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CORRECTED-Kinross continues processing at strike-hit Mauritania gold mine

Published 2016-05-24, 01:14 p/m
© Reuters. CORRECTED-Kinross continues processing at strike-hit Mauritania gold mine
KGC
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SPTTGD
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(Changes to Tuesday in paragraph 3)
May 24 (Reuters) - The processing facility remains in
operation at Kinross Gold Corp's K.TO Tasiast mine in
Mauritania, a spokesman for the miner said on Tuesday after
workers at the site went on strike.
Management at the mine in western North Africa also have a
contingency plan to minimize the impacts of the strike, which
includes processing stockpiled material, Kinross spokesman Louie
Diaz said in an email. He did not give details of the plan.
Kinross said that unionized workers at the Tasiast mine had
gone on strike on Tuesday. The Toronto-headquartered gold miner
said it did not expect the strike to affect an expansion that is
currently planned for the mine.
Kinross in March approved a $300 million first-phase
expansion to double Tasiast's production and slash its
production costs.
Its shares were down 8 percent at C$5.95 on the Toronto
Stock Exchange, falling more than the S&P/Global Gold Index
.SPTTGD , which was 5 percent lower on a weaker gold price.
Tasiast is one of Kinross' highest cost mines and does not
contribute significant cash flow to the company at this stage,
RBC Capital Markets analyst Stephen Walker said in a note to
clients.
BMO Capital Markets analyst Andrew Kaip estimated that a
one-month strike could impact 2016 earnings per share by less
than 2 percent.

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