Kirkland Lake Gold Output Surged Despite Unprecedented Challenges

SEATTLE (Scrap Monster): The annual gold production by Kirkland Lake Gold totalled 1.37 million ounces (Moz) in 2020. This was in line with the previously declared production guidance of 1.35-1.4 Moz. The total gold sales for the year stood at 1.39 Moz.

The production during the fourth quarter of the previous year totalled 369,434 oz, said the company press release. The quarterly production was up by 9% over the production of 339,584 oz in the sequential quarter. The quarterly gold sales totalled 371,009 oz.

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All the three flagship mines recorded their highest quarterly output for the year. Detour produced 153,143 oz of gold, whereas the production from Macassa mine totalled 52,283 oz during Q4 last year. Meantime, the Fosterville mine recorded a production of 164,008 oz. Kirkland Gold noted that Fosterville exceeded production guidance. On the contrary, output from Macassa and Detour fell below guidance, mainly due to the impacts on mine production due to Covid-19 pandemic.

Tony Makuch, president and CEO, Kirkland Lake Gold noted that the company generated solid results despite being faced with unprecedented challenges. Looking into 2021, the company targets strong production growth and improved unit costs. The company expects 2021 production to range between 1.3 Moz and 1.4 Moz, he added.