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Kinross Gold to proceed with Tasiast gold mine expansion

Kinross Gold Corp. said Sept. 15 that it is proceeding with the Tasiast 24k project, which according to a feasibility study, can increase the Tasiast mine's throughput to 24,000 tonnes per day for an initial capex estimate of US$150 million, with a net present value of US$1.7 billion and an internal rate of return of 60%, from 2022 to 2028.

The Mauritanian project's average annual production after the expansion will be 563,000 ounces, with all-in sustaining cost of US$560 per ounce. Its life of mine will be extended by four years to 2033.

Kinross said that it has established a project team, while work packages and initial contracts will be awarded shortly. The company has permits in place for the 24k project and detailed engineering is 50% complete.

The 24k plan includes non-sustaining capitalized stripping from 2020 to 2029, which is expected to average approximately US$95 million per year.

Kinross also noted that it is on schedule to complete a US$300 million financing for the project from the International Finance Corporation, Export Development Canada and two commercial banks later this year.

In July, the company reported that its net earnings attributable to common shareholders for the second quarter increased to US$71.5 million, from US$2.4 million a year ago.