* Adj EPS $0.24 vs Street-view $0.22
* Revenue up 29 pct
* Takes $3.21 billion charge on Tasiast, Chirano mines
TORONTO, Feb 13 Canada's Kinross Gold Corp
reported a fourth quarter net loss on Wednesday as an
impairment charge related primarily to its Tasiast gold mine in
West Africa outweighed a boost in revenue.
The gold miner took a $3.21 billion after-tax, non-cash
impairment charge related to Tasiast, in Mauritania, and the
Chirano gold mine in Ghana, both of which were acquired in the
company's $7.1 billion takeover of Red Back Mining in 2010.
The writedown follows a $2.94 billion non-cash goodwill
impairment charge in the fourth quarter of 2011, also related to
the Red Back assets.
Kinross reported a fourth quarter net loss of $2.99 billion,
or $2.62 cents a share, in the quarter ended Dec 31. That
compared with a year-ago loss of $2.79 billion, or $2.45 a
Excluding one-time items, the company reported a profit of
$276.5 million, or 24 cents in the quarter, coming in ahead of
the average analyst estimate of 22 cents a share, according to
Thomson Reuters I/B/E/S.
Revenue for the quarter rose 29 percent to $1.19 billion,
boosted by higher output and better gold prices.
Kinross produced 724,510 gold equivalent ounces in the
quarter, up from 622,507 ounces in the year-ago quarter. Full
year gold production rose 3 percent to 2.6 million ounces, up
from 2.5 million ounces in 2011.
The company said it expects to produce 2.4 million to 2.6
million gold equivalent ounces in 2013. It forecast total
capital expenditures of about $1.6 billion in 2013, about $325
million less than in 2012.