Kinross Gold to Invest $3 Billion in Chile’s Lobo Marte Project

Mining News | 2026-05-28 06:54:37 | By Paul Ploumis

The project will use sequential open-pit mining at the Marte and Lobo deposits.

Summary

Kinross Gold plans to invest $3 billion in the Lobo Marte gold project in Chile’s Atacama region, with first-phase spending estimated at $1.5 billion.
Construction is expected to begin in 2027, with the mine projected to operate for 22 years and start production early next decade.
The project is expected to process 35,000 tonnes of ore per day and produce 6.7 million ounces of contained gold.

SEATTLE (Scrap Monster): Canadian miner Kinross Gold announced plans to move ahead with a major investment in Chile’s Atacama region. The proposed $3 billion investment will position the Lobo Marte project among the country’s most significant upcoming gold mining developments.

According to a company press release, the capital cost of the first phase of the project is estimated at around $1.5 billion. This will cover early site development works and other operations.

Kinross has already submitted the environmental impact assessment for Lobo Marte to Chilean authorities. Construction is expected to begin in 2027, with production targeted to start by early next decade. The proposed mine is designed to operate for a period of 22 years.

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Kinross expects the operation to process approximately 35,000 tonnes of ore per day and produce an estimated 6.7 million ounces of contained gold, including 4.7 million recoverable ounces, at an average grade of 1.29 grams per tonne.

The project will use sequential open-pit mining at the Marte and Lobo deposits. Ore will be transported to a primary crusher and heap leach facility, while water will be sourced from existing wells operated by subsidiary Mantos de Oro.

Additionally, Kinross Gold intends to incorporate Lobo Marte into a long-term Chilean gold district development strategy extending past 2040.