Business
Kinross Provides Status Update on Late Filing of Financial Statements
Kinross Provides Status Update on Late Filing of Financial Statements.
About this update from Kinross Gold Corporation
[{"type":"text","content":"\n\n\n\n\nTORONTO, Feb. 3 /CNW/ - Kinross Gold Corporation (\"Kinross\" or the\n\"Company\") (TSX-K; NYSE-KGC). Pursuant to the alternative information\nguidelines of the Ontario Securities Commission (\"OSC\") Policy 57-603 and\nCanadian Securities Administrators Staff Notice 57-301, Kinross is providing a\nnotice to the market regarding a restatement of its prior financial statements\nand an update on the process relating to the preparation and filing of its\nfinancial statements and related matters, until such time as Kinross is\ncurrent with its filing obligations under Canadian securities laws.\nDuring its preparation of the interim financial statements for 2005, the\nCompany became aware that Kinross had not fully accounted for the impact of\nforeign currency exchange rates on future deferred tax liabilities relating to\nthe purchase of certain assets acquired in the acquisition of TVX Gold and\nEcho Bay in January, 2003. This meant that financial statements for the years\nended December 31, 2003 and 2004 and their respective interim periods would\nneed to be restated to take into account these adjustments. As a result of the\nrestatement, these liabilities have been adjusted for changes in currency\nexchange rates between the US dollar and the currency of the country in which\nthe future tax liability arose. These adjustments have no impact on total\nassets, cash balances or operating cash flow. The net impact of the foreign\nexchange loss and income and mining tax recovery, as previously filed on\nNovember 30, 2005, will reduce earnings by approximately $27 million for 2003\nand $7 million for 2004. The restated net loss for 2003 and 2004 will be\n$437.7 million and $63.1 million, respectively.\nKinross anticipates releasing its restated financial statements for the\nfinancial years ended December 31, 2003 and 2004 by the end of next week. The\nCompany will file its financial statements for the first three quarters of\n2005 shortly thereafter.\nWe are issuing bi-weekly updates as to the status and timing which can be\nviewed on our website at www.kinross.com. The next update is scheduled for the\nweek of February 13th, 2006.\n%SEDAR: 00002968E\n\n\n","length":2227,"tagName":"div"}]