Kirkland Lake Gold Inc
Kirkland Lake Gold Inc
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With 3 of its 5 producing gold mines hitting record levels, Kirkland Lake Gold has lifted total Dec 2018 year (FY/CY18) output to 723,477oz, up 21% on the previous year and heading for 1Moz+ pa as early as 2021.
New gold production records as Aussie project leads Kirkland Lake Gold to a record FY18 723,477oz with a 2021 1Moz+ on track
Kirkland Lake is tipping above-target FY2018 group production as its Fosterville gold mine in Victoria, Australia charges towards another quarterly record.
President-CEO Tony Makuch says mill grades over 35g/t and early access to two additional stopes in the high-grade Swan Zone have Fosterville on track to easily beat its Sept (Q3) qtr record of 90,618t.
KL now expects Fosterville’s FY2018 production to exceed 330,000oz, above its 300,000-310,000oz guidance, and lift consolidated output over its forecast 655,000-670,000oz.
Australian gold mine production for the Sept 2018 qtr eased just a few thousand ounces on the previous qtr to 81t, but 6t more than in the Sept 2017 qtr.
Mining consultants Surbiton Associates’ review says Australian gold production is now comfortably more than 300tpa and worth around $A16B pa in exports, maintaining its place as the world’s 2nd largest producer after China, which produced around 440t last year.
Despite Australian gold production easing a few thousand ounces in Q3 CY18, output remains at record levels and set to top 300t in CY18
Canadian-based Kirkland Lake edges closer to resuming mining operations in Australia’s Northern Territory with the identification of new mineralisation at Union Reefs, close to the processing plant it halted 16 months ago for expanded exploration drilling and development.
President-CEO Tony Makuch says new high-grade results at Union Reefs and progress with underground drilling and development into the Lantern Deposit at the Cosmo mine – also shuttered in June 2017 – are increasing Kirkland’s confidence of meeting the conditions for a resumption.
Such has been Kirkland Lake Gold’s record 9-months Sept 2018 (YTD18), the company has lifted FY/CY18 gold production from its Australian mine and 3 Canadian operations to 655,000oz-670,000oz from 635,000oz+, cut operating cash costs sold expectations to $US385oz-$410oz from $400oz-$425oz and AISC to $735oz-$760oz from $750oz-$800oz.
Record gold production from Kirkland Lake Gold’s Australian mine and combined record output from its 3 Canadian operations have lifted the company’s Sept 2018 qtr (Q3 18) production 9% on Q2 18 to 180,155oz.
The result was driven by Fosterville, in Australia’s Victoria, up 17% to 90,618oz, with the company’s collective Canadian production up to 89,537oz, lifting 1st 9-months 2018 (YTD 18) output 15% to 492,484oz and positioning Kirkland for an improved FY/CY18 of over 635,000oz.
Record Q3 18 Aussie gold production steers Kirkland Gold to FY/CY18 635,000oz+
Australian contractor GR Engineering has been awarded the EPC contract for the paste backfill plant to fill stopes in Kirkland Lake’s Fosterville gold mine 20km east of Bendigo in Victoria.
GR says it will start work immediately on the 65cum/hour plant, with completion due in 2019. The contract, which also includes the design of underground reticulation piping, is worth about $A23.9M.