The stock of Kinross Gold Corporation (NYSE:KGC) closed at $4.04 losing 0.25% in yesterday’s trading session. Kinross has made an announcement regarding its acquisition of mining rights on Gilmore Property. The Company sought out to extend the life of the mine. It also wanted to make a proper evaluation by looking into the possibility of upgrading a sizeable measure portion of the estimated indicated and measured resources of the site.
If everything goes according to plan, it is expected that by 2018 the update on the feasibility study will already have been unleashed by the company. The company hopes that within a short period it will be able to kick start the process of obtaining the permits it needs at Gilmore.
The President and CEO at Kinross Gold, J. Paul Rollinson, opined “Gilmore is a promising organic development opportunity that can potentially extend mine life at our Fort Knox mine in Alaska, one of our top producing and high performing operations. With the Gilmore project, we continue to deliver on our strategy of pursuing low-risk, high-potential brownfield projects that can contribute to the long-term future growth of our Company.”
Kinross Gold gave its statement to its shareholders informing them that the total volume of probable and proven gold reserves is 1.315 million ounces at Fort Knox. A significant decrease was witnessed and this was attributed to the 2017 reserve depletion.
Rollinson attests to the fact that in carrying out their everyday business activities they come across numerous challenges. In fact at times it feels like they are apparently being swung off-balance. However, he takes great pride in the unity and industrious nature of the management which has always remained committed to ensuring that they keep moving forward everyday.
The acquisition of mining rights on Gilmore Property is no mean achievement. It is a major step forward for a company that has over the years struggled to sharpen its competitive edge in the market as well as boost its revenue. A lot of people will be looking forward to see the progress it makes in the near future.