Worth repeating, Silverado Gold Mines production could be around $500/ton which would allow the company to mine at a profit, while the average production cost for the majors $1,100/ton. $900oz Gold will force the majors to mothball some of their projects while selling off the low grade projects in order to survive. With world wide high demand for physical gold soaring, Silverado Gold Mines could be among the few with a sign on the front door "Open for Buisness" selling the flavor of the day, high grade "Gold-Antimony" All the company needs to do is find the right financing to put the Nolan Creek project into production, and the world will beat a path to their front door!! GRIM REAPER's "DD" Work http://agoracom.com/ir/Silverado/forums/discussion/topics/579172-silverado-est-production-cost-500-vs-1-100-for-major-mining-companies/messages/1818780#message
Kinross Reports Massive $2.289 Billion Second Quarter Impairment Charge
By Kitco News
Wednesday July 31, 2013
(Kitco News) - Kinross Gold Corp. (TSX: K)(NYSE: KGC) reported a $2.289 billion impairment charge, bringing the company to a net loss of $2.481 billion, or $2.17 per share, compared with net earnings of $113.9 million, or 10 cents per share, in the second quarter.
Lower short-term and long-term gold price assumptions were to blame for the company’s steep drop in the quarter. Kinross had previously announced a $720 million writedown on its Fruta Del Norte project in Ecuador.
“In response to the recent drop in the gold price, the company has undertaken a number of additional initiatives to reduce operating costs and capital expenditures, and maximize cash flow,” the company stated in its report to shareholders. “Kinross has identified additional expected savings of approximately $180 million for the balance of 2013 and expects further savings this year as ongoing cost reviews are completed. The Company is also targeting significant capital spending reductions in 2014.”
