These days, Kinross Gold Corporation (TSE:K), (NYSE:KGC) stock is one of the most actively traded on the Toronto Stock Exchange.
The company’s positive and extremely rapid development since last month and the price of gold going up give investors the opportunity to bank a higher gain through investing in Kinross’s stock than in gold.
At the beginning of August, Kinross Gold Corporation announced that its application to acquire 100% of the shares of Northern Gold has been approved by the Russian Federation’s State Commission for the Control of Foreign Investments. Northern Gold is the owner of the Dvoinoye gold and silver deposit in Chukotka.
At the end of the month, the company completed the sale of a 40% interest in the Diavik Diamond Mines joint venture to Harry Winston for US$220 million.
At the beginning of this month, Kinross has been named to the Dow Jones Sustainability North America Index (DJSI North America). The index tracks leaders in sustainability among North America’s largest companies.
Seven days after entering the above mentioned sustainability index, the company’s President and CEO stated that “Kinross will be a growth leader among senior gold producers”. On the same day, the company announced to have acquired all of the issued and outstanding common shares of Red Back Mining Inc. (TSX:RBI) in a transaction valued at approximately US$7.1 billion.
Thus, the company implemented its goal “to create a pure gold senior producer with an exceptional growth profile, combining Kinross’ strong base of high quality mines, growth projects, and proven track record, with Red Back’s early-stage operating mines and outstanding exploration and expansion potential.”[BANNER]
As a follow up development after the merger, Red Back Mining was removed from the S&P/TSX Canadian Indices and the relative weight of Kinross Gold in the S&P/TSX Canadian Indices was increased.
Five days after the press release about the expansion in Chukotka, the shares of Kinross Gold Corporation were worth $16.130. Since then and up to yesetrday, Kinross stock price has risen by 22%. For the same period of 60 days, the spot price of gold soared only 12.83%.
Yesterday, Kinross stock was on the list of the top five most active by trading volume securities on the Toronto Stock Exchange. The shares of Kinross Gold Corporation closed at $19.650, adding 2.13% of value from the previous trading session.
