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Market: TSX
Sector: Gold Mining
Epic: TSX:K
News: Latest news
Web Site: Kinross Gold Corp
Other Articles: 18-02-201029-01-201021-01-2010

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Kinross Gold Corp

Kinross Gold Corp

Kinross Gold Corporation was established in 1993 and has since grown to become the third largest primary gold producer in North America by reserves.  Based in Canada, with nine mines in stable countries including the United States, Brazil, Chile and Russia, Kinross employs more than 5,000 people worldwide
Friday, January 15, 2010

Kinross production to slip to 2.2 million gold equivalent ounces in 2010

company news image

By Dorothy Kosich, Mineweb.com

The Toronto-based gold miner said it expects that 2009 GEO production will hit a record 2.23 million ounces, a 21% increase over 2008 production.

Kinross also expects to produce 2 million gold ounces and 10 million silver ounces on a by-product basis this year.

This year's capital expenditures are forecast to be $550 million, which includes $48 million for new project capex, $225 million for mine development, and $30 million for a new ball mill at Paracatu.

"On a country-by-country basis, North American production is expected to be positively impacted in 2010 by a fully year of production at the Fort Knox heap leach and increased annual production at Kettle River-Buckhorn, offset by a slight reduction in production at Round Mountain," Kinross said in a news release.

"Production from Brazil is expected to be positively impacted by an expected improvement in recoveries and throughput at Paracatu," the company said. "Production from Russia is expected to be negatively impacted by a planned decline in grades at Kupol. Production at Chile is expected to be consistent with 2009 levels."

Approximately 32% of Kinross's anticipated 2010 production 690,000 to 745,000 GEO will come from the United States with 24% or 510,000 to 580,000 GEO of production expected to come from Brazil. Attributable GEO from Russia are expected to be 495,000 to 525,000 ounces for 23% of Kinross's 2010 production. Finally 21% of Kinross GEO production or 460,000 to 480,000 ounces this year is expected to come from Chile.

Kinross has budgeted $102 million for exploration and business development expenses, including $79 million for exploration expenses including $24 million for greenfields exploration and $27 million for minesite exploration. Seventeen million has been budgeted for technical and environmental services and $6 million for corporate development.

 

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