- Mining giant Kirkland Lake Gold (KLA) is poised to outperform this year after reporting an uptick in quarterly gold production
- Production for the second quarter of 2021 came to 379,195 ounces, representing a 15 per cent increase over the same time last year
- Likewise, gold sales amounted to 364,575 ounces at an average price of $1814 per ounce
- The company says it is “well positioned” to achieve its full-year guidance of between 1.3 million and 1.4 million ounces
- Kirkland Lake Gold is trading up 0.67 per cent at $52.86 per share at 10:50 am AEST
Mining giant Kirkland Lake Gold (KLA) is poised to outperform this year after reporting an uptick in quarterly gold production.
For the second quarter of 2021, production came to 379,195 ounces, representing a 25 per cent increase compared with the prior period and a 15 per cent increase over the same time last year.
Likewise, gold sales amounted to 364,575 ounces at an average price of $1814 per ounce.
Kirkland’s open pit Detour Lake mine in northeastern Ontario was the top performer, generating a record 165,880 ounces. The figure represents a 26 per cent increase compared with last year, which reflects a major improvement in the grade of the ore as well as a spike in tonnes processed.
The Fosterville mine in Victoria generated 157,993 ounces while Macassa in Ontario produced 55,322 ounces of gold.
Chief executive Tony Makuch commented: “At Detour Lake, we achieved record production driven by increased mill throughput and a significant improvement in grade, with the average grade of 0.96 g/t in line with the current Mineral Reserve grade for the operation.
“Improved results at Macassa reflected increased processing rates, to an average of just under 1,000 tpd, as well as higher than expected grades.”
Both Detour Lake and Macassa are targeting further improvement in average grades over the rest of this year.
Kirkland Lake said it is “well positioned” to achieve its full-year guidance of between 1.3 million and 1.4 million ounces, potentially ending the year in the top half of that estimate.
Kirkland Lake Gold was trading up 0.67 per cent at $52.86 per share at 10:50 am AEST.