Kinross Tasiast Gold Mine on Strike | Mining University

Kinross Tasiast Gold Mine on Strike

The Kinross Tasiast mine is reportedly having labor issues.  The gold company announced in a press release Wednesday that employees at their gold mine is Mauritania have gone on strike.  Tasiast was part of the disastrous Red Back purchase that caused Kinross to write off more than $3 billion in losses.  The company stock has taken a serious hit (~60%) since that time and this work stoppage is just one more strike against the company.

Kinross officials expect discussions to be complete quickly and for the mine to return to normal operations.  That is a good thing because the Tasiast mine produced around 200,000 gold equivalent ounces in 2011.  This production is needed to keep a positive outlook for 2012.

2 comments:

  1. I hope things pull through for Kinross.

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    1. I hope they pull through too. In fact, if they do pull through this and can return to their pre-Red Back state, now would be a terrific time to buy Kinross stock.

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