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Canadian gold miner to invest $1BN in 2018
Investment plans Canadian miner Kinross Gold Corporation is planning to allocate about $1.075 billion to capital expenditure this year, including sustaining capital of $355 million, and non-sustaining capital of approximately $680 million to advance the company’s development projects.
“We are forecasting another year of solid production of approximately 2.5 million gold equivalent ounces, and we expect to be at or slightly above this level of production over the next three years,” J. Paul Rollinson, the president and CEO of Kinross, said in a statement. “Our development projects continue to progress on time and on budget, with Tasiast Phase One expected to commence full commercial production by the end of June.”
Other project milestones to be achieved in 2018 include the ramping up of construction at Tasiast Phase Two; advancing construction of the Round Mountain Phase W and Bald Mountain Vantage projects in Nevada; and commencing mining of high-grade ore at Russia’s Moroshka, among others, according to Rollinson.