Kinross CEO suggests Perfect Storm ....
Kinross Gold CEO suggests mining may be in price dynamics perfect storm
Kinross Gold's Tye Burt is very bullish on mining prospects in the fledging Ecuadorian mining industry.
Author: Dorothy Kosich
Posted:Thursday,17 Sep 2009
KinrossCEO Tye Burt advised metals analysts and fund managers Wednesday, we"may be in the midst of a perfect storm in terms of price dynamics" as"we see serious supply constraints' in the future.
In a presentation to the Denver Gold Forum, Burt praised theovertures of Ecuador's President Rafael Correa to establish a modernmining industry in the country.
Burt presented charts which revealed global gold production peakedin 2001 as the demand for gold has soared. Meanwhile major golddiscoveries have substantially declined since 2007.
Meanwhile, the freeze on mining in Ecuador is about to be lifted,Burt noted, as Correa "delivered on all he promised" to reestablishmining in his country.
"President Correa is extremely committed to moving new miningdevelopment forward," Burt added, praising Ecuador's "very rich"mineral endowment.
Burt described Kinross' Fruta del Norte gold prospect as "easily oneof the best new deposits in the world of this generation." Among theproject's recent milestones is approval of its environmental managementplan by Ecuadorian officials.
Kinross is now waiting for final approval to begin a 12,000 meterdrilling program, and will complete a pre-feasibility study and upgradeits gold and silver resource category. The company plans to spend $25million this year on Fruta del Norte.
ps........
originally they had budgeted 45 million for the FDN for 09 ( the delays have forced them to scale it back a bit ~ i guess)
https://www.mineweb.co.za/mineweb/view/mineweb/en/page34?oid=89344&sn=Detail