• WATCH LIVE

    FEDERAL MINISTERS PROVIDE UPDATE ON COVID-19 VACCINES
  • BREAKING

    BAINS: FEDS TO INVEST NEARLY $56M FOR VACCINE DEVELOPMENT AT VBI INC.
  • BREAKING

    ANAND: VACCINES WILL REQUIRE HEALTH CANADA APPROVAL
  • BREAKING

    ANAND: VACCINES EXPECTED TO BE READY FOR USE IN 2021
  • BREAKING

    ANAND: VACCINES WILL TAKE TIME TO DEVELOP AND MANUFACTURE
  • BREAKING

    CANADA IN AGREEMENT WITH PFIZER AND MODERNA FOR COVID VACCINES
  • BREAKING

    GREATER VANCOUVER HOME SALES ROSE 22.3% IN JULY YEAR-OVER-YEAR
  • BREAKING

    GREATER VANCOUVER HOME SALES UP 28% IN JULY FROM JUNE
  • BREAKING

    GREATER VANCOUVER NEW LISTINGS INCREASE 2.8% IN JULY M/M
  • BREAKING

    GREATER VANCOUVER HOME PRICE INDEX ROSE 4.5% IN JULY Y/Y TO $1,031,400

Commodities Videos

VIDEO SIGN OUT

{{ currentStream.Name }}

{{ currentStream.Desc }}

Related Video

Continuous Play:
ON OFF

The information you requested is not available at this time, please check back again soon.

Jul 7, 2020

Detour gold mine addition boosts Kirkland Lake second-quarter production

Kirkland Lake Gold Fosterville Gold Mine

Security Not Found

The stock symbol {{StockChart.Ric}} does not exist

See Full Stock Page »

TORONTO -- Shares in Kirkland Lake Gold Ltd. jumped by 5.2 per cent to $59.71 on Tuesday after it reported higher-than-expected gold production in the second quarter ended June 30.

The Canadian company's output of 329,800 ounces was 54 per cent higher than the same period in 2019, thanks mainly to its purchase of Detour Gold Corp. for $4.34 billion in stock early this year.

The Detour Lake open pit gold mine in northeastern Ontario contributed 132,000 ounces to Kirkland Lake's quarterly total, while its Fosterville mine in Australia produced 155,000 ounces, a 10 per cent increase from the year-earlier quarter as more tonnes of ore were processed.

CEO Tony Makuch said operations at Detour Lake were reduced in March due to COVID-19 measures but they recovered quickly after being restarted in early May.

The pandemic affected processed volumes more greatly at the Macassa mine in northern Ontario, he said. When combined with lower ore grades, second-quarter production was about 41,900 ounces compared to 49,200 ounces in the same three months of 2019.

Analyst Mike Parkin of National Bank said Kirkland Lake beat his second quarter production estimate by about six per cent and the company is well positioned to beat its updated annual production guidance of 1.35 million to 1.4 million ounces.