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Kinross Gold Proceeding with Tasiast 24k project

Mining News - Published on Thu, 19 Sep 2019

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Kinross Gold Corporation announced that it is proceeding with a project to incrementally increase throughput capacity at its Tasiast mine to 24,000 tonnes per day. Based on the results of the completed Tasiast 24k feasibility study, the project is expected to increase production, reduce costs, and generate significant cash flow and attractive returns at an initial capital cost estimate of USD 150 million.

Tasiast 24k project feasibility study highlights (Based on a USD 1,200/oz. gold price and USD 55/bbl oil price)
Throughput capacity (t/d) -24,000
Average annual production (Au oz) (2022 – 2028) - 563,000
All-in sustaining cost (per oz) (2022– 2028) - USD 560
Production cost of sales (per oz) (2022 – 2028) - USD 485
Net present value (NPV) (USD billions) - USD 1.7
Initial capital expenditures (USD millions) (incremental) – USD 150
Internal rate of return (IRR)(incremental) - 60%

The Tasiast 24k project takes a continuous improvement approach to increasing throughput, which is expected to ramp up to 21,000 t/d by the end of 2021, and then to 24,000 t/d by mid-2023. The project is expected to extend life of mine by four years to 2033. Throughput increases are expected to be achieved through minor upgrades and de-bottlenecking initiatives in the plant. The project includes modifications to the existing grinding circuit, adding new leaching and thickening capacity, as well as incremental additions to onsite power generation and water supply.

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Posted By : Rabi Wangkhem on Thu, 19 Sep 2019
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