Udinsk gold project, Russia
Name of the Project
Udinsk gold project.
Location
Chulbatkan licence area, Russia.
Project Owner/s
Kinross Gold.
Project Description
The Udinsk prefeasibility study (PFS) has reaffirmed Kinross’ view of the asset as a low-cost and high-return project.
The mine is expected to produce about two-million ounces of gold during a seven-year mine life, which includes at least six years of mining and crushing activities, plus an additional year of leaching on the heap-leach pads.
The PFS proposes an openpit mine with a three-stage crush heap-leach process flow.
Potential Job Creation
Not stated.
Net Present Value/Internal Rate of Return
The project has an estimated net present value, based on a reserve prices of $1 200/oz, of $210-million and an internal rate of return of 11%.
Capital Expenditure
The initial capital cost for the project is estimated at $655-million, including $95-million in contingency.
Planned Start/End Date
Subject to a positive development decision and permitting, construction is expected to start with early work activities in late 2022, with first production planned for the fourth quarter of 2025.
Latest Developments
A feasibility study is under way and is expected to be completed in the third quarter of 2022.
Kinross is continuing to explore the project’s upside potential, including mine plan optimisations for the Udinsk feasibility study. Additional drill data, and design optimisations that include updated recovery data and higher benches, are being analysed to potentially expand the pit and increase mine life.
Key Contracts, Suppliers and Consultants
None stated.
Contact Details for Project Information
Kinross Gold Corporation VP corporate communications Louie Diaz, tel +1 416 369 6469 or email louie.diaz@kinross.com.
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