Kinross Gold to Develop Tasiast Gold Mine in Mauritania

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Researched by Industrial Info Resources (Sugar Land, Texas)--The West African country of Mauritania contains 1,030,631 square kilometers of land area, ranking it No. 29 in the world in terms of area. The country has extensive deposits of iron ore, which account for almost 50% of the country's total exports. With the current rise in metal prices, international gold and copper mining companies are opening and expanding mines in the interior of the country.

Red Back Incorporated (Vancouver, British Columbia) is an un-hedged, Africa-focused gold producer that owns and operates mines in Mauritania. It holds three permits, covering 16,222 square kilometers, including permits for the Ahmeyim-Tijirit, the Karet, and the Tasiast mines. The Tasiast mine, which is the company's main gold mine in Mauritania, is located in the northern part of the country, approximately 300 kilometers north of the capital city Nouakchott and 162 kilometers east-southeast of the port city of Nouâdhibou.

The Tasiast gold mine produced 3,932 kilograms of gold in its first full year of production in 2006; 3,943 kilograms of gold in 2007; 3,745 kilograms of gold in 2008; and 5,686 kilograms of gold in 2009. In 2010, estimates of total ore reserves at the Tasiast deposit were 115.2 million tons, at a grade of 1.35 grams per metric ton. The proved reserves include 49.4 million tons of gold-bearing ore at a grade of 1.36 grams of gold per ton. Probable reserves were 61.5 million tons at a grade of 1.40 grams of gold per ton, and stockpile reserves were 4.3 million tons, at a grade of 0.68 grams per ton.

Kinross Gold Corporation (NYSE:KGC) (Toronto, Ontario) acquired Tasiast through its $7.1 billion acquisition of Red Back Mining in August 2010.

In August this year the company announced that the gold reserve in the Tasiast gold mine stands at 23 million ounces, compared to 8 million ounces in 2008. The company attributed this growth in reserve to an intensive exploration plan carried out in 2011. According to Atlas News the Tasiast gold mine has ambitious plans, aimed at increasing the annual production of the mine up to 1.5 million ounces through 2014.

Mauritania gains many benefits from the gold mining industry. It provides the employment market with about 1,700 direct jobs and 900 indirect jobs and supports the national income, earning about 12% from the total production of gold mines, in addition to 2% for the development of the governorate in which the gold mine is located.

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