Home / Mortgage Loans / Kinross Gold Corp upbeat on latest plan to expand troubled Tasiast mine
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Kinross Gold Corp upbeat on latest plan to expand troubled Tasiast mine

Kinross picked up Tasiast back in 2010, when it acquired Red Back Mining Inc. for US$7.1 billion.

Kinross Gold Corp. said Tuesday it is “encouraged” by its latest effort to expand the money-losing Tasiast mine in Mauritania, a project that has been plagued with problems since it was acquired.

The Toronto-based miner said it is studying a two-phased expansion of the troubled mine in order to make it profitable. The first phase would increase ore processing capacity to 12,000 tonnes a day, up from 8,000 currently. A second phase would boost capacity to 38,000 tonnes a day.

Kinross picked up Tasiast back in 2010, when it acquired Red Back Mining Inc. for US$7.1 billion. It was one of the most overpriced deals in the history of the gold mining industry, and was largely written down as capital costs at Tasiast increased and gold prices declined.

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