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.
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