PRECIOUS METALS

Tasiast workers on strike

Unionised workers have gone on strike at Kinross Gold Corporation’s Tasiast mine in Mauritania.

Kinross Gold Corp's Tasiast mine in Mauritania

Kinross Gold Corp's Tasiast mine in Mauritania

While it is unclear what workers' demands are, Kinross said it disagreed with the basis of the strike and sought discussions with staff delegates to resolve the matter. It said it was disappointed with the "opportunistic" course of action taken during the COVID-19 pandemic fallout.

Kinross said had complied with government COVID-19 mandates and had prioritised the health and wellbeing of employees. It was following the collective agreement signed just last November.

It is the fourth labour action at the mine since Kinross acquired Tasiast in 2010 for US$7.1 billion from Red Back Mining. The operation has been struggling to reach optimal production parameters for years, resulting in Kinross booking several consecutive multi-billion-dollar write-downs and undertaking a comprehensive mine redesign.

It pulled the trigger on a $150 million expansion called Tasiast 24k in September, to lift throughput to 24,000t/d and an eventual 563,000ozpa by 2023, extending the mine life four years to 2033.  

Tasiast produced 391,097oz gold-equivalent in 2019, 56% higher year-on-year as the mine benefitted from a phase-one expansion and a strong mill performance.

Kinross' US share price (KGC:Nasdaq) has more than doubled in the past 12 months to nearly US$7, gaining more than 40% in the past 30 days. It has a market capitalisation of $8.79 billion.

 

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.