Kinross (NYSE:KGC) CEO Tye Burt Boasts of "Fastest Growing Gold Deposit"

Speaking at the RBCCM Gold Day in London, Kinross Gold (NYSE:KGC) CEO, Tye Burt, boasted of possibly having the "fastest growing gold deposit in the world."

He was talking about Tasiast, the gold mine located in Mauritainia, which came with the acquisition of Red Back Mining.

Burt seems to be touting the project strongly because of concerns he may have paid too much for it. Burt is saying the growth potential of Tasiast will more than make up for the steep cost to obtain it.

Current drilling at Tasiast has expanded the resource by close to half a billion ounces, added Burt.

He goes so far as to state that among the major gold miners, Kinross is positioned to grow the most with their combined mining assets.

Kinross hasn't done much over the last year as far as share price, actually losing some from the same time a year ago.

If they can pay down their debt while increasing production at the rate they envision, that could change very soon. It's mostly a matter of will, and it seems they have it. At that time the share price could very well take off.

Kinross closed Thursday at $18.66, losing $0.03, or 0.16 percent.

Kinross (NYSE:KGC) CEO Says Tasiast Mine Production will Exceed Estimates

With the vote on whether or not Kinross Gold Corp. (NYSE:KGC) shareholders will give the go ahead for the proposed $6.6 billion acquisition of Red Back Mining Inc. (TSE:RBI), coming up, the focus is on the Tasiast mine, which will be the key to a successful transaction.

Kinross Gold Corp. Chief Executive Officer Tye Burt has been out stumping for the deal to go through, saying the analysts’ estimates for the Tasiast mine are far short of the reality.

Burt said this in an interview, “We put out numbers yesterday that would guide the Street to significantly higher numbers, some six times the throughput that’s currently being done at that mine.”

Not everyone is convinced though, as investor advisement firm RiskMetrics Group Inc. recommended to Kinross shareholders that they should vote against the deal.

RiskMetrics said the gold production at Tasiast would have to be “significantly higher” to bring the project to a point of breaking even.

Burt sees no problem with the deal going forward, and hasn't heard shareholders express opposition to the deal.