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Tasiast, Mauritania

In September 2019, Kinross’ announced that it was proceeding with the Tasiast 24k project, a capital efficient continuous improvement project expected to incrementally increase throughput capacity to 21,000 tonnes per day (t/d) in Q1 2022 and then 24,000 t/d by mid-2023. Based on the results of a completed feasibility study, the project is expected to increase production, reduce costs, extend mine life to 2033, and generate significant cash flow and attractive returns.

For more information, see our news release here.

The design and engineering of the project benefitted significantly from the knowledge acquired operating the Phase One expansion, which helped identify many of the opportunities included in the 24k plan. For example, the project leverages the upside flexibility of the SAG mill, instead of requiring the addition of a new ball mill, resulting in substantial capital savings.

The project also incorporates operational efficiencies in maintenance, mining, supply chain and processing, which have contributed to Tasiast’s strong operating performance since the completion of the Phase One expansion.

Click here for a video of the Tasiast 24k project.

Kinross signed the $300 million project financing for Tasiast with the IFC (a member of the World Bank Group), Export Development Canada, and two commercial banks in December 2019. The Company has strong liquidity and is well positioned to fund the Tasiast 24k project.

The financing underscores the lenders’ confidence in Tasiast and the attractive foreign investment climate in Mauritania.

  • Ownership 100% Kinross
  • Mining Open pit
  • Location Mauritania, West Africa
  • Processing Milling, heap leach
  • Expected Life of Mine 2033
  • 2020 Gold Equivalent Production 406,509 oz.
  • 2020 Cost of Sales US $584/oz.
  • 2020 Proven and Probable Reserves 6,330 Au koz. (as of December 31, 2020)
Technical Report (PDF)

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