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DENVER — Gold prices look to have established a new floor at US$1,500 per ounce, Kinross Gold Corp’s chief executive officer said on Monday, giving the Canadian miner confidence to push ahead with expansion plans at a key West African mine.

“I don’t see a lot of technical barriers above it, but I do believe that there’s people buying in to where we are today,” Paul Rollinson told Reuters at the Denver Gold Forum.

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Kinross on Sunday said it would spend US$150-million to boost capacity at its Tasiast gold mine in Mauritania to 24,000 tonnes per day by 2023.

Kinross’s Toronto-listed shares were up 3.5 per cent on Monday.

Last year, the company shelved a larger, US$600-million expansion at the mine after the government requested talks to improve the country’s economic benefits from the miner’s activities.