Kinross Reports Massive $2.289 Billion Second Quarter Impairment Charge
By Kitco News
Wednesday July 31, 2013 5:40 PM
(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.
