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Kinross faces new $4-billion class action
By Financial Post · March 13, 2012 · 9:48 am · Leave a Comment
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By Peter Koven
Kinross Gold Corp. has been slapped with an enormous class action lawsuit related to the troubles at its Tasiast mine in Mauritania, the second such suit filed against the miner in less than a month.
The latest suit, a $4-billion class action filed by Canadian firm Koskie Minsky LLP, comes after a similar claim was filed in the United States in February.
Both lawsuits relate to Kinross’s disclosure around Tasiast. The company took an enormous US$2.49-billion impairment charge on the project this year, and the suits claim that the miner made misrepesentations relating to the quality and quantity of gold ore.
