Kinross Gold has announced plans to advance construction on three strategic growth projects in the US, comprising Round Mountain Phase X and Bald Mountain Redbird 2 in Nevada, and the Kettle River-Curlew project in Washington.
These projects are expected to extend mine life and optimise costs within Kinross’ US operations.
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Collectively, they are projected to produce approximately three million ounces (moz) of gold equivalent by 2038.
The developments are part of Kinross’ strategy to maintain an annual production rate of two million gold equivalent ounces.
The company anticipates that production from these projects will commence in 2028, with an average annual output of 400,000oz from 2029 to 2031.
At a projected gold price of $4,300/oz, the combined internal rate of return (IRR) is estimated at 55%, with a net present value (NPV) of around $4.1bn.
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By GlobalDataKinross Gold plans to fund these developments through operating cash flows, with a budget allocation of $425m out of a total capital expenditure of $1.5bn for 2026.
By the end of 2025, Kinross had completed a $600m share repurchase programme, reducing its share count by 2.5%.
The Round Mountain Phase X project presents economic prospects, with a post-tax NPV of $1.9bn and an IRR of 67% at a gold price of $4,300/oz.
This initiative is set to enhance life-of-mine production by 1.4 million gold equivalent ounces, boosting annual output by approximately 140,000oz and extending the mine’s life until 2038.
Transitioning to higher-grade bulk tonnage underground mining is expected to lower costs, with an all-in sustaining cost (AISC) of $1,680/oz and a production cost of sales of $1,576/oz.
The project has an initial underground reserve of 1.2moz at 3.2 grams per tonne (g/t), alongside additional indicated and inferred resources totalling 700,000oz.
For the Curlew project, financials include a post-tax NPV of $1.2bn and an IRR of 44% at the same gold price.
Kinross plans to restart operations at the Kettle River mill to process high-grade ore from the Curlew deposit, which lies around 40km away.
The project is expected to yield around 100,000 gold ounces annually over the first five years within an initial 11-year mine life, totalling around 940,000oz.
This operation forecasts a life-of-mine AISC of $1,726/oz and presents opportunities to expand high-grade mineralisation.
Meanwhile, Bald Mountain’s Redbird 2 project forecasts a post-tax NPV of $1bn and an IRR of 58%, also assuming a $4,300 gold price.
The addition of Redbird 2 and surrounding satellite deposits could produce a combined total of 643,000oz, maintaining an annual output of approximately 155,000oz and extending the mine’s lifespan until early 2032.
With high productivity and low costs, the project anticipates an AISC of $1,466/oz. Additionally, exploration opportunities exist for extending mine life further using current resources, highlighted by substantial measured and indicated reserves in the Top open-pit deposit.
Kinross CEO Paul Rollinson said: “We are excited to be moving ahead with Round Mountain Phase X, Curlew and Bald Mountain Redbird 2. These three new growth projects are expected to contribute 3moz of life-of-mine production to our portfolio, extend mine lives at our Nevada assets well into the 2030s and benefit our long-term costs in the US.
“Together they deliver attractive economics with an expected quick payback, an IRR of 55% and a cumulative NPV exceeding $4.1bn at a $4,300 gold price.”
Kinross intends to leverage existing infrastructure across these sites and has identified potential exploration opportunities that could further extend mine life and enhance resource value.
In September 2025, Kinross completed the sale of 29.85 million common shares in Asante Gold. This transaction represented approximately 4.2% of Asante Gold’s total outstanding shares and around 44.7% of Kinross’ stake in the company.
