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Kinross to Invest $1.5 Billion in Mauritania’s Tasiast Gold Mine

Nov. 30 (Bloomberg) -- Kinross Gold Corp., the Canadian miner of the precious metal that acquired Mauritania’s Tasiast mine, plans to invest $1.5 billion over three years to boost production to 1 million ounces annually.

The money will be spent over the next three years and raise production from the current 200,000 ounces, Tye Burt, president and chief executive officer of the Toronto-based company, told reporters in the Mauritanian capital, Nouakchott, today.

The company also plans to develop a mining school and training center, Burt said, after meeting with Prime Minister Moulaye Ould Mohamed Laghdaf.

Burt confirmed information provided earlier this month by Mines and Industry Minister Mohamed Abdellahi Ould Oudaa. In September, shareholders of Kinross approved its C$7.4 billion ($7.2 billion) acquisition of Australia’s Red Back Mining Inc., including its mines in Mauritania and Ghana.

To contact the reporter on this story: Oudaa Marouf in Nouakchott via Accra at ebowers1@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.

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