Wednesday, 16th February 2005 (2772 views)

Mining firm Kinross Gold has announced that its proven and probable gold reserves rose by 37 per cent at the end of last year compared to 2003.

The gold producer revealed that its reserves now stand at 19.4 million ounces.

Financial results at the firm are set to be released in the near future, but are currently being delayed by an independent third party valuation of Kinross' merger with TVX Gold and Echo Bay Mines.

Scott Caldwell, chief operating officer of Kinross, said: "Costs were a little higher than planned due to the earlier than planned shutdown of the Lupin mine and the deferral of the Tsokol project in Russia.

"We will also see some write downs of supplies inventories and fixed assets at New Britannia, Lupin and Kubaka."

The Canadian firm explained that its Gurupi project has not been included in the year-end reserves since a feasibility study is in progress.

In addition, a drill programme is currently taking place at Paracatu, which could considerably increase the reserve base at the mine.

 

« Back to Gold News stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.