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Kinross: SEC Charges Settled 'Without Any Material Adverse Effect'

Kitco News

Kinross Gold Corp. (TSX: K, NYSE: KGC) says it was able to resolve a U.S. Securities and Exchange Commission investigation of its West African mining operations “without any material adverse effect on the company’s financial position or business operations.” The SEC announced Monday that the probe was resolved when Kinross – without admitting or denying the findings -- agreed to a cease-and-desist order, a penalty of $950,000 and undertakings to report on its remedial steps for one year. The SEC said the settlement was for “the company’s repeated failure to implement adequate accounting controls of two African subsidiaries,” adding that the there was a lack of anti-corruption compliance programs. “It took Kinross Gold almost three years to implement adequate controls, despite multiple internal audits flagging widespread deficiencies,” the SEC said in a news release. “Even after implementing the controls, Kinross Gold failed to maintain them.” Kinross officials, meanwhile, issued a statement saying the company “cooperated fully with the SEC throughout the investigation and has taken steps to improve and strengthen its compliance program and internal accounting controls and practices.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

Premier Reports 4Q Net Loss But Full-Year Profit

Tuesday March 27, 2018 08:35

Premier Gold Mines Ltd. (TSX: PG) reports a net loss of C$2 million (US$1.5 million) for the fourth quarter, but a  full-year 2017 net profit of C$23.2 million (US$17.9 million), or 11 Canadian cent per share (9 U.S. cents). The company also says it made a debt payment of C$31.9 million (US$25 million), reducing debt to C$25.2 million (US$20 million). Premier says it exceeded annual production guidance for a second consecutive year, reporting 24,385 ounces of gold and 77,082 ounces of silver during the fourth quarter and 139,658 ounces of gold and 357,901 ounces of silver for the full year. The company guided consolidated production for 2018 of 85,000 to 95,000 ounces of gold, with all-in sustaining costs of $800 to $850 per ounce. Meanwhile, Premier says it replaced 18 months of mined gold reserves at the Mercedes Mine in Mexico. Premier reports a 34% increase in the mine’s measured and indicated resource to 511,000 ounces at 4.32 grams per tonne of gold, and a 23% increase in inferred mineral resources to 220,000 ounces at 4.2 g/t. Premier is a gold producer and exploration and development company with a pipeline of precious-metal projects in Canada, the United States and Mexico.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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