Kinross completes definitive agreement with Government of Mauritania

On July 15, Kinross signed a definitive agreement with the Government of Mauritania to provide enhanced certainty on Tasiast economics.

“We are pleased to finalize the balanced agreement with the Government of Mauritania to further strengthen our longstanding and constructive relationship,” said Paul Rollinson, President and CEO. “We look forward to continue delivering strong results at Tasiast for the benefit of both Kinross and Mauritania.”

The agreement confirms the same key terms of the agreement signed on June 15, 2020, including:

  • The continuation of tax exemptions on fuel duties.
  • The repayment by the Government to Kinross of approximately $40 million in outstanding VAT refunds.
  • The payment by the Company to the Government of $10 million to resolve disputed matters. 
  • The introduction of an updated escalating royalty structure tied to the gold price that aligns with current Mauritanian mining legislation and is comparable to other royalties in the region.
  • The nomination of two observers by the Government to the Board of Directors of the Kinross subsidiary operating the Tasiast mine.

Mauritania’s Minister of Petroleum, Mines and Energy, Abdessalem Ould Mohamed Saleh, reiterated the Government’s solidarity and support for the company during his two-day visit to Tasiast in June 2021. The Company and Government remain focused on restarting milling operations at Tasiast and prioritizing efforts and processes to achieve this shared objective.

“The completion of this agreement is a testament to the quality of the strategic partnership between the Government of Mauritania and Kinross. The agreement is also indicative of the Government’s commitment and focus on attracting responsible, experienced and long-term private sector partners in Mauritania to carry out projects that advance the country’s development and provide benefits to its people,” said Minister Saleh. 

For more information, view the news release here.

Paul Rollinson, President and CEO, alongside Mauritania’s Minister of Petroleum, Mines and Energy, Abdessalem Ould Mohamed Saleh, at the signing in Mauritania on July 15
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