shares of kinross gold corp kgc shot up 79 in heavy volume in afternoon trading monday after the gold miner announced a new enhanced stock repurchase program following constructive discussions with investor elliott investment management lp trading volume ballooned to 291 million shares making the stock the most actively traded on the nyse as part of the new buyback plan the company will repurchase 300 million worth of its shares over the rest of the year which represents about 65 of the companys market capitalization of 461 billion the company will also allocate 75 of its excess cash to buy back stock management met with elliott a number of times to discuss its views on capital allocation and value creation said kinross chief executive j paul rollinson we share a common view that our shares offer a highly compelling investment opportunity and as a result believe that a more substantial share buyback program is a highly attractive use of excess cash the stock has tumbled 389 year to date while continuous gold futures gc00 have declined 82 the vaneck gold miners etf gdx has dropped 249 and the sp 500 spx has shed 188