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Low gold price causes Kinross to shelve expansion of African mine
Kinross Decides Not to Expand Tasiast Gold Mine in Africa
By Nicole Mordant
Tuesday, February 10, 2015
VANCOUVER, British Columbia, Canada -- Kinross Gold Corp. will not go ahead with a $1.6 billion expansion of its Tasiast mine in Africa's northwest because of the weak gold price, the Toronto-based miner said today as it reported an unexpected fourth-quarter loss.
Although Kinross was in a strong cash position and project financing talks had gone well, the company was concerned about cash flow during the 35 months of construction if the gold price fell further, Kinross Chief Executive Paul Rollinson said. ...
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