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Kinross cuts full year gold production guidance

Published: 16:46 28 Oct 2009 GMT

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(Dorothy Kosich, Mineweb.com) Continuing to face challenges in recovery and throughput at the Paracatu Mine expansion project in Brazil, Kinross Gold has lowered its overall guidance and now expects to produce 2.2 million gold equivalent ounces this year.

In August Kinross had already decided to cut its 2009 production guidance from 2.5 million GEO to between 2.3 million and 2.4 million GEO due to Paracatu gold mine expansion delays.

In a news release, the company said it had been progress in increasing availability, efficiency and recovery at the Paracatu expansion.  Thus far this month, grinding circle throughout is 70% of design capacity and recovery is at 74%, compared to a design target of 80% gold recovery,

To achieve grind size and recovery at plant design levels will require more energy and grinding time than was originally estimated, "which has limited plant throughput and lowered gold production," the company said.

Meanwhile, the company has revised its regional guidance for Brazil, where full year production is expected to be between 420,000 to 440,000 GEO at an average cost of $645-$670 per ounce.

Work is now ongoing to improve mill performance through a number of initiatives including improving floatation, and blending mill feed with softer ore. Kinross is also considering adding more grinding capacity with scoping analysis expected to be completed at year's end.

Paracatu is believed to have proven and probable reserves of 1,429,229 ounces of gold.

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