The Fosterville mine in Victoria, Australia, is heading for record quarterly production and is expected to beat the upper-end of its guidance, which will result in owner Kirkland Lake exceeding its consolidated target range of 655 000 oz to 670 000 oz this year.
The Fosterville mine is expected to produce more than 330 000 oz, compared with its guidance of 300 00 oz to 310 000 oz, the TSX-, NYSE- and ASX-listed company reported on Friday.
The strong performance reflects the higher-than-expected grades (exceeding 35 g/t) and the advancement of two additional stopes from the high-grade Swan zone into the mine’s fourth quarter production plan.
The mine’s current production record is 90 6018 oz and was achieved last quarter.
Kirkland Lake also owns the Macassa mine, in north-eastern Ontario, Canada.