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Article: Fort Knox moves forward to keep production on target: gold mine gets new equipment to access final ore stockpiles.(Special section: mining)
- Article from:
- Alaska Business Monthly
- Article date:
- November 1, 2004
- Author:
CopyrightCOPYRIGHT 2004 Alaska Business Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Alaska's largest gold mine is spending more than $28 million to grow its fleet of over sized earth moving equipment, using the resulting capacity increase of 30 percent to help keep ore moving through the Fairbanks-area processing plant for the remainder of this decade.
After struggling through low gold prices during its initial years of production, Fort Knox now faces a new challenge accessing the hardrock mine's remaining underground ore in a cost effective manner.
The up front costs to do so are substantial. Fort Knox's owner, Toronto based Kinross Gold, announced plans this spring to spend $60 million on a three-year mine expansion project, which ...