TORONTO, Oct 20 (Reuters) - Canadian miner Kinross Gold Corp
is not under any pressure to do deals, Chief Executive
Paul Rollinson said on Tuesday, tamping down a media report that
said it was eyeing a London listing and the sale of its business
in the Americas.
Canada's Globe and Mail newspaper, citing anonymous sources,
last week reported Kinross was considering moving its primary
stock listing to London and selling its North and South American
Four of seven Kinross mines are located in the Americas,
comprising the largest part of its production and an important
part of its overall business, Rollinson said during an investor
"I don't see a lot of upside in debating the rumor of the
week," he said, adding the miner looks at opportunities from
time to time but prefers asset deals that offer synergies.
"We're focused on the portfolio and making it the best we
can be and we don't feel under any pressure as it relates to
Selling the Americas assets could unlock value but it is not
clear that Kinross' remaining Africa and Russian properties
would attract an improved multiple, TD Securities analyst Greg
Barnes said in a note on Monday.
"And in an environment in which investors are encouraging
consolidation and scale, by splitting-up, Kinross would be going
against the grain," the analyst wrote.
On Tuesday, Kinross said it expects to produce about 2.5
million gold equivalent ounces annually from 20202029, citing
growing output across its mines and declining costs.
Kinross in September said it expected to increase production
by 20% from 20212023, with an estimated output of 2.4 million
gold equivalent ounces in 2021, 2.7 million gold equivalent
ounces in 2022 and 2.9 million gold equivalent ounces in 2023.
(Reporting by Jeff Lewis; editing by Jonathan Oatis and Chris