Kinross takes huge writedown

Kinross Gold (K-T) will take a writedown of US$216 million against its fourth-quarter results.

The writedown consists of US$104.6 million from the company’s merger with Amax Gold, US$46.9 million on the value of the Refugio mine in Chile, US$40.5 million on the Fort Knox mine in Alaska, and US$9 million for costs related to the closure of the DeLamar mine in Idaho.

The writedown is the second in a year for the company, which wrote off US$24 million last year following a rockburst at its Macassa mine in Ontario. The mid-tier producer reported a loss of US$8.5 million in the third quarter and a loss of US$7.6 million for the first nine months of 1998.

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