AISC of $800/oz highlights favourable economics of asset
Kinross Gold has released a preliminary economic assessment for its Great Bear gold project in Red Lake in Ontario , Canada outlining initial production of over 500,000ozpa at an all-in sustaining cost of US$800/oz.The PEA outlines a high-grade combined open pit and underground mine and 10,000tpd mill with a 12-year life, and average production of 431,000ozpa over its life.The project would yield a net present value of $1.9 billion at a 5% discount rate and an internal rate of return of 24.
The resource has potential to increase further as drilling to depths of up to 1600m has shown multiple wide, high-grade intercepts beyond the current resource that demonstrates the continuation of mineralisation at depth.The initial mine plan outlines concurrent open pit and underground mining over the first eight years followed by combined underground mining and stockpile processing for the remaining years.
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