Kinross Gold Corp. announced a $2.4-billion impairment charge because of lower gold price assumptions and a previously announced loss on an Ecuadorian project that the miner abandoned a few months ago.
The latest charge brings the company’s writedowns to $8-billion over the past year and a half, exceeding Kinross’s market capitalization of about $6.1-billion.
“Kinross has made good strides to improve the costs at the existing assets and has beat consensus earnings for three successive quarters. However, BMO Research forecasts balance sheet pressure at prevailing metal prices in the absence of further cost reductions, capital conservation and possibly lower dividend,” he said.
Tye Burt... you, sleazy fast double talking used car saleman = that passed for a CEO, should return every dime you were paid in compensation.
you made a bad call on the equinox acquisition which will probably bankrupt the company.
your reign over kinross will go down in history as one of the greatest blunders in business. ever.
