Kirkland delivers record quarterly gold production

8th January 2019 By: Marleny Arnoldi - Deputy Editor Online

TSX- and NYSE-listed Kirkland Lake Gold on Tuesday announced record production of 230 993 oz of gold production in the fourth quarter of 2018, which is 28% higher than the prior record of 180 155 oz achieved in the third quarter of 2018.

The company declared a quarterly dividend of $0.04 apiece, compared with a $0.03 apiece dividend paid in the third quarter.

The production was driven by record quarterly production at the Fosterville mine of 124 307 oz and at Macassa mine of 69 936 oz. The company’s Holt mine contributed 67 770 oz, while the Taylor mine contributed 58 633 oz.

Total production for 2018 was 723 477 oz, which was 21% higher than the 596 405 oz produced in 2017, reflecting production growth at Fosterville of 35%, at Macassa of 24%, at Taylor of 16% and at Holt of 2%.

Kirkland sold 722 277 oz of gold in 2018.

Kirkland president and CEO Tony Makuch stated that the company had embarked on a programme of growth that could see the company produce one-million ounces a year from 2021.

Kirkland set its production guidance for 2019 at between 740 000 oz and 800 000 oz, for 2020 at between 850 000 oz and 910 000 oz, and for 2021 at between 945 000 oz and one-million ounces.