The numbers speak for themselves. Over the course of 2013, Canada’s five biggest gold miners wrote off $18.76-billion.
These follow major 2012 writedowns, including Barrick’s $4.2-billion impairment charge, and Kinross’s $3.2-billion writeoff.
And there’s more to come this year. Yamana Gold, which has steered clear of any impairment charges so far, pre-announced that it expects a writeoff worth 6 per cent of its total assets. The miner reports earnings next week.