Detour Gold lifts FY17 earnings
JOHANNESBURG (miningweekly.com) – Canadian intermediate gold producer Detour Gold posted net earnings of $88.2-million for the year ended December 31, compared with a net loss of $6.9-million in 2016.
Adjusted earnings improved to $114.5-million, compared with adjusted earnings of $10.4-million in the prior year.
Revenues of $707.8-million were earned on the sale of 561 974 oz of gold at an average realised gold price of $1 256/oz. This compares with the 527 727 oz of gold sold at an average price of $1 221/oz in 2016.
Detour’s gold production increased to 571 463 oz, compared with the 537 765 oz produced in the prior year.
The company is evaluating opportunities to improve its near-term gold production and cash flow profile by accelerating access to higher grades.
Meanwhile, higher gold sales and modestly lower processing costs resulted in a decrease in total cash costs to $716/oz, compared with $746/oz in 2016.
All-in sustaining costs (AISC), however, increased by 6% year-on-year to $1 064/oz, mainly as a result of an increase in planned sustaining capital expenditure to $174.8-million in 2017.
Detour operates the openpit Detour Lake mine, in Ontario. The company expects to produce between 600 000 oz and 650 000 oz of gold at an AISC of $1 050/oz to $1 150/oz for this year.
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