Crixás (50% ownership) - Brazil
Kinross acquired its 50% ownership interest
in the Crixás underground mine, located in the State of Goias
and approximately 260 kilometers northwest of Brasilia, Brazil’s
capital upon completion of the combination with TVX on January
31, 2003. AngloGold Ashanti is the other 50% owner and operator
of the mine.
The Crixás mine constitutes two currently
operating underground gold mines accessed by decline, Mina III
and Mina Nova; three orebodies that have been accessed by
underground development, Corpo SUL, Corpo IV, and Corpo V; and
two orebodies under evaluation, Forquilha and Palmeiras.
The mining methods used are primarily
mechanized cut-and-fill and room-and-pillar and ore is
transported to surface by 25 tonne trucks. The operation runs 24
hours per day, 7 days per week.
The first geological, geochemical and
geophysical reconnaissance work began in the Crixás region in
1973. Detailed geological mapping and ground magnetic surveys
were completed and diamond drilling was conducted from 1973 to
1976. In 1976, gold mineralization was discovered below a group
of excavations known as the Mina III Old Workings and work
concentrated in that area.
Mining started in 1987 with ore being
stockpiled on the surface. Development was largely completed by
the end of 1989, enabling successful testing of the
metallurgical circuit to take place through the fourth quarter
of 1989. Initial doré bullion associated with this testing was
poured on November 14, 1989. Initial gold sales from the project
occurred in January 1990.
In 1995, the annual site throughput was
increased from 450,000 to 485,000 tonnes. The maximum annual
throughput has subsequently been increased to 740,000 tonnes by
feeding finer material to the ball mill.
Selected Production and Operating Information
|
|
|
Years Ended December
31, |
|
Crixas (50%) |
|
2005 |
2004 |
2003(a) |
|
|
|
|
|
|
|
Tonnes mined(b) |
000s |
755 |
746 |
684 |
|
Tonnes processed(b) |
000s |
755 |
746 |
684 |
|
Gold grade |
gpt |
8.32 |
8.18 |
8.24 |
|
Gold recovery |
% |
95.2% |
95.4% |
95.7% |
|
Gold equivalent production |
ounces |
96,212 |
93,540 |
86,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
US$ MM |
41.5 |
38.2 |
31.9 |
|
Cost of sales |
US$ MM |
14.1 |
12.2 |
10.3 |
|
Accretion & reclamation expense |
US$ MM |
0.1 |
0.1 |
0.1 |
|
Depreciation, depletion &
amortization |
US$ MM |
12.3 |
12.8 |
12.3 |
|
Exploration |
US$ MM |
0.3 |
0.3 |
0.5 |
|
Impairment charge |
US$ MM |
3.4 |
0.0 |
42.5 |
|
Net earnings (loss) |
US$ MM |
11.3 |
12.8 |
-33.8 |
|
|
|
|
|
|
|
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|
|
|
|
|
Unit costs: |
|
|
|
|
|
Per gold equivalent ounce produced |
US$/oz |
147 |
130 |
119 |
|
Per tonne milled |
US$/t |
18.68 |
16.35 |
15.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
a)
2003 results are for the 11 months from February through
December only |
|
|
|
b)
Tonnes mined/processed represent 100% of mine production |
|
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|
Mineral Reserve and Resource Summary
Kinross Gold Corporation’s Share at December 31, 2005
|
|
Tonnes |
Grade |
Ounces |
|
|
( X 1,000) |
(g/t) |
( X 1,000) |
|
Proven and Probable Reserves |
82,172 |
0.74 |
1,953 |
|
Measured and Indicated Resources |
1,864 |
6.32 |
379 |
|
