R/€ = 15.71 Change: 0.00
R/$ = 13.43 Change: -0.02
Au 1231.96 $/oz Change: 8.71
Pt 829.00 $/oz Change: 16.94
 
 
R/€ = 15.71 Change: 0.00
R/$ = 13.43 Change: -0.02
Au 1231.96 $/oz Change: 8.71
Pt 829.00 $/oz Change: 16.94
 
 
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Kirkland reports strong production from Australia, Canada mines

10th July 2018 BY: Marleny Arnoldi
Creamer Media Online Writer
The Macassa mine near the town of Kirkland Lake, in Ontario.
The Macassa mine near the town of Kirkland Lake, in Ontario.

Toronto-based Kirkland Lake Gold produced 164 685 oz of gold in the second quarter ended June 30, and 312 329 oz for the first half of the year.

This compares with 160 305 oz produced in the second quarter of 2017 and 147 644 oz produced in the first quarter of 2018.

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The company stated on Tuesday that the second-quarter production exceeded target levels, as it was driven by record quarterly production of 60 571 oz from its Macassa gold mine, in Canada, and record monthly production of 31 710 oz in June, at Fosterville, in Australia.

In comparison, Macassa produced 45 699 oz in the second quarter of 2017, and 54 038 oz in the first quarter of 2018. Fosterville produced 77 462 in the quarter under review, compared with 77 069 oz in the second quarter of 2017, and 63 843 oz in the first quarter of 2018.

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As at June 30, the company remained well on track to achieve its full-year 2018 consolidated production guidance of about 620 000 oz.

The company’s Holt and Taylor projects, in Canada, produced 13 712 oz and 12 940 oz respectively this quarter, compared with 15 101 oz and 12 218 oz respectively in the second quarter of 2017. Holt and Taylor produced 16 675 oz and 13 055 oz respectively in the first quarter of 2018.

Meanwhile, high-grade and visible gold bearing quartz veins have been intersected at Robbin’s Hille, near the Fosterville mine, highlighting the potential to identify new areas of high-grade gold mineralisation.

At Macassa, underground in-fill drilling has intersected high-grade mineralisation within and outside existing mineral resources of the South Mine Complex in support of future mineral resources and mineral reserves.

Kirkland has declared a quarterly dividend of C$0.02 apiece paid on April 13, with an increase to C$0.03 apiece announced effective for the second quarter, payable on July 13.

CFO RESIGNATION
Meanwhile, Kirkland announced that CFO Phill Yee had handed in his resignation to take up another senior executive role in the mining industry. Yee will depart after the company’s second quarter financial results announcement on August 1.

 The company has started a search for a new CFO.

 “We want to thank Phil for his contribution to the success and progress of Kirkland Lake Gold.  He has played a key role in our efforts to build the financial strength of our company and to advance our growth plans towards reaching a million ounces of annual gold production. We wish him all the best in his new role,” president and CEO Tony Makuch said. 

EDITED BY: Mariaan Webb Creamer Media Senior Researcher and Deputy Editor Online
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