K:CC - Kinross Gold launches new $300M stock buyback plan

Kinross Gold ( NYSE: KGC ) +0.9% pre-market Monday after announcing a new, enhanced share buyback program that allocates a more substantial portion of cash available for improving shareholder returns.

Under the new program, Kinross ( KGC ) will repurchase $300M in shares during the rest of 2022 and allocate 75% of its excess cash to buybacks in 2023-24 if net leverage is below the current last 12 months' net leverage ratio of 1.7:1.

The miner said Elliott Management supports the enhanced buyback program, which is "designed to achieve a shared objective of unlocking value for shareholders."

Kinross Gold ( KGC ) "possesses a high-quality, Americas-focused portfolio with strong potential for future growth through Great Bear, yet it trades at a significant discount to both its peers and to the value of its assets," Elliott said. "With this new capital-allocation framework, Kinross is taking a major step toward closing that gap and realizing the upside potential in its stock."

Kinross Gold ( KGC ) forms a descending triangle pattern with resistance at $3.45 and support at $3.25, Fun Trading writes in an analysis published on Seeking Alpha .

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