Seeing the 250,000 ounces per year mine on the brink of commercial production will help easy Kinross shareholders worries. The gold miner has suspended its Kupol mine in Russia because of sanctions over Moscow’s invasion of Ukraine.
The Toronto-based company, which has been operating in Russia for about 25 years, had expected to produce 350,000 ounces of gold equivalent this year at the mine, which accounts for 13% of Kinross 2.65-million-ounce gold equivalent output.
Kinross, which gave the green light to the restart La Coipa in 2020, recently increased the mine’s expected overall production by 45% to about 1 million ounces of gold.
The upward revision incorporates bringing the nearby Puren pit into the project and optimizing the Phase 7 mine plan.
The project’s life of mine estimate was also extended from 2024 to 2026 and Kinross said it continued to study opportunities to further expand the mine.
Eyeing expansions
As…
