Friday, August 26, 2016

Kinross Gold Corporation - K.t

Kinross Gold Corporation - K.t is a global gold producer from ten mines located in South America, North America, West Africa and Russia.

Production was 2,594,652 Au eq. oz. in 2015 at AISC of $975. The company expects 2016 production of between 2.7 - 2.9 million Au at AISC of $890 - $990.

On August 26, 2016 the company released News


Bald Mountain - At Bald Mountain, the company has received a record of decision from the U.S. Bureau of Land Management to allow for increased exploration activities and the mine's potential expansion.

The decision allows the company to expand existing mine facilities, and provides significant flexibility for future growth, such as additional heap-leach capacity and a carbon adsorption plant, beyond what is required in the current mine plan. The decision, among other exploration activities, will also allow the company to complete modest infill and metallurgical drilling to potentially increase the mine's mineral reserve estimate, and construct and operate new facilities in the north and south areas of the land package. The company is focused on developing two sets of deposits, the Vantage Complex and Yankee pits in the south area, and the Saga and Duke pits in the north area. Developing these deposits may substantially increase the current 1.1-million-gold-ounce mineral reserve estimate (1) at Bald Mountain and extend life of mine.

Tasiast - At Tasiast, the company resumed normal mining and processing operation in mid-August, following the temporary suspension caused by the expatriate work permit issue. Two major construction contracts regarding earthworks and concrete works have also been awarded for the phase one expansion project. In its second-quarter 2016 results news release, Kinross announced that the company and the government of Mauritania resolved the expatriate work permit issue as part of reaching a mutually acceptable "Mauritanization" plan to increase the number of local workers who have the necessary skills and experience to work at Tasiast, a requirement under Mauritanian law. As well, labour negotiations respecting the company's collective labour agreement at Tasiast are expected to recommence in the next two weeks.

Maricunga - At Maricunga, the company has placed the mine into suspension. As previously disclosed, due to other capital priorities in its global portfolio, the company decided to suspend mining at Maricunga in fourth quarter 2016.

The suspension was implemented earlier than planned after a judicial decision in Chile concluded that the country's environmental regulatory authority's (SMA) revised June 24, 2016, sanction was enforceable. The sanction, among other things, substantially reduced water pumping at Maricunga, which caused the mine to suspend mining and crushing activities,and curtail processing at the end of July, 2016. The advanced timing of suspension at Maricunga is not expected to affect the company's 2016 production and cost guidance.