Second Quarter Writedowns Smash Senior Gold Producers - Kitco News

In this edition of Kitco News' Mining Minutes, Alex Letourneau shares poor Q2 earnings results that gold producers released this week. Newmont Mining leads the pack with a $2.26 billion writedown on the value of stockpiles and two of its Australian mines. However they are not alone. "Goldcorp put out a loss of $1.93 billion Thursday morning, largely due to a $1.96 billion writedown of its Penasquito mine in Mexico," Letourneau added. Although Newcrest expects outputs of 2 to 2.3 million ounces of gold, the company slashed assets by $5.5 billion last month. Agnico Eagle reported losses of $24.4 million on Wednesday. Finally, Letourneau talks about Freeport McMoRoan's mine shutdown and the impact it will have on the company's production. Kitco News, July 26, 2013.