in sustaining costs are expected to be $995 (+/- 5%) per gold equivalent ounce.
The company also expects to meet the lower end of its 2019 production cost of sales guidance of $730 (+/- 5%) gold equivalent ounces and the top end of its 2019 capital expenditure projection of $1,050 million (+/- 5%).
Impala Platinum has a projected earnings growth rate of 255.2% for 2019. The company’s shares have rallied 224.5% in a year.
Franco-Nevada has a projected earnings growth rate of 46.2% for 2019. The company’s shares have rallied 42.7% in a year.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers “Most Likely for Early Price Pops.”
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.6% per year. So be sure to give these hand-picked 7 your immediate attention. See them now >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Kinross Inks Deal With Maverix to Sell Royalty Portfolio
Kinross Gold Corporation (KGC - Free Report) signed a deal to sell its royalty portfolio to Maverix Metals Inc. for the total consideration of $74 million. The total consideration includes $25 million in cash and 11.2 million Maverix common shares, which represent a 9.4% ownership stake in Maverix.
Per Kinross, the deal realizes the value of its royalty portfolio as well as provides it with upside exposure through its equity position in Maverix.
As part of the deal, Kinross will enter an investor rights agreement with Maverix on transaction closing, which will grant it with pre-emptive rights to engage in any equity financing to retain its ownership position in the future.
The transaction is slated to be closed on or before the end of 2019, subject to customary closing terms and conditions.
Paradigm Capital served as the financial advisor for Kinross in connection with the deal.
Shares of Kinross have rallied 54.4% in the past year compared with the industry’s 50.3% growth.
Last month, Kinross stated that it is on track to attain the production target of 2.5 million (+/- 5%) gold equivalent ounces for 2019. All-in sustaining costs are expected to be $995 (+/- 5%) per gold equivalent ounce.
The company also expects to meet the lower end of its 2019 production cost of sales guidance of $730 (+/- 5%) gold equivalent ounces and the top end of its 2019 capital expenditure projection of $1,050 million (+/- 5%).
Kinross Gold Corporation Price and Consensus
Kinross Gold Corporation price-consensus-chart | Kinross Gold Corporation Quote
Zacks Rank & Other Stocks to Consider
Kinross currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are Impala Platinum Holdings Ltd. (IMPUY - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy), and Franco-Nevada Corporation (FNV - Free Report) , carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Impala Platinum has a projected earnings growth rate of 255.2% for 2019. The company’s shares have rallied 224.5% in a year.
Franco-Nevada has a projected earnings growth rate of 46.2% for 2019. The company’s shares have rallied 42.7% in a year.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers “Most Likely for Early Price Pops.”
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.6% per year. So be sure to give these hand-picked 7 your immediate attention.
See them now >>