CORRECTED-UPDATE 1-Kinross estimates $920 mln spending for N. Africa mine expansion

(Corrects to "Kinross estimated it would have to spend $920
million" from "Kinross said it would spend $920 million" in
headline and first paragraph; adds paragraph 3 to clarify that
the company is yet to make a decision on phase 2 of the
expansion)
March 30 (Reuters) - Kinross Gold Corp K.TO KGC.N
estimated it would have to spend $920 million on a two-phase
expansion of its Tasiast mine in Mauritania in North Africa,
lower than it had earlier estimated.
The Canadian miner, the fifth biggest gold producer in the
world, said in November that it was studying the expansion of
Tasiast in a "bite-sized," two-step expansion that was less
risky in a lower gold price environment.
The company said on Wednesday it was going ahead with the
first phase of the expansion, but it has yet to decide on the
second phase.
The $300 million first-phase expansion is expected to
increase the mill throughput capacity to 12,000 tonnes per day
from 8,000 tonnes per day, the company said on Wednesday.

The second part of the expansion, to increase combined mill
throughput to around 30,000 tonnes per day, is expected to cost
$620 million.
Kinross said the total capital expenditures of $920 million
is lower than a 2014 estimate of $1.6 billion as the throughput
capacity has been reduced by about 21 percent from the estimated
38,000 tonnes per day.
In February 2015, the company halted a $1.6 billion
expansion of Tasiast because of a 40 percent drop in gold prices
since late 2011.
The expansion of the mill at Tasiast is Kinross' biggest
growth project, and without it analysts are concerned about the
company's growth prospects unless the miner makes an
acquisition.
Kinross acquired Tasiast as part of its $7.1 billion
takeover of Australia's Red Back Mining in 2010. It has written
down virtually all of the acquisition price of the takeover,
which cost former Kinross CEO Tye Burt his job.