Kinross Gold Corp. announces enhanced share buyback program with support from activist investor Elliott Investment Management LP. Read on
The Toronto-based miner says it will buy back $300 million in shares over the remainder of the year, and will allocate 75 per cent of excess cash to repurchase its own stock in 2023 and 2024.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Kinross, which has seen its shares fall nearly 40 per cent this year, says the ramped-up share buyback program will protect the company’s balance sheet and capacity to continue investing in its business.Kinross CEO J. Paul Rollinson says Elliott’s support for the plan further validates the company’s view that its shares offer the market “a compelling investment opportunity.”
Elliott portfolio manager Mark Cicirelli says Kinross has been trading at a significant discount compared with its peers and the value of its assets, and that the plan is a “major step toward closing that gap and realizing the upside potential in its stock.”
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