Kirkland Lake output exceeds targeted levels
Triple-listed Kirkland Lake Gold has exceeded its production target for the third quarter, driven by record quarterly output from the Fosterville mine, in Australia, as well as a strong contribution from its Canadian operations – Macassa, Holt and Taylor.
Third-quarter production increased to 180 155 oz, a 30% increase from 139 092 oz in the third quarter of 2017 and a 9% increase from 164 685 oz in the second quarter of 2018.10.09
The Fosterville mine lifted its production by 47% year-on-year to 90 618 oz of gold, while the three Canadian mines produced a collective 89 537 oz.
Kirkland reported year-to-date production growth of 26% at Fosterville, 19% at Macassa, 8% at Holt and 15% at Taylor.
Reflecting on the record production at Fosterville, president and CEO Tony Makuch said in a media statement that the commissioning of a second gravity circuit during the quarter had resulted in an “immediate spike” in production, with the Fosterville mill processing more than 18 000 oz in the first week of the circuit’s operation.
“This spike can largely be attributed to the gravity circuit’s effectiveness in recovering gold previously contained in the recirculating load of the grinding circuit. We also mined and processed our first Swan Zone stope during the quarter, which contributed over 7 500 oz of production at an average grade of close to 40 g/t, in line with target levels,” he said.
At September 30, Kirkland had cash and cash equivalents of $275-million.
During the third quarter, the company used $47.8-million to acquire 32.6-million common shares of Osisko Mining, representing about 13.6% of currently issued and outstanding common shares. In addition, the Company repurchased 1 570 600 common shares during the quarter, at an average cost of $24.77 a share for a total of $30-million.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation