Kinross Gold - CEO, J. Paul Rollinson.
CEO, J. Paul Rollinson.
Source: Kinross Gold.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Kinross Gold (TSX:K) employees are striking at the company’s Tasiast mine in Mauritania
  • The company did not outline how many staff were striking, or if it expects any operational impacts during the strike
  • Kinross stated that it remains open to talks with the strike’s delegates 
  • The company expressed disappointment in the outcome, and called the strike an opportunistic move during the ongoing COVID-19 pandemic
  • Kinross Gold (K) is down 1.76 per cent, with shares trading for C$9.49 and a market cap of $11.91 billion

Kinross Gold (TSX:K) employees are striking at the company’s Tasiast mine in Mauritania.

Delegates from the unionised staff notified the company about the strike action beforehand. 

In its release today, Kinross did not outline how many staff were striking. It also left it unclear what, if any, operational impacts it expects during the strike period.

This latest action comes after the company finalised a new labour agreement last November, by negotiating with organised workers onsite.

Kinross stated its disappointment in the outcome, and claims the strike is an opportunistic move during the ongoing COVID-19 pandemic.

Furthermore, the company claims to have complied with all lockdown measures in the region and remains focused on its employees’ health.

This is the fourth strike at the site, since the company began operating it in 2010. Kinross acquired the Tasiast mine in a C$7 billion takeover of Red Back Mining in the same year.

The company remains open to talks with the staff’s delegates, but disagrees with the basis of the strike.

Kinross did not outline the terms of the actions, and the aims of the striking staff remain unclear.

The company did point out, however, that the average length of the previous strikes was only nine days. So far, no strike has had material impact on the company’s financials.

As a senior gold mining company, Kinross operates mines in the United States, Brazil, Chile, Ghana, Russia, and Mauritania.

This news comes after a very strong April for the company’s stock. Since the beginning of last month, the company’s market share has risen more than 50 per cent.

Kinross Gold (K) is down 1.76 per cent, with shares trading for $9.49 at 11:12am EDT.

More From The Market Herald
Novo Resources- Executive Co Chairman, Director and CEO, Mike Spreadborough

" Novo (TSX:NVO) finds at Karratha District

Novo Resources Corp. (NVO) has shared the latest gold-copper-nickel-cobalt assays from its drilling program in the Karratha District within its Pilbara tenements in Australia.
The Market Herald Video

" Tantalex Lithium (CSE:TTX) secures new mining licenses

Tantalex Lithium Resources (TTX) has received two new mining permits from the Congolese government.
The Market Herald Video

" Rover Metals (TSXV:ROVR) options Nevada Lithium Project

Rover Metals (ROVR) has signed a letter of intent to option total ownership in a claystone lithium project located in Nevada.
The Market Herald Video

" Green River Gold (CSE:CCR) intercepts record nickel results at Quesnel

Green River (CCR) has intercepted its highest XRF nickel results from Zone 2 at the Quesnel Nickel Project.