(Ecofin Agency) - In June 2023, Kinross Gold successfully completed the expansion of its Tasiast gold mine. This expansion, launched in in 2019, has allowed the Canadian mining company to surpass an annual production milestone of 600,000 ounces in 2023, making Tasiast not only the largest gold mine in Mauritania but also a key asset in Kinross Gold's portfolio.

On February 14, Kinross Gold unveiled its operational and financial results for FY 2023, which concluded on December 31. The company reported a record gold production of 620,793 ounces (about17.6 tons) at the Tasiast mine, marking a 15% yoy increase.

The Tasiast mine's achievement is largely attributed to the successful completion of the Tasiast 24k expansion project, which increased the mine's initial processing capacity by over 50%. Finalized in June 2023, the project led Tasiast to reach a historic quarterly production peak of 171,140 ounces by the end of September 2023.

The surge in production at Tasiast has the potential to significantly impact the mining sector's contribution to Mauritania's economy. In 2022, the mine's performance enabled gold to surpass iron ore as the country's top export product. According to data from the Extractive Industries Transparency Initiative (EITI), mining accounts for 70% of Mauritania's exports, 24% of its GDP, and nearly 30% of the state's revenue.

Looking ahead to 2024, Kinross aims to produce 610,000 ounces of gold at the Tasiast mine, which would represent 29% of the Canadian group's total expected production. Kinross also operates the Paracatu mine in Brazil, La Coipa in Chile, and the Fort Knox, Round Mountain, and Bald Mountain mines in the United States. Combined, these assets contributed to the company's overall production of 2.15 million ounces in 2023.