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    Kinross greenlights three US builds: capex, output and design notes for mine planners

    January 16, 2026|

    Reviewed by Joe Ashwell

    Kinross greenlights three US builds: capex, output and design notes for mine planners

    First reported on MINING.com

    30 Second Briefing

    Kinross Gold has approved three US projects—Round Mountain Phase X, Bald Mountain Redbird 2 (Nevada) and the Kettle River–Curlew restart (Washington)—aimed at adding about 3 million oz between 2028 and 2038 and holding group output near 2 million oz per year. Round Mountain will shift to 3,000 t/d bulk underground mining of 11 Mt at 3.2 g/t (1.2 Moz) with initial capex of US$400 million, while Curlew will feed the 1,800 t/d Kettle River mill using dry-stack tailings and US$485 million upfront spend. Bald Mountain’s Redbird 2 pushback and five satellite pits will leverage existing leach infrastructure to deliver roughly 155,000 oz per year to 2031, with a US$490 million build and a SART plant to handle higher-copper ore.

    Technical Brief

    • Combined Round Mountain, Bald Mountain Redbird 2 and Kettle River–Curlew yield a 55% after-tax IRR at US$4,300/oz.
    • At US$3,200/oz, the three-project package still carries a ~32% IRR and ~US$2 billion NPV.
    • Around US$425 million of Kinross’s 2026 capex is allocated to these US builds within a US$1.5 billion budget.
    • Management guides to roughly US$1.5 billion “flat” annual capex for the next three years, excluding inflation effects.

    Our Take

    With Kinross targeting about 2 million oz per year of gold output and adding 3 million oz from US projects between 2028 and 2038, these builds materially rebalance its portfolio toward lower-jurisdiction-risk assets in Nevada and Washington versus Mauritania (Tasiast) and Chile (La Coipa, Lobo-Marte).

    The combined after-tax IRRs of 32–55% and sub-two-year paybacks at Round Mountain Phase X, Curlew and Bald Mountain Redbird 2 are at the upper end of project returns in our recent gold coverage, signalling that Kinross can justify sustaining a flat US$1.5 billion capex envelope while still funding organic growth.

    Restarting the Kettle River–Curlew complex in Washington, where the mill already produced 2.8 million oz before 2017, reduces execution and permitting risk compared with greenfield US gold projects we track, and should allow Kinross to bring the 5.8–6.4 g/t Curlew inventory online quickly once development is committed.

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    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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