Massive expansion program triples mine's production

摘要

Kinross' recent expansion of its Paracatu mine in Brazil invites superlatives. It is tripling production at Paracatu and has transformed the operation into the biggest gold producer in Brazil. It is also one of the largest gold mines in the world in terms of tonnes processed on a daily basis. Furthermore, it also has one of the longest lives of any operating gold mine, extending to about 2040. Paracatu, located in the state of Minas Gerais, has been in operation since 1987. Kinross acquired a 49 percent stake in Paracatu as part of its acquisition of TVX and Echo Bay in 2003, and acquired the remaining 51 percent from Rio Tin to in 2004 to become 100 percent owner and operator. Once Kinross acquired full ownership, the company mounted an intensive exploration program to increase gold reserves and justify a substantial capital investment in new mining and processing equipment to treat the harder ores that were being mined.