Kinross: Three-Week Long Strike At Tasiast Mine Ends

(Kitco News) - A nearly three-week-old strike by unionized employees at Kinross Gold Corp.’s (TSX: K; NYSE: KGC)   Tasiast mine has ended, the company announced Monday.

The strike began May 24. Employees began returning to work on Saturday, Kinross said, adding that negotiations on a new labor agreement and other outstanding items are expected to re-commence within 10 days.

However, employees retain the right to strike during negotiations, subject to Mauritanian labor laws, Kinross said.

“The strike is not expected to impact the company's annual regional guidance and did not affect development of the Tasiast phase-one expansion,” Kinross added.

In its most recent earnings report, Kinross reported that Tasiast production came to 47,078 gold-equivalent ounces in the first quarter. The company’s global output in the January-March period was 687,463 gold-equivalent ounces.

When completed, the expansion is expected to nearly double production at Tasiast, Kinross has said. The company expects the expansion to reach full production by the end of the first quarter of 2018.

Courtesy: Kitco News