KGC - Kinross sees Tasiast SAG mill restart by year-end cuts production guidance

Kinross Gold (KGC) +1.1% post-market after saying mining activities have resumed at its Tasiast mine in Mauritania after a fire shut operations last week.Fire damaged was limited mostly to the discharge area of the SAG mill, which the company expects will not restart until the end of the year, with expected restart costs of as much as $50M.Kinross reduces FY 2021 production guidance to 2.1M gold equiv. oz. from its previous outlook for 2.4M oz. disclosed in February.In 2022 and 2023, the miner maintains annual production guidance of 2.7M and 2.9M gold equiv. oz., respectively.Kinross does not anticipate the fire will affect Tasiast's life of mine production and mineral reserve estimates or have a material impact on the mine's overall value.Shares recently have tumbled to more than three-month lows, partially in reaction to last week's fire.

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Kinross sees Tasiast SAG mill restart by year-end, cuts production guidance