Kingsgate down 20% on annual report results is spooking the sector.
Profit before tax and significant items only $17.2mill. No joy there if POG does not recover a lot more ground (2013 realised POG was US$1663). After significant items the loss was a whopping $323mill.
I've said it regularly lately but I think the high cost producers (most producers at these gold prices) had gotten ahead of the rise in POG over the last month. I'm only interested in high grade/high margin still.
Not all doom and gloom though. My other stock, MML (also high grade/high margin) had a strong profit despite a series of set backs last year (see my post on that thread if interested).
ann: annual report, page-24
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