here is some more information on the big write off from the bema acquisition:

Kinross Gold Corp. (KGC) plans to spend $460-million in 2009 to boost gold production by 32% to as much as 2.5 million ounces. It also said production for 2008 is expected to be in line with previously stated guidance between 1.8 and 1.9 million gold equivalent ounces, an increase of roughly 16% compared to the previous year. Based on the company’s capex guidance, RBC Capital Market’s 2009 free cash flow estimate of $295-million falls to $185-million. Analyst Stephen Walker had pegged its free cash flow at $350-million. Credit Suisse analyst Anita Soni had a forecast of $310-million but said the capex increase is well within the company’s ability to fund, even at $800 per ounce gold.

Kinross also reported tha it expects to record a goodwill impairment charge in the range of $900-million to $1.2-billion at year-end, primarily related to the 2007 acquisition of Bema Gold Corp. (BGO). It is a result of the exploration potential attributed to the asset, given that little exploration has been conducted since the acquisition as the company has been focused on construction, Ms. Soni told clients. While the charge is much higher than her estimate of around $400-million, she noted that it is non-cash and does not impact the discounted cash flow of the asset.

http://seekingalpha.com/article/1139...