Hot Stocks News Kingsgate Consolidated (KCN)

Kingsgate Consolidated (KCN) is a gold miner, operating in South East Asia, South America and Australia, whose main trump card is its Chatree Mine in Thailand.

KCN has become one of the hot stocks this month, as record bullion prices lure investors to gold mining companies.

However, KCN recently downgraded its production forecast for the September 2010 quarter, to 22,000 ounces of gold.

KCN advised that the new forecast output will be lower than the average quarterly production for FY10.

KCN attributed the downgrade to the scheduled shutdown of its gold treatment plant, mining operations at Chatree constrained to a lower grade section of the orebody, and higher-than-normal monsoonal rain in the Asian region.

KCN maintained its full year forecast output of 120,000 – 130,000 ounces of gold.

Receive daily stock news and advice with a free report.