Orlando, FL -- (SBWIRE) -- 09/06/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On Kinross Gold Corporation (USA)(NYSE:KGC), Barrick Gold Corporation (USA) (NYSE:ABX).
Kinross Gold Corporation (USA)(NYSE:KGC) shares decreased 2.86% to $5.44. KGC‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on August 26. They currently have a $6.25 price objective on the stock.
Additionally, the company on July 31 announced its results for the second quarter ended June 30, 2013. The reported net loss for the quarter included an after-tax non-cash impairment charge of $2,289.3 million, largely as a result of lower short-term and long-term gold price assumptions. In addition, Kinross recorded a charge of $720 million relating to the previously announced decision to cease development of its Fruta del Norte (FDN) project in Ecuador, which has been classified as a discontinued operation.
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Barrick Gold Corporation (USA) (NYSE:ABX) shares declined 2.58% to $18.91. The company on August 22 said it has agreed to sell three of its high-cost gold mines in Australia to Gold Fields Ltd (GFIJ.J) for $300 million.
The sale is the latest move by Toronto-based Barrick to re-shape its portfolio and focus on lower cost assets, as it seeks to shore up its balance sheet in the face of weaker metal prices and ballooning capital expenditure costs at its Pascua-Lama gold project high in the South American Andes.
Additionally, Barrick Gold on July 15 reports that the Copiapo Court of Appeals has ruled that the company must complete Pascua-Lama's water management system in compliance with the project's environmental permit to the satisfaction of Chile's Superintendence of the Environment before resuming construction activities in Chile.
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