GOLD: Kinross to move forward with Tasiast expansion

MAURITANIA – Toronto’s Kinross Gold is making plans to proceed with phase one of expansion at the Tasiast gold project. Mill capacity will be increased to 12,000 t/d from 8,000 t/d, a move that will not only boost output but also reduce the cost per ounce. In initial capital cost of phase one will be US$300 million. Extra crushing and grinding capacity will be added to the existing carbon-in-leach circuit. Work will begin immediately on the installation of a semi-autogenous grinding mill and gyratory crusher. Full production is to be reached in Q1 2018,  when annual average gold output will be 409,000 oz. All-in sustaining costs will be US$760 per ounce. Kinross has also completed a prefeasibility study for phase two, an expansion to 30,000 t/d. That would make Tasiast the company’s largest, lowest cost gold producer. The capital cost for both phases is estimated to be US$885 million. The latest 43-101 report for Tasiast is available at www.Kinross.com.