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Re: Its Been A Year - Another Dig At Gold Miners

in response to

Re: Its Been A Year - Ecuador Wants Half The Profits

Fran Six

posted on Feb 16, 2012 04:50PM

Gold miners’ results all over the map

Peter Koven Feb 16, 2012 – 4:32 PM ET

The writedowns came as no surprise to the market, but they illustrate the enormous challenges miners face, even with gold prices above US$1,700 an ounce.

Over the last two days investors have been given more reminders that gold mining is a tough business and that many things can go wrong.

Four of Canada’s largest gold miners reported fourth quarter earnings, and the results were all over the map. One (Goldcorp Inc.) was excellent, one (Barrick Gold Corp.) trailed expectations, and two (Kinross Gold Corp. and Agnico-Eagle Mines Ltd.) were marred by massive writedowns.

The writedowns came as no surprise to the market, but they illustrate the enormous challenges miners face, even with gold prices above US$1,700 an ounce.

Financial Post

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