Kinross cuts Tasiast expansion costs by $1.1 billion

Kinross Gold (TSE:K, NYSE:KGC)) released an updated technical report for its Tasiast mine in Mauritania on Monday that makes deep cuts to capex costs for the troubled project.

Kinross said the initial capital cost to expand the mine in Mauritania would total $1.6 billion, compared to its pre-feasibility estimate of $2.7 billion.

The Toronto-based miner says it does not plan to make a final decision on the project until 2015 at the earliest.

The NI 43-101 study forecasts average annual production of 826,000 ounces of gold, up from 247,000 ounces in 2013, over a 17 year mine life.

The mine first opened in 2007, producing more than 1.12 million ounces to date.