Kinross preparing to triple local gold production - Brazil
Published: Monday, November 17, 2008 18:02 (GMT -0400)
Toronto-based Kinross Gold (TSX: K, NYSE: KGC) is planning to become Brazil's biggest gold producer as of November 25 when the company concludes expansions at its Paracatu mine in northern Minas Gerais state.
According to a company statement, Kinross will have annual output of 18t (578,713oz) versus the previous 5.4t.
The company invested US$570mn in the Paracatu expansion. Works began in August 2006 and took 26 months to complete.
"The conclusion is happening just when the world is demanding more gold," Kinross Brasil president José Roberto Freire said. "The conclusion couldn't have happened at a better time."
