Mauritania Says Kinross to Invest $1.5 Billion in Tasiast Mining Project
Production of the precious metal at the mine will be an annual 1 million ounces, Mohamed Abdellahi Ould Oudaa told reporters at a mining-industry conference in Nouakchott, the capital, yesterday.
Shareholders of Toronto-based Kinross approved its C$7.4 billion ($7.3 billion) acquisition of Australia’s Red Back Mining Inc., including its mines in Mauritania and Ghana, Africa’s second-biggest gold producer.
Steve Mitchell, a spokesman for Kinross in Toronto, said the company’s feasibility study on the project is due to be completed in mid-2011. The company hasn’t disclosed an estimate for capital expenditure at Tasiast, he said in an e-mail today.
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