Kinross shares jump on earnings beat

Kinross Gold (K.TO) erased 19.46% of its value, with shares dropping to $10.65 a share on Tuesday, after it disclosed that it will take ". . . a material non-cash accounting charge, primarily relating to the goodwill recorded for the Tasiast mine in connection with the 2010 Red Back acquisition."

Newmont Mining, the world's fourth-largest gold miner, says it plans to spend $3.0 to $3.3 billion on capital expenditures in 2012.

South African platinum group metal production was down 2.7 percent for the three months ended November 2011 compared with the three months ended August 2011.

Iamgold (TSE:IMG) stock was down Monday despite announcing strong fourth-quarter production results.

Gold rose back above $1,640 an ounce in Europe on Monday as it took advantage of a rising euro and a recovery in stock markets which took some downward pressure off prices.

According to an Ipsos Apoyo poll, President Ollanta Humala's Cabinet shuffle following fierce protests against Newmont Mining's Conga project lifted his approval rating as it rose to 54% in January.

Gold jewellery demand in India, a major global market, is estimated to have risen 5 to 7 per cent in 2011 and is set to grow a further 10 to 15 per cent this year with bullion prices falling back after recent gains, the head of Gitanjali Gems, India's biggest jewellery retailer said on Sunday.

Gold traders are the most bullish in two months after mainland China imported the most metal ever from Hong Kong and investors bought US bullion coins at the fastest pace in more than two years.

The Wall Street Journal reports Peru on Friday announced a programme of social and infrastructure investments in its poor Cajamarca region aimed at winning over local protesters who have brought to halt Newmont Mining's $4.8 billion Conga project over environmental concerns.