Fairbanks, Alaska (KINY) - Kinross Gold Corp. of Canada plans to expand the Fort Knox gold mine.
The company purchased one square mile of mineral rights to land adjacent to the mine when the U.S government transferred the land, known as the Gilmore parcel, to the state last December.
The Fairbanks Daily News-Miner reported they expect to produce 1.5 million gold equivalent ounces or 42,500 kilograms from the mine.
The operation will use the existing equipment and the capital investment of the mine is estimated to be $100 million. Exploratory drilling is scheduled for next year. The expansion would expand the life of the mine until 2030.