First production after a two-year construction period could start as early as 2029. At current estimates, Great Bear is expected to produce a total of 5.3 million oz. at cash costs of $594 per ounce.
“We became new owners in February 2022 and what we saw in Great Bear at that time and continue to see today is a top-tier asset with significant potential for a large, long-life, low-cost mining complex,” Kinross CEO Paul Rollinson told investors and analysts on a conference call. “The PEA is a point in time estimate and is only showing an initial window into the long-term potential of this asset. We see potential to support a multi-decade asset.”
$1.4 billion capex
The project, 500 km northwest of Thunder Bay, has an after-tax net present value (at a 5% discount rate) of $1.9 billion and an internal rate of return of 24.3% at a gold price of $1,900 per ounce. Construction costs were pegged at $1.2 billion, and total initial…
