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Kinross Gold will spend US$1.5 billion on Mauritania's Tasiast mine: report

Kinross Gold Corp. (K.TO) will spend US$1.5 billion on Mauritania's Tasiast mine that it acquired in September, according to the northwest African nation's mines and industry minister, Bloomberg reports.

Production of the precious metal at the mine will be an annual 1 million ounces, Mohamed Abdellahi Ould Oudaa told reporters at a mining-industry conference in Nouakchott, the capital, yesterday, the report says.

The report notes shareholders of Toronto-based Kinross approved its $7.4 billion acquisition of Australia's Red Back Mining Inc., including its mines in Mauritania and Ghana, Africa's second-biggest gold producer.

Steve Mitchell, a spokesman for Kinross in Toronto, reportedly said the company's feasibility study on the project is due to be completed in mid-2011. The company hasn't disclosed an estimate for capital expenditure at Tasiast, he reportedly added in an e-mail today.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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