Kirkland Lake completes cage project, expects to maintain guidance
TORONTO (miningweekly.com) – Ontario-based miner Kirkland Lake Gold this week said it had completed the delayed service-cage project at its Macassa mine, in the Southern Abitibi greenstone belt, and preliminary production in January pointed to the company being on track to achieve this year’s production guidance of 90 000 oz to 110 000 oz of gold sold.
The company said the cage is in service and would initially be used to clear a heavy backlog in material waiting to go underground and to free up the main production hoist to reduce a heavy backlog of ore and waste ready to be hoisted to surface and of equipment waiting to be slung underground.
The Toronto-listed shares of the miner fell sharply in December on disappointing second-quarter results and a significant cut to its expected full-year production.
The company at the time said it was experiencing delays in completing its service cage project, which would allow the company to ramp up ore and waste hoisting to more than the current 1 000 t/d limit. This has prompted Kirkland Lake to cut its production outlook for the full year ending April 30 to between 90 000 oz and 100 000 oz, a far cry from the previously expected 180 000 oz to 200 000 oz.
With the service cage in operation, the planned production ramp-up to the company's second milestone production rate of between 1 400 t/d and 1 600 t/d would begin this month and is expected to be reached between August and October.
During the past year the company’s TSX-listed stock had declined by 65.28% in value, and on Wednesday changed hands at C$6.35 apiece.
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