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Kinross Provides Updated Estimates for Round Mountain Reserve

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Kinross Gold Corporation (KGC - Free Report) recently provided an update for the Round Mountain mineral reserve and resource estimates. The updates were the result of earlier omission of stockpile information in the previous mineral reserve estimates.  

Considering the results of the feasibility study for Round Mountain Phase W, estimated proven and probable mineral reserves at Round Mountain rose from 1.3 million gold equivalent ounces (as of Dec 31, 2016) to 3.1 million gold ounces, net of depletion. Roughly 2 million gold equivalent ounces were converted from indicated mineral resources to reserves and the corresponding decrease was mostly offset by addition of new indicated mineral reserves of 1.96 million gold ounces.

Kinross, in its second-quarter 2017 earnings call, reaffirmed its previous gold production guidance for 2017 in range of 2.5-2.7 million gold equivalent ounces. The overall production cost of sales is expected in the range of $660-$720 per gold equivalent ounce, while all-in sustaining cost is estimated to be $925-$1,025.

Kinross, which is a prominent gold mining company along with Barrick Gold Corporation , Newmont Mining Corporation (NEM - Free Report) and Agnico Eagle Mines Limited (AEM - Free Report) , is making steady progress in advancing the projects that will provide it with a strong growth profile among leading gold producers. The company also remains focused on managing costs and improving cash flows. 

Kinross recently announced that it will proceed with the Phase Two expansion of Tasiast mine, Mauritania. The move is expected to transform Tasiast into a large, world-class mine with low-cost operations.  It also announced plans to proceed with the Round Mountain Phase W project in Nevada. The project is awaiting completion of the permitting process and is on schedule.

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