Name of the Project
Tasiast 24k project.

Location
Mauritania.

Project Owner/s
Kinross Gold.

Project Description
Tasiast has reserves of 120.84-million tonnes grading 1.9 g/t gold. Total measured and indicated resources are estimated at 70.68-million tonnes grading 1.2 g/t gold. Inferred resources are estimated at 6.32-million tonnes grading 1.9 g/t.

Based on the Tasiast 24k project feasibility study, a continuous improvement approach to increasing throughput will be undertaken, which is expected to ramp up to 21 000 t/d by the end of 2021, and then to 24 000 t/d by mid-2023.

The project is expected to extend life-of-mine by four years to 2033.

Throughput increases are expected to be achieved through minor upgrades and debottlenecking initiatives in the plant.

The project includes modifications to the existing grinding circuit, adding new leaching and thickening capacity, as well as incremental additions to on-site power generation and water supply.

Potential Job Creation
Not stated.

All-in Sustaining Costs/All-in Costs
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated after-tax net present value, at a 5% discount rate, of $1.7-billion and an incremental internal rate of return of 60% (based on a $1 200/oz gold price).

Capital Expenditure
Capital expenditure is estimated $150-million.

Planned Start/End Date
Not stated.

Latest Developments
The 24k project continues to advance well and remains on budget and on schedule to increase throughput capacity to 21 000 t/d by the end of 2021 and then to 24 000 t/d by mid-2023.

Stripping continues on schedule, detailed engineering is largely complete, and procurement and contracting activities are well under way. The construction team has mobilised to site and initial debottlenecking work in the processing plant has started, along with construction activities pertaining to the installation of a power plant.

Kinross signed the $300-million project financing for Tasiast with the International Finance Corporation (a member of the World Bank Group), Export Development Canada and two commercial banks on December 16, 2019. The first funding draw from the loan, which is nonrecourse to Kinross, is expected late in the first quarter of 2020.

Key Contracts and Suppliers
None stated.

Contact Details for Project Information
Kinross Gold, tel +1416365 5123 or email info@kinross.com.