Business
Kinross announces financial results for the nine months ended September 30, 2005
Kinross announces financial results for the nine months ended September 30, 2005.
About this update from Kinross Gold Corporation
[{"type":"text","content":"\n\n\n\n\nStatus update on regulatory filings\n\nTORONTO, Feb. 15 /CNW/ - Kinross Gold Corporation (TSX-K; NYSE-KGC)\n(\"Kinross\" or the \"Company\"), the third largest primary gold producer in North\nAmerica, announced today its unaudited results for the nine months ended\nSeptember 30, 2005. As previously committed this week, Kinross has also\ncompleted filing its restated financial statements for 2003 and 2004 and the\nrespective interim periods.\nKinross has previously discussed operating results in its press release\ndated November 21, 2005.\n\n(All dollar amounts in this press release are expressed in U.S. dollars,\nunless otherwise noted)\n-------------------------------------------------------------------------\n\n2005 nine-month summary (to September 30, 2005)\n\n- Production on plan with 1.23 million ounces at a total cash cost(1) of\n approximately $272 per ounce;\n\n- Revenues rose 10% to $535.5 million and cash flow from operating\n activities increased 6% to $109.9 million compared to the same period\n last year;\n\n- The Company reported a net loss of $(61.7) million or $(0.18) per\n share, including a non-cash foreign currency impact on future tax\n liabilities totaling $22.9 million and a write-down of the Aquarius\n property of $36.8 million;\n\n- Kinross increased proven and probable reserve estimates at its\n Paracatu mine by 4.8 million ounces;\n\n- Kinross had a cash position of $81.6 million and $42 million available\n on its revolving credit facility.\n\n-------------------------------------------------------------------------\n\n\"This is an exceptional time for Kinross. We're now in a position to\nfully capitalize on a historic point in the gold market and for our Company,\"\nsaid Tye Burt, President and Chief Executive Officer of Kinross Gold\nCorporation. \"I am pleased that we have turned the page on merger accounting\nmatters and resolved the questions related to the 2003 acquisitions. We will\nbe up to date in our financial reporting with the release of the restated\nfinancial statements and our results for the first three quarters of 2005,\"\nsaid Burt. \"Moving forward, our strategic objective is to maximize net asset\nvalue and cash flow per share. To do that, we are executing a four-point plan:\n(1) growth from core operations; (2) expanding our capacity for the future;\n(3) attracting and ret...