By Robert Melnbardis
NEW YORK (Reuters) - Kinross Gold Corp (K.TO: Quote, Profile, Research, Stock Buzz) expects three key production projects in Russia, Brazil and the United States to meet their start-up dates and budgets, the Canadian gold miner's chief executive said on Tuesday.
"We are on track for the timing of those start-ups, and on track for budget, so quite focused on delivering those projects," CEO Tye Burt told the Reuters Global Mining Summit.
Kinross, which has a market capitalization of almost $15 billion, is expanding its Paracatu gold mine in Brazil, where the start-up is expected for this July.
Production from its Buckhorn deposit in Washington state is set for October, and output from its Kupol mine in far eastern Russia is scheduled to come onstream in May.
The projects are a key part of Kinross' plan to boost annual gold production by 60 percent to some 2.5 million to 2.6 million ounces through 2009, from 1.6 million ounces in 2007, while reducing the company's average cost of sales.
In a telephone interview, Burt noted that Kinross' gold reserves have grown through acquisitions and expansions from 5 million ounces in 2002 to 47 million ounces.
"Unlike our peers, we are not facing production slowdown or production decline in the next few years. So we don't have the same necessity to make deals," he said.
Like his peers, however, Burt is bullish on the outlook for gold prices, which were at about $974 an ounce at midday on Tuesday, though he declined to make a specific price projection for the precious metal. Continued...
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