Gold price steadies as traders focus on uncertain 2025 rate path
Gold has hit successive records this year and is set to close 2024 more than 25% higher.
Detour Gold Corp. has provided guidance for this year. The numbers are in line with the Detour Lake project’s life of mine plan released in June 2018.
Gold production for the full year will be between 570,000 and 605,000 oz. That means that 115 million tonnes of ore and waste will be mined from the Detour Lake pit in 2019.
Mill throughput will be from 21.5 million to 22.0 million tonnes in 2019 at an estimated head grade of between 0.90 and 1.00 g/t gold. The lower grades will probably occur during Q2 2019. Gold recovery will range between 90.5% and 91.5%.
The all-in sustaining costs per ounce should range between $1,175 and $1,250. Total cash costs are less – $790 to $840 per oz. Watch for AISC to spike during the second and third quarters due to the timing of construction at the tailings facility.
Detour Gold expects to spend between $190 million and $210 million on sustaining capital expenditures this year
The tailings management area will cost $80 million to $90 million. Mining will receive $55 million, and there is $8 million set aside for site infrastructure, etc. Another $35 million to $40 million will be needed for stripping overburden and $3 million for non-sustaining expenditures.
An exploration budget of $5 million will be spent primarily on key targets at the Detour Lake property, in particular 2,500 metres to define the northeast and western extensions of zone 58N. A scoping study will also be done of the viability of underground drilling and bulk sampling program.
Complete information about the company’s 2019 spending plans are posted at www.DetourGold.com.
This story first appeared on Canadian Mining Journal.
