Canada’s Kirkland Lake Gold (TSX. NYSE: KL) announced Tuesday record gold production for both 2018 and the fourth quarter of the year, thanks mainly to higher-than-expected output at its Australian Fosterville mine as well as its Ontario-based Macassa and Taylor operations.
The Toronto-based miner produced 723,477 ounces of gold last year, a 21% increase from the 596,405 ounces generated in 2017.
The miner has embarked on a growth plan that could see it generate 1-million ounces of gold a year from 2021.
Production in the last three months of 2018 reached 230,993 ounces, 28% higher than the previous record of 180,155 ounces achieved in the previous quarter. The increase was driven by record quarterly production at both Fosterville (124,307 ounces) and Macassa (69,936 ounces) mines, the company said. Taylor, the company’s newest gold mine, contributed 58,633 ounces.
“2018 was an outstanding year for Kirkland Lake Gold,” President and Chief Executive Officer Tony Makuch said in the statement. “A key part of our progress has been the continued transformation of Fosterville into one of the world’s greatest gold mining operations.”
Makuch noted the company had embarked on a growth plan that could see the Kirland generate 1-million ounces of gold a year from 2021.
For 2019, the miner expects to produce between 740,000 and 800,000 ounces; 850,000 oz to 910,000 ounces next year; and between 945,000 and 1-million ounces in 2021.
Comments
slvrizgold
I more than quadrupled my money with Kirkland in 1.5 yrs. I love the company but not a buyer today. Maybe I get a bunch of KL shares when they buyout one of my juniors at a huge premium using their super strong stock. Alamos or Novo look like good targets for them IMO. Taking out PAAS or First Majestic would also be a smart move as well as silver will outperform and both of them also have substantial gold production. Goldcorp was very smart to buy Pensaquito and their massive silver production when they did and that made them the best performing senior gold stock for several years before everything fell apart. Exeter and Caspiche project was a waste of money for Goldcorp. Like buying Northern Dynasty LOL. You buy companies that add cash flow NOW or in the VERY IMMEDIATE FUTURE. Not early development stage moose pasture (I know there are no moose in Chile as far as I know, it’s just a figure of speech LOL.)