Gold miner Kinross going ahead with US$1 billion in expansion projects

TORONTO _ Kinross Gold Corp. (TSX:K) announced plans to expand its Tasiast mine in Mauritania and Round Mountain mine in Nevada at a combined cost of more than US$1 billion.

The company says it will spend about US$590 million on Phase Two at its Tasiast mine as it works to increase mill capacity to 30,000 tonnes per day, up from 12,000 tpd, and cut costs.

Initial construction is expected to start early next year, with commercial production expected in the third quarter of 2020.

Meanwhile, Kinross says it expects to add 1.5 million ounces of gold to its plan at Round Mountain and extend the life of the mine by five years to 2024.

The initial capital cost of the expansion project is forecast to be $230 million, plus $215 million in incremental non-sustaining capitalized stripping costs.

Kinross noted that additional state and federal permitting for the project is required and is proceeding.