There were few major surprises in the interim earnings result of Kingsgate Consolidated ((KCN)), as underlying earnings of $33.8 million were only slightly below market expectations due primarily to higher costs during the period.
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Gold miner and explorer Kingsgate Consolidates (KCN) said on Sunday that media reports early last week were incorrect and misleading when reporting on the company's mining applications in Bangkok.
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Gold miner and explorer, Kingsgate Consolidated (KCN) fell by as much as 21% to $3.87 on Monday after the company requested a trading halt pending the release of an announcement.
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Kingsgate posted a positive production result, featuring improvement at Chatree, solid production at Challenger and progress on development projects, the broker notes. Guidance was reiterated and the balance sheet has improved slightly. The increased share count leads to an 8% fall in forecast earnings and the target falls to $1.00 from $1.40.
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Target $9.13 (was $8.52). RBS Australia has revised commodity price forecasts and the changes have flowed through to revisions to earnings estimates and price targets across the resources sector.
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Kingsgate has embarked on a take-over spree, announcing its second acquisition target in as many weeks and with management suggesting a third one might not be far off. RBS analysts comment the bid for Chilean junior explorer Laguna Resources is immaterial but if successful the longer term upside could be "appealing".
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The broker had been anticipating a reserve increase from Kingsgate to provide a 60% increase in mine life, but the actual announcement gives the broker more confidence in its figures. The broker sees further expansion ahead.
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Q4 production is seen as solid coming in just ahead of Citi expectations.
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