Skip to main content

Kinross Gold Corp. KGC-N says it swung to a US$2.7-million loss in the fourth quarter as it was hampered by downtime at some of its operations.

The loss compared with a US$783.3-million profit equal to 62 US cents a share a year earlier.

The Toronto-based mining company, which reports in U.S. dollars, attributes the loss primarily to the temporary suspension of milling operations after a fire at its Tasiast mine in Mauritania, as well as to deferred mining activity at Round Mountain in Nevada.

Kinross says it also took a writedown of US$106.1-million related to a reduced estimate of recoverable ounces at its Bald Mountain mine in Nevada.

On an adjusted basis, Kinross says it earned US$101.8-million, or 8 US cents a share, in the three months ending Dec. 31. That’s compared with adjusted earnings of US$335.1-million, or 27 US cents a share, in the prior year’s quarter.

Kinross says its revenue during the fourth quarter was US$879.5-million, down from US$1.2-billion during the fourth quarter of 2020. Analysts had forecast adjusted earnings per share of 6 US cents on $903.5-million in revenues, according to financial database firm Refinitiv.

For the full-year, it earned US$221.2-million, or 17 US cents a share, on US$3.73-billion of revenue, compared with US$1.34-billion, or US$1.06 a share, of earnings on US$4.21-billion of revenue in 2020.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Report an editorial error

Report a technical issue

Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 21/11/24 7:00pm EST.

SymbolName% changeLast
KGC-N
Kinross Gold Corp
+1.1%10.08

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe