Kinross Gold Corp. announced on January 15, 2026 that it will begin construction on three U.S. projects—Round Mountain Phase X, Curlew, and Bald Mountain Redbird 2—adding an estimated 3 million ounces of life‑of‑mine gold and extending mine life into the 2030s.
Round Mountain Phase X will start underground mining in Nevada, expected to produce 1.4 million ounces and extend mine life to 2038; Curlew will restart high‑grade underground mining in Washington, producing 940,000 ounces over an 11‑year life; Redbird 2 will add a new pit and satellite pits at Bald Mountain, adding 640,000 ounces and extending life to early 2032.
Combined economics for the three projects include an IRR of 55 %, an incremental post‑tax NPV of $4.1 billion at a gold price of $4,300/oz, and a forecasted 2026 capital expenditure of $425 million. These figures are part of a $1.5 billion global capex plan and support Kinross’s disciplined, self‑funding capital allocation strategy.
The projects align with Kinross’s grade‑enhancement strategy launched in 2022, focusing on low‑cost, high‑margin assets. CEO J. Paul Rollinson said the projects will “benefit our long‑term costs in the U.S.” and “reflect the next phase of our grade enhancement strategy.” The move expands the company’s North American footprint and reduces reliance on overseas assets.
While inflationary pressure and gold price volatility remain headwinds, the projects’ all‑in sustaining costs—Phase X at $1,680/oz and Redbird 2 at $1,466/oz—provide a margin cushion. The self‑funding approach mitigates balance‑sheet risk amid uncertain macro conditions.
The construction start signals a commitment to organic growth and a robust pipeline that could sustain production through the 2030s. The capital allocation plan, combined with strong cash‑flow generation, positions Kinross to maintain a high return on invested capital while avoiding dilution from acquisitions.
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