On Wednesday, Shares of Kinross Gold Corporation (NYSE:KGC), surged 8.61% to $2.27, as the pop in gold prices drives some mining and related stocks higher Wednesday.
The price of the precious metal is getting a boost as investors continue to believe that a U.S. interest rate hike will not happen this year, the Wall Street Journal reports.
Higher interest rates can weigh on gold as the assets pays no interest to those that hold it. The metal can struggle against interest-bearing assets when rates rise.
It would seem that the Fed cannot agree on when rates should rise and this uncertainty is leading to short covering and fresh buying in the yellow metal, Marex Spectron head of precious metals David Govett told the Journal.
Kinross Gold Corporation, together with its auxiliaries, engages in the acquisition, exploration, and development of gold bearing properties.
Shares of Teck Resources Limited (NYSE:TCK), inclined 0.15% to $6.72, during its last trading session.
Teck Resources Limited, declared that it and a partner have reached a long-term streaming agreement with a partner of Franco-Nevada Corporation (FNV.TO)(FNV) linked to production at the Antamina mine. Teck holds a 22.5% interest in Compañía Minera Antamina S.A. (CMA) which owns and operates Antamina.
Franco-Nevada will make an upfront payment of US$610 million to Teck and will pay 5% of the spot price at the time of delivery for each ounce of silver delivered under the agreement. Teck will deliver silver to Franco-Nevada equivalent to 22.5% of payable silver sold by CMA, using a silver payability factor of 90%. After 86 million ounces of silver have been delivered under the agreement, the stream will be reduced by one third. Closing of the transaction is subject to completion of certain corporate matters and customary conditions and is predictable to take place in the first half of October.
CMA is not a party to the agreement with Franco Nevada and Tecks rights as a shareholder of CMA are unaffected by the agreement.
Teck Resources Limited explores, develops, and produces natural resources in the Americas, the Asia Pacific, Europe, and Africa. Its principal products comprise copper, counting copper concentrates and cathode copper; steelmaking coal; and refined zinc and zinc concentrates.
Finally, Shares of AK Steel Holding Corporation (NYSE:AKS), ended its last trade with -0.70% loss, and closed at $2.82.
AKS has $505.05M in market value and its institutional ownership was 63.70%. The company has P/C ratio of 6.69 while its P/S ratio was 0.07. Net profit margin of the company was -5.20% while its operating profit margin was 1.90%. ROE was booked as 64.70% while ROI was 6.70%. Stock volatility was 7.71% and 8.96% for week and month respectively.
AK Steel Holding Corporation, through its partner, AK Steel Corporation, produces flat-rolled carbon, stainless and electrical steel, and tubular products in the United States and internationally. It produces flat-rolled value-added carbon steels, counting coated, cold-rolled, and hot-rolled carbon steel products; and specialty stainless and electrical steels in sheet and strip forms.
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