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Kinross Gold (KGC) Declares Operational Updates at Mines
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Kinross Gold Corporation (KGC - Free Report) has declared operational updates at its Bald Mountain mine in Nevada, Tasiast mine in Mauritania and Maricunga mine in Chile.
At Bald mountain, Kinross has received a record of decision from the U.S. Bureau of Land Management to allow increased exploration activities and the mine's potential expansion. The decisions entitles the company to expand existing mine facilities and offers considerable flexibility for future growth, such as additional heap leach capacity and a carbon adsorption plant.
The decision will also enable the company to complete modest infill and metallurgical drilling to increase the mine's mineral reserve estimate, and build and operate new facilities in the North and South areas of the land package.
Kinross 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 considerably increase the current 1.1 million gold ounce mineral reserve estimate at Bald Mountain and extend the life of the mine.
At Tasiast, Kinross restarted normal mining and processing operation in mid-August, after the temporary suspension caused by the expatriate work permit issue. The company has also secured two main construction contracts related to earthworks and concrete works for the Phase One expansion project.
At Maricunga, the company has suspended mining operations. As stated earlier, due to other capital priorities in its global portfolio, Kinross had decided to suspend mining at Maricunga in the fourth quarter of 2016. The company has implemented the suspension earlier than planned after a judicial decision in Chile concluded that the country's environmental regulatory authority's (SMA) revised Jun 24, 2016 sanction was enforceable. This sanction, along with other things, led to reduced water pumping at Maricunga, thus leading to the suspension.
The suspension is not expected to impact the company's 2016 production and cost guidance. Kinross continues to oppose the SMA's unprecedented actions and has various appeals pending with Chile's Environmental Tribunal.
Kinross is reducing its mining and crushing workforce at Maricunga by about 300 employees due to the aforementioned suspension. The company will continue to explore further permitting efforts and review the operation and its mineral resource model to consider possible options to resume mining. Also, it continues to further permitting efforts at the nearby La Coipa project, with exploration work also continuing in 2016.
Better-ranked mining companies include Alamos Gold Inc. (AU - Free Report) , B2Gold (BTG - Free Report) and New Gold, Inc. (NGD - Free Report) , all sporting a Zacks Rank #1 (Strong Buy).
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Kinross Gold (KGC) Declares Operational Updates at Mines
Kinross Gold Corporation (KGC - Free Report) has declared operational updates at its Bald Mountain mine in Nevada, Tasiast mine in Mauritania and Maricunga mine in Chile.
At Bald mountain, Kinross has received a record of decision from the U.S. Bureau of Land Management to allow increased exploration activities and the mine's potential expansion. The decisions entitles the company to expand existing mine facilities and offers considerable flexibility for future growth, such as additional heap leach capacity and a carbon adsorption plant.
The decision will also enable the company to complete modest infill and metallurgical drilling to increase the mine's mineral reserve estimate, and build and operate new facilities in the North and South areas of the land package.
Kinross 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 considerably increase the current 1.1 million gold ounce mineral reserve estimate at Bald Mountain and extend the life of the mine.
At Tasiast, Kinross restarted normal mining and processing operation in mid-August, after the temporary suspension caused by the expatriate work permit issue. The company has also secured two main construction contracts related to earthworks and concrete works for the Phase One expansion project.
At Maricunga, the company has suspended mining operations. As stated earlier, due to other capital priorities in its global portfolio, Kinross had decided to suspend mining at Maricunga in the fourth quarter of 2016. The company has implemented the suspension earlier than planned after a judicial decision in Chile concluded that the country's environmental regulatory authority's (SMA) revised Jun 24, 2016 sanction was enforceable. This sanction, along with other things, led to reduced water pumping at Maricunga, thus leading to the suspension.
The suspension is not expected to impact the company's 2016 production and cost guidance. Kinross continues to oppose the SMA's unprecedented actions and has various appeals pending with Chile's Environmental Tribunal.
Kinross is reducing its mining and crushing workforce at Maricunga by about 300 employees due to the aforementioned suspension. The company will continue to explore further permitting efforts and review the operation and its mineral resource model to consider possible options to resume mining. Also, it continues to further permitting efforts at the nearby La Coipa project, with exploration work also continuing in 2016.
KINROSS GOLD Price
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Kinross currently carries a Zacks Rank #3 (Hold).
Better-ranked mining companies include Alamos Gold Inc. (AU - Free Report) , B2Gold (BTG - Free Report) and New Gold, Inc. (NGD - Free Report) , all sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>