Kinross declares commercial production at Russian low-cost mine
TORONTO (miningweekly.com) – Canada-based gold miner Kinross Gold on Wednesday declared commercial production at its high-grade, low-cost underground Dvoinoye gold mine, located in Russia's Chukotka region.
Dvoinoye is located about 100 km north of Kinross' Kupol mine, where its ore would be processed at the existing mill, providing additional low-cost production.
At peak production, Dvoinoye is expected to produce 1 000 t/d, which would be transported to Kupol on an all-season road. The Kupol mill had been expanded from 3 500 t/d to 4 500 t/d to process the additional Dvoinoye ore.
Dvoinoye, which is the company’s fourth Russian mine, is expected to produce between 235 000 and 300 000 gold-equivalent ounces a year during its first three full years of production.
For the combined Russian operations, the cost of sales between 2014 and 2016 was forecast to be $545/oz to $600/oz of gold equivalent.
First ore from development activities at Dvoinoye was delivered to Kupol in the second quarter. The total production in 2013 was expected to be about 25 000 gold-equivalent ounces.
"I congratulate the Kinross team in Russia for delivering this important project on time and on budget, despite the challenges of a remote northern location and the difficult conditions facing the mining industry. Dvoinoye is a low-cost mine, which strongly reflects the company's focus on maximising margins and cash flow at both our existing operations and growth projects," Kinross CEO Paul Rollinson said.
As of December 31, 2012, Dvoinoye had proven and probable gold reserves of about 1.1-million gold-equivalent ounces, with an average grade of 17.8 g/t gold.
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