The Fort Knox mine, in Alaska
Dual-listed Kinross Gold on Tuesday affirmed its three-year production outlook and provided details of its longer-term production profile, based on organic opportunities in its global portfolio.
The miner would increase production by 20% from 2021 to 2023, with estimated production of about 2.4-million gold-equivalent ounces (GEOs) in 2021, 2.7-million GEOs in 2022 and 2.9-million GEOs in 2023.
Kinross also said it expected an overall downward trend in cost of sales per ounce sold over its three-year growth profile.
Over the longer term, production would be maintained at an average of 2.5-million GEOs a year from 2020 to 2029.
The growth projects that underpin the long-term production profile include Udinsk, the first deposit expected to be developed on the Chulbatkan licence in Russia, the recently acquired Peak project in Alaska, the Phase S extension at Round Mountain in Nevada, and the Lobo-Marte project in Chile.
These project range from scoping through feasibility study level of confidence.
“Kinross has a diverse global portfolio with top-tier assets that have long mine lives complemented by a large mineral reserve and resource base.
"The reinvestments in our portfolio, continuous improvement initiatives and exploration programmes have enabled us to add lower cost and lower risk projects that leverage existing infrastructure and enhance our long-term production profile. Our strong production profile, combined with our robust financial position and recently reinstated quarterly dividend, point to an exciting future for our company,” commented CEO Paul Rollinson.