Kinross Gold Corp on Monday estimated the cost of a scaled-back expansion of its struggling Tasiast mine in West Africa at $2.7 billion, more than some analysts had expected, sending its shares 3 percent lower.The company said it was pushing ahead with a feasibility study for a new 38,000 tonne-per-day mill at the project, located in remote Mauritania, despite plunging gold prices and investor pressure in the mining sector to cut back on spending.Kinross said it would make a final decision on the expansion after the study is completed in the first quarter of 2014. Still, it is already spending some $624 million on infrastructure and other aspects of the project this year."It's not a definitive pedal-to-the-metal, we're building this thing," said Chief Executive J. Paul Rollinson in a conference call with analysts. "It's an on-to-the-next-stage of study and we'll stop, look and listen when we complete that work."
Kinross Gold Corporation (Kinross) is engaged in gold mining and related activities, including exploration and acquisition of gold-bearing properties, the extraction and processing of gold-containing ore, and reclamation of gold mining properties. Shares of KGC fell by 2.35% or $-0.129/share to $5.36. In the past year, the shares have traded as low as $4.97 and as high as $11.20. On average, 10545700 shares of KGC exchange hands on a given day and today's volume is recorded at 10059019.
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