Kinross to Proceed With $400M Round Mountain Phase X in Nye County

Kinross Gold announced it would proceed with construction of Round Mountain Phase X, a $400 million initial capital project that converts the current Phase W open pit into a bulk-tonnage underground operation and will extend mining activity and mill use in Nye County into the late 2030s. The move has direct local relevance for Round Mountain residents through continued industrial activity, tax base contributions, and ongoing use of the existing mill complex.

Company materials released on Jan. 15, 2026, describe Phase X as a bulk-tonnage underground conversion located below the Phase W pit. Kinross said the project will require roughly $400 million in initial capital spent over about four years and will process ore through the Round Mountain mill complex already operating in the district. Phase X is expected to add about 1.4 million gold-equivalent ounces (Au-eq oz) of incremental life-of-mine production and to average roughly 140,000 Au-eq oz per year from about 2029 through 2037, effectively extending commercial production at Round Mountain into the late 2030s.

Phase X is one of three U.S. projects Kinross announced it will proceed with; the company projects the trio will produce roughly 400,000 Au-eq oz per year between 2029 and 2031 and contribute a combined 3 million Au-eq oz to Kinross’ life-of-mine profile. Kinross indicated the projects will be funded from operating cash flow, a financing approach that reduces near-term capital-market dilution risk and signals management confidence in ongoing cash generation from existing operations.

For the Round Mountain community, the project keeps the local mill humming and preserves a long-term industrial anchor. Construction over the roughly four-year capital phase is likely to involve local contractors, suppliers, and service businesses that support heavy equipment, hauling, and site operations. Continued milling activity also sustains interests tied to property tax receipts and utility service demand in Nye County. The company’s release includes technical highlights, projected costs, and permitting and timeline notes, underscoring that Phase X will be integrated with existing infrastructure rather than requiring a new processing plant.

Permitting and timeline milestones will be key next steps to watch; local officials and residents can expect coordination on environmental reviews, road access, and workforce planning as construction moves forward. For Round Mountain and Nye County, the practical takeaway is a multi-year extension of mining activity tied to defined production targets and a financing plan anchored in operating cash flow, with production expected to ramp by 2029 and continue through the next decade.