Friday, September 12, 2025

Latest

Kinross Gold Gains Approval For Doubling Size Of Share Buybacks

While its margins may be falling in the current gold environment, that apparently is not stopping Kinross Gold (TSX: K) from returning further cash to its shareholders in the form of buybacks. The firm last night indicated that the Toronto Stock Exchange has approved its request to amend its normal course issuer bid.

The amendment will see the company increase the potential share buyback conducted this year from 5% of the firms outstanding shares to that of 10%. In terms of shares, it increases the buyback program from 65.0 million to 114.0 million shares, under the program that is slated to run from August 3, 2022, through to August 2, 2023.

To date, the current program has seen the company repurchase 14.7 million shares through to September 27, an average price for which was not provided.

When first announced, the company indicated that it would commit to spending $300 million over the remainder of 2022 on the firms buyback program, while 75% of excess cash is to be used in 2023 and 2024, while maintaining its quarterly dividend. The changes follow discussions with Elliott Investment Management, an activist shareholder in the company.

“Our Board of Directors and management team believe that this enhanced buyback program is affordable, enables us to sustain our dividend and is a responsible allocation of capital that does not compromise our balance sheet or our ability to fund our business and advance our impressive pipeline of growth projects,” said CEO J Paul Robinson at the time of announcement.

The amended buyback program comes at a time when gold has fallen to trade in the area of $1,665, and amid the firm selling off both its Russian assets as a result of geopolitical unrest, as well as its assets in Ghana. The company also recorded a net loss last quarter of US$9.3 million.

Kinross Gold last traded at $4.93 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Avino Q2 Earnings: Steady As She Goes

MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

Orla Mining Q2 Earnings: Musselwhite Changes Everything

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

Nevada: America’s Gold Mining and Exploration Leader

In 1961, Newmont Mining (TSX: NGT) made a massive gold discovery near the town of...

Sunday, October 11, 2020, 09:00:00 AM

Kinross Q3 Earnings: Crushing Expectations

Kinross Gold (TSX: K) has reported its third quarter financial results and refreshingly, the company...

Wednesday, November 6, 2024, 02:22:26 PM

BMO Drops Kinross Gold’s Price Target On Messy Q1 Results

On Monday Kinross Gold (TSX: K) reported its first quarter financial results. The company saw...

Thursday, May 12, 2022, 12:24:00 PM

Senator Sinema Forces Market-Unfriendly Tax Provision On Stock Buybacks To Be Added To Inflation Reduction Act

A frequently used quote in politics, “Laws are like sausages, it is better not to...

Sunday, August 14, 2022, 05:24:00 PM

Kinross Q2 Earnings: Consistency Is Key

In our coverage of Kinross Gold’s (TSX: K) first quarter financial results, we referred to...

Sunday, August 17, 2025, 07:41:00 AM