the layoff of 300 employees. The decision to close the mine was the result of the Chilean government "shut[ing] down the water system linked to the operation over environmental concerns." The company has pending appeals with Chile's Environmental Tribunal. The book value of Maricunga was $373 million as at December 31, 2015, producing approximately 212,000 gold equivalent ounces for the same year. Kinross incurred an impairment charge of $68 million to reduced the carrying value to (10.9) million. Financial Performance 2016 Performance In 2016, Kinross produced a record 2,789,150 gold equivalent ounces and generated $3.472 billion in revenue at all-in sustaining costs of $984 per ounce of gold produced. 2017 Performance In Q1 2017 Kinross reported production of 671,956 gold equivalent ounces at all-in sustaining costs of $953 per ounce. The Company reported net earnings for the quarter of $134.6 million and adjusted net earnings of $23.4 million. Income (Losses) Kinross Gold’s net incomes (losses) were: 2011 ($US 2.013 billion) 2012 ($US 2.509 billion) 2013 ($US 3.742 billion) 2014 ($US 1.193 billion) 2015 ($US 0.989 billion) 2016 ($US 0.104 billion) 2017 $US 0.133 billion - Q1 Gold production Annual gold production (millions of ounces) was: 2013 ...... 2,631 2014 ...... 2,710 2015 ...... 2,594 2016 ...... 2.789 2017 ...... 2,673 2018 ...... 2.500 - estimated Gold reserves Kinross' proven and probable gold reserves were 30.9 million ounces as at December 31, 2016. This amount includes 5.8 million ounces related to the Cerro Casale property which was sold in 2017. In 2010, its proven and probable reserves were 62.4 million ounces. Assets Kinross Gold's total assets decreased significantly in recent years, from $US 16.39 billion in 2010 to $US 7.73 billion in 2015. On August 2, Kinross Gold released its 2nd Quarter results for 2017, posting revenue of "$868.6 million, up 9.1% quarter-over-quarter," and showing a cash position of approximately $1.1 billion. Other Kinross suspended dividend payments in 2013. In 2015 in the wake of declining gold prices, Kinross closed their office in Denver and eliminated 110 corporate positions in Denver, Chile, Spain, and Toronto. In 2016, Standard & Poor's lowered Kinross' credit rating to junk bond status, largely based on the share of their production that came from mines in Russia, which the agency saw as a significant risk. A record amount of 2.79 million ounces marked a 7.5% rise in gold production during 2016, attributed to the acquisition of Bald Mountain and a 50% stake in Round Mountain. In 2017, Moody's Investors Service assigned a Ba1 rating to Kinross, "primarily driven by the company's good scale (2.78 million gold-equivalent ounces (GEO) as of March 2017 LTM), low leverage (1.7x LTM adjusted Debt/EBITDA), and very good liquidity (SGL-1). Corporate responsibility In 2015, Kinross achieved an A− ranking in Maclean's magazine's annual assessment of socially responsible companies, the highest ranking of any Canadian mining company. For Kinross' cooperation with an environmental group in Washington state, and for five out of eight mines being in compliance with the International Cyanide Management Code (as of May 2013, the Company had eight of its nine mines in compliance with the International Cyanide Management Code), Kinross was recognized as one of Canada's Top 50 Most Responsible Corporations by Maclean's magazine and Jantzi Research in 2009. Through a $1 million donation by Kinross in 2010, the University of Guelph created a new chair as part of its BetterPlanet Project. Said Chair is named the Kinross Chair in Environmental Governance, and is held by a "succession of experts". Also with the university, Kinross provided $100 thousand towards its Fight Against Hunger. In 2010, Kinross committed to contribute