I thought the diamond deal was pretty bold at the time.....and it really was given the state of the market. Who knew that the stimulus crap would breath life into a corpse?
"...Kinross, which acquired both interests from Harry Winston for $150 million in March 2009, said on Friday it plans to sell the stakes in separate deals that could net the company a total of about $440 million.
"When they did the deal a year and a half ago, Tye looked around, saw something that was undervalued, saw an opportunity and took advantage of it. He is now crystallizing the profits," said Dundee Securities analyst Paul Burchell, referring to Kinross Chief Executive Tye Burt. ..."
Sometimes being lucky is better than being right. It really couldn't have been possible with out the cash flows from its internal mining operations. Kupol and Fort Knox made this possible.
Paracatu will prove its value once they get the grinding circuit fixed. I read the new ball mills go in this summer and will dramatically expand production. Fort Knox has some major pad expansion going on as well....very good news for the production numbers. LG