Kinross Starts Producing Gold at Kupol Field

ANADYR. July 9 (Interfax) – Canada’s Kinross Gold has commissioned a recovery plant costing more than $750 million at the Kupol gold-silver field in Russia’s Chukotka region, the regional administration’s press office told Interfax.

Kinross Gold’s 75%-owned CJSC Chukotka Mining and Geological Company is operating the mine.

Kinross has estimated overall capital costs this year at $600 million, including $100 million at Kupol.

The Chukotka press office said it expected the Kupol mine to produce around 14.5 tonnes of gold this year. The recovery plant will be capable of processing 3,000 tonnes of ore per day when it achieves full capacity in October 2008. Throughput is currently 1,500 tonnes per day.

The Chukotka region as a whole could produce 19 tonnes of gold in 2008, up from 5 tonnes in 2007. The region is targeting 30 tonnes per year in time

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