Kinross-owned Tasiast gold mine. (Image courtesy of Kinross Gold)
Kinross Gold (TSX: K; NYSE: KGC) and the government of Mauritania have signed a definitive agreement that provides more economic certainty on operation of the Tasiast gold mine.
This agreement confirms the key terms of the agreement in principle signed a year ago: fuel remains duty-free; $40 million to the company in outstanding VAT refunds; $10 million to the government to resolve disputed matters; an updated escalating royalty structure tied to the gold price; and two government observers on the Kinross board of directors.
