Kirkland Lake Gold Inc
Kirkland Lake Gold Inc
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Kirkland Lake Gold president/CEO Tony Makuch is claiming the Dec 2019 year (FY/CY19) as the company’s best year ever, topped by a record 974,615oz of gold from its 3 Canada/Australia operations, 35% higher than FY/CY18’s 723,701oz with sales up to 979,733oz from 722,277oz.
Canadian-based Kirkland Lake Gold continues to garner evidence for the continuing growth potential of its Fosterville gold project in Victoria, Australia with recent surface drilling results at the Robbin’s Hill mineralisation in the northern part of the mining licence.
President-CEO Tony Makuch says it’s identified a large mineralised system expected to support substantially greater resources while remaining open at depth and along strike.
Analyst flags Dec 2019 qtr Australian gold output rise after Sept qtr fall as local gold mine control doubles to 60% from 2002
Miner Kirkland Lake Gold has launched a $C4.9B, mutually agreed, all-share takeover bid for smaller producer Detour Gold that will add about 600,000oz pa to Kirkland’s gold production portfolio, taking output to +1.5Moz pa.
The 0.4343 share for each Detour share definitive agreement is a 24% premium to Detour’s Friday close and is expected to generate pre-tax savings of about $75M-$100M pa.
The potential to discover an extension of Kirkland Lake Gold’s booming Fosterville gold mine in central Victoria has attracted Australian producer St Barbara, which has committed to spend $A3.5M within four years on an early stage greenfield tenement held by explorer Catalyst Metals.
The Drummartin exploration lease, about 60km N of the Fosterville mine, may lie on the interpreted extension of faults linked to the Fosterville mineralisation.
Exceptional results from Kirkland Lake Gold’s Fosterville gold operation in Victoria, Australia, has been the main driver for record 9-months 2019 YTD (YTD19) net earnings up 134% on YTD18 to $US390.9M on production up 41% to 694,873oz.
Q3 19 was the company’s best qtr to date driven by flagship Fosterville, which increased production by almost 70,000oz from Q3 18, largely reflecting a 75% improvement in the average grade to 41.8g/t.
A big Q3 19 production jump from Kirkland Lake’s Fosterville gold operation in Australia has topped a record YTD19 with profit up 134% to $390M
Kirkland Lake Gold has wrought a record 248,400oz of gold from its Canadian/Australian operations, lifting Sept 2019 9-months YTD (YTD19) production 41% on YTD18 to 694,873oz.
The record was driven by record Q3 19 158,327oz from Fosterville, Victoria, Australia, taking YTD19 production to 427,472oz, up 84%, and expected to increase in Q4 19 for an expected FY/CY19 of 570,000oz-610,000oz. The grade jumped to 36.4g/t from 20.9g/t.
The strong performance of its Australian mine has helped Canadian-based Kirkland Lake to post record net earnings of $US214.3M for the June half-year (H1FY2019), up from $111.5M a year earlier.
Increases of 43% in HY gold production to 446,472oz and 42% in revenue to $5862M generated a 68% rise in net cash from operations to $352.7M (H1FY18: $210.5M). Free cash-flow was $146.1M ($110.9M).
AISC improved to $597/oz ($793/oz).
A record June qtr at its Fosterville project in Victoria, Australia has lifted Kirkland Lake Gold’s first half consolidated output to 446,472oz gold, a 43% advance on its H1FY2018 result of 312,329oz.
Fosterville contributed 140,701oz in Q2, up from 128,445oz in the March qtr while Canadian operations Macassa delivered 49,196oz (Q1: 72,776oz) and Holt Complex 24,696oz (30,658oz).