Mining News: News Nuggets: More gold for less at Fort Knox

Kinross Gold Corp. Feb. 11 reported that Fort Knox Mine near Fairbanks produced 401,553 ounces of gold in 2015, a six percent increase over the mine’s output of 379,453 oz. in 2014. Some 13.5 million metric tons of ore averaging roughly 0.76 grams per metric ton gold was processed through the mill in 2015; and approximately 25.2 million metric tons of ore averaging about 0.7 g/t gold was stacked on the mine’s heap leach pad during the year. Production costs at the Interior Alaska mine totaled US$252.8 million last year, down 12.8 percent from comparable expenses in 2014. As a result, production cost per ounce for Fort Knox gold sold in 2015 was US$629, compared with US$712 the previous year. Fort Knox ended 2015 with 147.32 million metric tons of proven and probable reserves averaging 0.4 g/t (2.02 million oz.) gold. The mine has an additional 95.82 million metric tons of measured and indicated resources (not included in the reserves) averaging 0.5 g/t (1.42 million oz.) gold; and 14.82 million metric tons of inferred resources averaging 0.5 g/t (221,000 oz.) gold.

- Shane Lasley

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