Orlando, FL -- (SBWIRE) -- 08/30/2013 -- 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), Gold Fields Limited (ADR)(NYSE:GFI).
Kinross Gold Corporation (USA)(NYSE:KGC) shares increased 0.18% to $5.51. 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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Gold Fields Limited (ADR)(NYSE:GFI) shares increased 1.92% to $5.30. The company on August 22 announced that it has entered into a binding sale and purchase agreement with Barrick Gold Corporation (Barrick) to acquire its interests in the Granny Smith, Lawlers and Darlot gold mines (collectively the Yilgarn South Assets) in Western Australia, for a consideration of US$300 million, subject to downward working capital adjustments to a maximum of US$30 million.
Additionally, the company, on July 30, announced the appointment of Alfred Baku as Senior Vice-President and Head of its West Africa Region, the largest geographic contributor to the company's production. Mr Baku will also join the Group Executive Committee. The appointment will take effect on 1 August 2013. Mr Baku, who is currently Vice-President of Operations for the West Africa region, is the first Ghanaian to head up the region. He will be based in Accra.
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