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January22
TD Securities Mining Conference
December3
Scotiabank Mining Conference

Tasiast, Mauritania

Phase One:

Tasiast Phase One is complete, as throughput of the SAG mill ramped up in the third quarter of 2018. The operation achieved record production in the first quarter of 2019, surpassing a production record set in Q4 2018. The SAG mill is now consistently achieving throughput above 12,000 tonnes per day (t/d).

Click here for video of the Tasiast Phase One project.

Tasiast 24k:
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 24,000 tonnes per day 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 initial project capital costs are expected to be approximately $150 million, which is significantly less than the capital estimate for the original 30,000 t/d Phase Two expansion plan. The 24k project has reduced execution risk, requires less additional infrastructure, and leverages greater utilization of the existing facilities.

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.

The Company is also on schedule to complete the $300 million project financing for Tasiast from the International Finance Corporation, Export Development Canada, and two commercial banks before year end. The Company has strong liquidity and is well positioned to fund the Tasiast 24k project.

Exploration

The Tasiast exploration program in 2018 focused on the Tasiast mining lease area, including the Gap between West Branch South and the northern edge of the Tasiast Sud license, as well as Piment and the North Mine area (north of Prolongation).

Drilling at the Gap highlighted erratic zones of anomalous mineralization along the main Tasiast trend to the south with a general shallow plunge to the south. The drilling spacing along strike is too wide for a meaningful geologic conclusion to be made. The depth extension of the Piment orebody was drilled to test the high-grade shoot beneath Piment pit to assess if it would be suitable for an underground mining study. Results received continue to show the presence of a shallow angle shoot system. The North Mine area drilling resulted in outlining some resource addition from C68 Central.

  • Ownership 100% Kinross
  • Mining Open pit
  • Location Mauritania, West Africa
  • Processing Milling, heap leach
  • Expected Life of Mine 2033
  • 2018 Gold Equivalent Production 250,965 oz.
  • 2018 Cost of Sales US $976/oz.
  • 2018 Proven and Probable Reserves 7,207 Au koz.
Technical Report (PDF)

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