Kinross Gold Corp. (KGC,K.TO) reported that its third-quarter net loss was US$21.5 million or US$0.03 per share, compared to net income of US$64.7 million or US$0.10 per share in the same quarter last year.
Adjusted net earnings were US$1.7 million or breakeven per share, compared to US$83.4 million or US$0.13 per share for the same period last year.
Revenue for the quarter was US$582.3 million, compared to US$503.7 million in the third quarter of 2008, an increase of 16%, while revenue for the first nine months was US$1.7 billion, a 51% increase year-over-year.
Analysts polled by Thomson Reuters expected the company to report earnings of US$0.12 per share on revenues of US$577.78 million for the quarter. Analysts' estimates typically exclude special items.
As previously disclosed, the Company has revised its production guidance and now expects to produce approximately 2.2 million gold equivalent ounces for the full year 2009, primarily due to lower than expected production at the Paracatu expansion. Based on year-to-date results, the Company expects cost of sales per gold equivalent ounce guidance to be US$435-450.
Kinross currently expects its gold equivalent production in 2010 to be similar to its revised forecast for 2009 production. The Company plans to issue comprehensive guidance on 2010 production and costs in January 2010.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.