Ivanhoe’s Kipushi zinc mine in DRC officially reopens
The restart marked exactly a century since the mine first went into production.
High-grade gold miner Kirkland Lake Gold has posted record cash flows and net earnings – $0.84 per share – for Q3 2019. The company credits strong production growth and better unit costs.
Net earnings were $176.6 million (or $0.84 per share), more than triple the 2018 net earnings for the same quarter. Earnings were also up $104.2 million – a 69% increase from Q2 this year.
During Q3 2019 KLGold total revenues were $381.4 million – were 71% higher than the same quarter a year earlier and 36% higher than the previous quarter this year. Operating cash flow – at $316.8 million – was up 145% compared to the same quarter a year earlier.
KLGold recorded capital expenditures of $50.2 million in Q3 2019. That included $33.8 million at Macassa in Ontario and $11.3 million at Fosterville in Australia. Sinking of shaft #4 at Macassa began in August 2019 and had advanced more than 180 metres by November. The new four-compartment shaft will have a total hoisting capacity for ore and waste of 4,000 t/d, and production at Macassa will grow to 400,000 oz. of gold per year.
The company also has a healthy $43.6 million exploration budget – $5.9 million expensed and $37.7 million capitalized (not including capex above).
KLGold produced 248,800 oz. of gold in Q3 2019, a 38% boost from the same quarter a year earlier and 16% higher than Q2 2019. All-in sustaining costs per ounce sold were $562, down slightly more than 10% than Q3 2018 and Q2 2019.
President and CEO Tony Makuch said, “Q3 2019 was our best quarter to date driven by exceptional results at Fosterville and a solid quarter of performance at Macassa.”
(This article first appeared in the Canadian Mining Journal)
