Kirkland Lake posts record quarterly and annual gold production

The Fosterville operations in Victoria. Image: Kirkland Lake

Dual-listed Kirkland Lake Gold has achieved record annual and fourth quarter results, it announced today, with consolidated 2016–17 financial year production of 596,405 ounces, ahead of its guidance rates.

All operating mines, including the Fosterville mine in Victoria, and Holt, Taylor and Macassa mines in Canada saw record production rates for the year; all mines also saw record quarterly rates too, with the exception of Macassa, which saw its second-highest figure.

Meanwhile, consolidated quarterly production for the fourth quarter of 2017 saw a nine per cent increase over the previous year’s quarter and a 20 per cent increase over the previous quarter.

Fosterville achieved 263,845 ounces, Macassa 194,237 ounces, Holt 66,677 ounces and Taylor 50,764 ounces of gold production for the year.

The Fosterville mine, which is the largest gold mine in Victoria following the closure of Kirkland Lake’s own Stawell mine, achieved its highest ever quarterly average and increased production by 74 per cent over the previous year. The mid-tier producer had to revise its production guidance by three times over the year due to positive returns.

Tony Makuch, president and chief executive officer of Kirkland Lake Gold, was naturally pleased with the results.

“We had a successful year in 2017, achieving record results at all of our operating mines,” he said. “Particularly encouraging was our strong finish to the year, with Q4 2017 being our best quarter ever for production.”