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Kirkland Lake reports increased gold output

Wed July 08 2020



Triple listed Kirkland Lake Gold has reported a 54% increase in gold production for the second quarter of 2020, compared with the previous corresponding period.


The ASX-, TSX-, and NYSE-listed company on Wednesday announced that gold production in the three months to June had reached 329 770 oz, up from the 214 593 oz produced in the previous corresponding period, while production in the year-to-date reached 660 634 oz, compared with the 446 472 oz produced in the same period last year.


Gold pour in the second quarter reached 338 573 oz, compared with the 216 166 oz poured in the second quarter of last year.


Production from the Detour Lake mine, in Ontario, reached 131 992 oz, while the Macassa mine, also in Ontario, reached 41 865 oz, with the Holt Complex, also in Ontario, contributing only 807 oz after production was temporarily suspended in April.


The Fosterville mine, in Victoria, produced 155 105 oz during the quarter.


Meanwhile, group gold sales for the three months to June reached 341 390 oz, at an average realised price of $1 716/oz, with 685 976 oz sold in the year to date, at a price of $1 650/oz.


“We had a very solid second quarter despite the impact of Covid-19 and the extensive measures we took to protect our workers, their families and our communities,” said Kirkland Lake Gold CEO and president Tony Makuch.


“In Australia, Fosterville continued to perform well, with tonnes processed increasing in the quarter and grades continuing to average around 40 g/t. At Detour Lake, the ramp up of the business activities after the mine was placed on reduced operations in March, due to Covid-19, commenced in early May and has gone very well.”


Makuch noted that with improving operating performance, strong free cash flow generation and encouraging exploration results, the acquisition of Detour Lake was already emerging as a successful transaction, with substantial value creation potential.


“We have also benefitted greatly from our decision to close out our Detour gold’s hedge positions shortly after the acquisition, with Detour’s gold hedges priced between $1 300/oz and $1 490/oz versus our average realised price in the second quarter of $1 716/oz.”


For the full 2020, Kirkland Lake Gold is expected to produce between 1.35-million and 1.4-million ounces.