Germany Chancellor plans lithium deal with Serbia after Rio ruling
Olaf Scholz plans to visit Serbia this week to secure supplies of lithium that are critical for the nation’s energy transition and auto industry.
Canadian-based gold miner Kinross’ (NYSE: KGC) revenues fell below $1 billion this quarter to $968 million as the company took a $2.29 billion non-cash write-down.
Kinross announced Q2 2013 results on Wednesday showing a net loss of $2.48 billion – $2.17 per share.
Although gold prices were down, costs were up this quarter: The miner spent $1,072 per ounce of gold sold compared to $970 in Q2 2012.
Despite the losses the firm is maintaining its 2013 forecast guidances of 2.4 to 2.6 million ounces produced, and all-in sustaining costs of $1,100 to $1,200 per ounce sold.
Like most major miners, cost-cutting a major priority and the gold producer expects to save about $180 million this year.
As a result of these reductions, the company also announced that it would put off its decision on the $2.7 billion Tasiast mine expansion until 2015. The Mauritania-based project began operating in 2008, just after Kinross purchased the site from Red Back Mining for $7.1 billion. In February the troubled Tasiast property caused nearly $3.2 billion worth of write-downs.
Kinross is not suffering alone: GoldCorp took a near $2 billion impairment charge last week.
The gold miner lost over half a percent on the New York exchange late Wednesday afternoon after making some gains earlier in the day.
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Apple
How long before Kinross is a penny stock ?