Great Bear PEA supports acquisition thesis – Kinross
Canada-based senior gold miner Kinross Gold has completed a preliminary economic assessment (PEA) for the Great Bear project, in Red Lake, Ontario.
The PEA outlines a high-grade combined openpit and underground mine with an initial planned mine life of about 12 years.
“This PEA represents the first view of unlocking Great Bear’s full potential,” commented CEO Paul Rollinson, stating that the study supported Kinross’ acquisition thesis of a top-tier high-margin operation in a stable jurisdiction with strong infrastructure.
Kinross acquired the asset in February 2022 when it bought Great Bear Resources.
Great Bear project is projected to produce more than 500 000 oz/y at an all-in sustaining cost of about $800/oz during the first eight years through a conventional, modest capital, 10 000 t/d mill.
The PEA estimates initial project capital of $1.43-billion and calculates an internal rate of return of 24% and a net present value of $1.9-billion on a gold price of $1 900/oz. The project will have a 2.7 year payback.
Kinross is continuing to progress work in several areas across the project, for both the advanced exploration programme (AEX) and the main project. Both the AEX and main project remain subject to permitting.
The AEX permitting is a provincial process and Kinross is working with the authorities on finalising the permits.
The main project’s permitting is mainly a federal permitting review process driven by the Impact Assessment Agency of Canada (IAAC), with some provincial permitting components.
An impact statement is currently in process and is expected to be submitted to the IAAC next year.
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