Kingsgate earnings hit by gold and dollar

Plunging gold prices and a strong Australian dollar force Kingsgate into a $300 mln impairment charge

Kingsgate Consolidated Ltd will take a $300 million dollar impairment charge against its Challenger gold mine as it seeks to slash costs amid a falling gold price and high Australian dollar.

In an update to the market, Kingsgate said it would seek to cut mine development costs by up to 30 per cent as it transitioned its focus at Challenger to the mine’s higher grade west ore body.


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