Kirkland Lake Gold Inc
Kirkland Lake Gold Inc
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Australian gold production hit a record 317t for CY18, breaking the record set 21-years ago, with near future output looking good, Surbiton report
The outstanding performance of low-cost mines in Australia and Canada have Kirkland Lake Gold closing in on a million ounces of annual gold production – and a billion dollars in annual cash may not be far behind
Canadian-based gold miner Kirkland Lake could hit the 1Mozpa production rate as early as this year due to the transformation of its Fosterville gold mine in Victoria, Australia.
Kirkland Lake previously tipped 2021 as the year it could reach the milestone, but a review of its production guidance now tips FY2019 output of 920,000-1,000,000oz.
It’s also predicting AISC of $US520-560/oz, compared to previous guidance of $630-680/oz.
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.