KINROSS Gold Corporation said that its 800,000 ounce a year Tasiast project in Mauritania was on time and budget with first phase commercial production due by the end of June. It was 93% complete.
The second phase is due to reach commercial production in the third quarter of 2020. Once completed, the entire mine will comprise about a third of Kinross’s current production. Cumulative production will be 6.3 million oz between 2020 and 2029 in which costs will be slashed whilst generating $2.2bn in free cash flow assuming a gold price of $1,200/oz.
“Mechanical installation of the primary crusher, conveyor, stockpile and CIL (carbon-in-leach) plant modifications, which includes the cyclones, three leach tanks and elution circuit, are now substantially complete,” said Kinross president and CEO, J Paul Rollinson in a quarterly update. “Commissioning of the primary crusher and CIL plant is expected to begin in late February, and the SAG mill in April,” he said.
“Phase Two is expected to begin commercial production in Q3 2020 and transform Tasiast into a large, world-class operation, with low costs and a long mine life,” he said.
