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MeneameAlthough it has been almost a year since the Ecuadorian government said it would lift a freeze on all mining activities while it passes a new mining code, Canadian miner Kinross Gold (NYSE: KGC, TSX: K) is still waiting for final approval to resume exploration at its Fruta del Norte deposit, the company said.
In March, following the approval of the new mining law by congress, the government said it would lift the ban but to date has still not issued a definitive approval.
"We're learning not to give specific forecasts" on when approval will be issued, CEO Tye Burt said in a Tuesday conference call to discuss Kinross' third quarter results.
Burt added that Kinross has all the necessary permits but no final green light. Meanwhile, the company has four drill rigs waiting to be fired up at Fruta del Norte.
As for the passing of the mining law, in late October President Rafael Correa said that it would be published in the coming days, without giving an exact date.
According to an NI 43-101 report issued in October 2007, Fruta del Norte has 58.9Mt grading 7.23g/t gold and 11.8g/t silver in inferred resources.
PROJECTS IN CHILE
Concerning the Lobo Marte deposit in Chile's region III that Kinross purchased from Teck (TSX: TCK) in January, Kinross said it was considering an initial plan to transport ore from the deposit to the nearby La Coipa mine for processing. Following that Kinross will entertain a standalone operation also.
Meanwhile, the company is carrying out a prefeasibility study on Lobo Marte that it expects to have done by year-end and is working on environmental approval. Roughly 80% of the project's planned drilling is complete.
According to a study done by Teck, Lobo Marte has 97.7Mt grading 1.72g/t gold in indicated resources and 9.25Mt of 1.56g/t gold in inferred ones.
As for the Cerro Casale project in Chile, a JV between Kinross and Barrick Gold (NYSE: ABX), the two companies have completed a draft feasibility study and will release the results in the first quarter. The miners are also looking for ways to optimize the study. Cerro Casale is expected to be capable of producing about 990,000oz/y of gold.
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