Currently viewing Global edition

Kinross drops, Midas gains

Kinross Gold (TSX: K) shares fell more than 11% yesterday as investors worried about issues brewing for the miner in two African countries.
Kinross drops, Midas gains Kinross drops, Midas gains Kinross drops, Midas gains Kinross drops, Midas gains Kinross drops, Midas gains

Mixed results for gold equities

Staff reporter

A proposed mining code review in Ghana and Mauritania's rejection of a key permit to expand a project dealt it a double blow, Bloomberg reported.

Kinross had also flagged that Mauritania's government wanted to "enter into mutually beneficial discussions respecting all of Kinross' activities in Mauritania" in its quarterly results this week.
 
On a positive note, shares in junior Midas Gold (TSX: MAX) closed up 14.43% in the wake of Barrick Gold's strategic investment to advance its Stibnite gold project in Idaho, US.
  
Still in Toronto, copper-gold junior Cordoba Minerals (TSXV:CDB) shares also gained and have climbed off a 52-week low reached earlier this week, up 29.41% to 22c yesterday on no news. Its shares were trading above $1 a year ago.

Meanwhile the spot gold price has remained at similar levels this week, last trading around US$1,314 an ounce.

Finally among the majors, Rio Tinto (LSE: RIO) closed more than 2.5% higher yesterday, Vale SA (BVMF: VALE3) was up more than 2% and BHP (ASX: BHP) was 1.8% higher in late Australian trade.