Feb 12 Kinross Gold Corp on Wednesday
said its fourth-quarter net loss narrowed from the same period a
year earlier when the miner faced a $3.2 billion writedown
related to two mines in Africa.
Kinross reported a net loss of $740 million, or 65 cents a
share, in the three months to end-December compared with a loss
of $2.98 billion, or $2.62, in the same period a year ago.
Adjusted for various items, Kinross reported a loss of $25.1
million, or two cents a share, mainly due to a weaker gold
price, higher production costs and depreciation.
Analysts, on average, expected earnings of three cents a
share, according to Thomson Reuters I/B/E/S.
Kinross said its gold reserves, its store of unmined gold,
stood at 39.7 million ounces of gold at the end of 2013, down 33
percent from 59.6 million ounce at the end of 2012, reflecting
depletion, the divestiture of the Fruta del Norte project in
Ecuador and the adoption of "fully-loaded costing"' on reserves.
The Toronto-based miner said it expected to produce between
2.5 million and 2.7 million ounces of gold equivalent ounces in
2014. That compares with 2.6 million ounces produced in 2013.
Gold equivalent ounces include silver ounces produced and
sold, converted to a gold equivalent based on a ratio of the
average spot market price for the commodities for each year.