Kinross Posts Loss As Gold Price Slumps
TORONTO (Reuters) - Canadian gold miner Kinross Gold Corp.
posted a deeper second-quarter loss on Thursday on a $14 decrease in the average price of gold per ounce.
The Toronto-based company, which has operations in Canada, the United States, Australia and Russia, lost $6 million, or 3 cents a share in the quarter ended June 30, compared to a loss of $10.8 million, or 4 cents a share, for the same quarter in 2000.
Cash flow from operations was $15.3 million, up from $10 million for the year-ago period. The company realized $296 per ounce of gold in the quarter, down from $310 in 2000.
The gold miner was seen by analysts delivering earnings in a range of a loss of 1 cent a share to a loss of 4 cents, with a consensus of a loss of 2 cents, according to Thomson Financial/First Call.
Kinross said it produced 233,722 ounces of gold in the quarter at a cash cost of $191 an ounce.
Shares in Kinross closed up 6 Canadian cents at C$41.30 on the Toronto Stock Exchange on Thursday. Its stock has traded in a 52-week range of 50 Canadian cents and C$1.63.
($1=$1.54 Canadian) |
