Kinross’s “great gold mine” takes big bite out of profits
By Mineweb · February 16, 2012 · 10:45 am ·
By Dorothy Kosich
What CEO Tye Burt believes is “one of the world’s great gold mines” is continuing to take its toll as a non-cash goodwill impairment charge of nearly $3 billion took a huge bite out of Kinross Gold’s full-year 2011 earnings, and put two other projects on the project pipeline back burner.
While Kinross reported a 79% increase in full-year 2011 adjusted net earnings of $871.8 million, the company reported a full-year net loss of $2.78 billion as the current value of Tasiast no longer measures up to the $7.1 billion in shares that Kinross originally paid for it.
( Note: $3 Billion dollars = 60 stories high of $1,000.00 dollar bills!)
