Gold Mining News

Kinross eyes expansions at its new gold mines in Nevada

Canada’s Kinross (TSX:G) (NYSE:KGC), the world’s fifth largest gold producer, believes it can increase reserves at its Bald Mountain and Round Mountain mines, which it acquired from Barrick Gold (TSX, NYSE:ABX) late last year.

The company, which is looking to strengthen its portfolio in North America, has increased its exploration budget for the year by 50% to $9 million as “promising results” at Bald Mountain have “reaffirmed Kinross’ confidence in the site’s significant upside potential,” it said in a market update ahead of an analyst tour this week.

At Bald Mountain, Kinross believes it can increase current mineral reserve estimate and extend expected mine life by developing two sets of deposits in the near term.

Kinross, which operates two mines in Russia and also owns the problem-plagued Tasiast operation in Mauritania, also see great potential in its other Nevada-based mien — Round Mountain. Here the firm continues with an improvement initiative launched in 2014 aimed at enhancing heap leach performance. This process solution management heap leach program is expected to produce approximately 200,000 to 230,000 gold-equivalent ounces over the life of the mine at a low cost of $200 to $400 per gold-equivalent ounce, which includes production cost of sales and capital expenditures, Kinross said.

The company recently completed a scoping study for a potential expansion at Round Mountain known as “Phase W,” which added approximately 2.4 million gold ounces to the estimated inferred mineral resource.

The Toronto-based miner was already the operator of the Round Mountain mine when it bought the other half from Barrick. As part of that deal, which also saw Kinross acquiring neighbouring Bald Mountain, the two companies formed a joint venture to explore a large land package on the property.

The company noted that the permitting process to allow expansion of exploration and mining activities is entering its final days of completion with no substantive issues remaining. The permit covers the expanded mine plan, numerous under-explored pits (including the Vantage Complex and Yankee, another promising target in the South area), and provides significant flexibility for future growth, such as allowing for extensive heap leach capacity.

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Kinross eyes expansions at its new gold mines in Nevada

Child labour group takes aim at electronic manufacturers that use gold

Sony, Ericsson and Foxconn receive a poor rating on their efforts on combating child labour and gold mining, according to Stop Child Labour.

The activist group ranked ten electronic companies on how well it is performing in eradicating child labour from gold mining.

According to the World Gold Council, the electronics industry consumed 63.9 tonnes of gold in the first quarter of 2016, about 5% of total demand.

Companies were ranked on seven criteria such as “Can the company trace back the origin of gold in its products?” and “Has the company a policy on the eradication of child labour?” The group estimates that more than 1 million children work in gold mines around the world.

“Only two companies, the Dutch Fairphone and the multinational Microsoft show that they are actively involved in gold mining initiatives in which the eradication of child labour is included,” writes in Stop Child Labour.

“Not even one of the electronics companies knows exactly where the gold comes from and whether child labour occurs in these mines.”

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