Kinross Advances $500 Million Gold Project in Chile

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Researched by Industrial Info Resources (Sugar Land, Texas)--Kinross Gold Corporation (NYSE:KGC) (Toronto, Ontario), through its wholly owned subsidiary Kinross Minera Chile Limitada (Santiago, Chile), recently started a prefeasibility study for the Lobo-Marte gold project in Chile.

Located near Kinross operations in the Maricunga district in Northern Chile, Lobo-Marte will be developed as an open-pit mine and a 50,000-ton-per-day heap leach operation, set to produce 350,000 ounces per year. The project has an initial capital of approximately $500 million. Kinross expects to complete the prefeasibility study by the end of 2009 in order to initiate construction in 2011, with project completion set for 2013.

Earlier this year, Kinross acquired full interest in Lobo Marte from Teck Cominco--now Teck Resources Limited (NYSE:TCK) (Vancouver, British Columbia)--and Anglo American plc (LON:AAL) (London, England). Kinross is a Canadian-based gold mining company with a portfolio of mines and projects in Chile, Brazil, Ecuador, Russia and the United States.

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