Kinross Gold Commences $1.5 Billion Lobo Marte Project in Chile

Canadian miner Kinross Gold Corp. has initiated the environmental permitting process for its Lobo Marte gold project located in northern Chile. The endeavor is estimated to require an investment of $1.5 billion, according to a government statement released on Wednesday.

The permit submission to the government's Environmental Assessment Service looks to gain approval for the production of gold dore, a semi-pure alloy. The project is set to have a processing capacity of 35,000 tons per day, featuring an average gold content of 1.29 grams per ton, with an expected operational lifespan of 22 years.

Covering approximately 2,300 hectares in Chile's northern Atacama region, the Lobo Marte project plans to extract gold dore via open-pit mining from the Marte and Lobo pits, as outlined in the company's application. This move follows recent applications amounting to $15.7 billion from copper miners BHP and Freeport McMoRan and lithium producer Albemarle. Mining Minister Daniel Mas stressed the importance of a strong institutional framework, clear regulations, and an efficient permitting ecosystem to support investments while ensuring environmental protection and legal compliance.