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Company News

BUZZ-Kinross Gold: Set for worst day in over 5 years on Mauritania concern

(Adds details on Mauritania, updates shares)

** Canadian gold miner’s shares down 12.7 pct at C$4.66 at midday on concerns about mounting political risk in Mauritania

** At current levels, stock on course for its biggest one-day pct loss in more than 5 years; U.S.-listed stock down 12.1 pct at $3.62

** Mauritania government requests Kinross to propose how company can provide greater economic benefits to the north African country from its operations

** Kinross’ Tasiast mine, which it is expanding in two phases, is in Mauritania

** Kinross CEO says on a conference call that the company is assessing Phase 2 of Tasiast expansion in light of Mauritania request

** Scotiabank says there is investor fatigue in mining sector with regards to geopolitical risk

** Including today’s losses, stock down ~14 pct YTD vs 0.8 pct rise in gold prices; gold rose ~13 pct last year

** However, lower costs and 9 pct rise in realized gold prices help KGC beat Q1 profit est by 5 cents, according to TR I/B/E/S (Reporting by Anirban Paul and John Benny in Bengaluru and Nicole Mordant in Vancouver)

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