Kinross $3B Lobo Marte investment: design, schedule and risk notes for mine planners
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Kinross Gold will invest $3 billion to develop the Lobo Marte project in Chile’s Atacama region, a 22‑year, 2,312‑hectare operation at 4,200 metres elevation designed for about 35,000 tonnes per day of ore and 4.7 million recoverable ounces of gold at 1.29 g/t. Sequential open pits at Marte and Lobo will truck ore to a primary crusher and heap leach facility, supplied by existing Mantos de Oro wells and a new 220 kV transmission line tied to upgraded regional roads. Construction is slated for 2027–2030, with Kinross planning district integration with the nearby La Coipa mine and Chilean reforms proposing lower mining patent fees and streamlined permitting.
Technical Brief
- Initial permitting and early works phase alone carries a $1.5 billion capital cost.
- Mine life plan explicitly includes construction, operations and closure within the 22‑year schedule envelope.
- Kinross forecasts 6.7 million ounces contained gold, yielding 4.7 million recoverable ounces over life‑of‑mine.
- Sequential open pits at Marte then Lobo are planned across a 2,312‑hectare high‑altitude footprint.
- Site water supply will rely on existing Mantos de Oro production wells, avoiding new wellfield development.
- Power will be delivered via a dedicated 220 kV transmission line tied into upgraded regional road access.
- Atacama region projections call for about 6,000 mining jobs per year through 2034, indicating labour competition.
- Proposed Chilean reforms would cut mining patent fees and streamline permitting, potentially shortening approval timelines.
Our Take
Kinross Gold’s decision to advance Lobo Marte in Chile follows a string of growth moves in our database, including the Great Bear project fast-track in Ontario (February 2026) and three US project approvals (January 2026), signalling a deliberate push to lengthen mine life and diversify jurisdictional risk beyond the Americas core.
The 22‑year Lobo Marte plan in the Atacama Region, which already attracts 44% of Chile’s exploration budget, positions Kinross alongside copper and lithium majors such as BHP, Freeport McMoRan and Albemarle in a district where competition for power, water and skilled labour is likely to tighten as more large-scale projects advance.
With Chile currently contributing only 11% of Kinross’s global equivalent gold production, a fully built Lobo Marte would materially rebalance the portfolio away from North America, contrasting with the recent emphasis on US and Canadian assets highlighted in our other Kinross coverage.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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