- Kirkland Lake Gold (KL) has released its fourth quarter and full-year production results for 2021
- Production in the fourth quarter totalled 380,472 ounces; the company produced over 1.4 million ounces of gold in 2021
- Gold sales in 2021 totalled 1,430,554 ounces at an average realized price of $1,797 per ounce
- Record production was boosted by continued exploration success at the company’s Detour Lake and Fosterville properties
- The company also secured a merger with Agnico Eagle Mines which is expected to close by mid-February
- Kirkland Lake Gold is a Canadian gold mining, development, and exploration company with a diversified portfolio of exploration projects
- Shares in Kirkland Lake Gold Ltd. (KL) are currently down 0.12 per cent, trading at $50.66 per share
Kirkland Lake Gold (KL) has released its fourth-quarter and full-year production results for 2021.
Production in the fourth quarter totalled 380,472 ounces, driven by record quarterly production at the Detour Lake Mine and a 33 per cent increase at the Macassa Mine compared to the previous quarter.
Full-year production also reached record highs, with the company producing over 1.4 million ounces of gold in 2021 compared to nearly 1.37 ounces in 2020.
The company’s gold sales totalled 385,850 ounces in Q4 at an average realized price of $1,795 per ounce compared to 372,100 ounces at $1,791 per ounce in the previous quarter.
Gold sales in 2021 totalled 1,430,554 ounces at an average realized price of $1,797 per ounce versus 1,388,944 ounces at $1,772 per ounce in FY 2020.
Tony Makuch, president and CEO of Kirkland Lake Gold, commented on what is coming for the company in terms of production in 2022.
“Focusing on the Kirkland Lake Gold assets, on a preliminary basis, both Detour Lake and Fosterville entered 2022 well positioned to achieve production during the year in line with previously-issued guidance,” he said. “Based on work to date, we expect a reduction in production in 2022 from levels included in our previously-issued three-year guidance.”
Record production was boosted by continued exploration success at the company’s Detour Lake and Fosterville properties.
At Detour Lake, the company identified new high-grade mineralization both within and outside of the new mineral resource pit shell. At Fosterville, drilling intersected 207 g/t gold over 2.6 metres in an intercept 500 metres down-plunge of the deepest mineral reserves.
The company strengthened its financial position, ending the 2021 fiscal year with $940 million in cash compared to $847.6 million in December 2020.
In November, shareholders approved the proposed merger with Agnico Eagle Mines. The merger is expected to close in late January or mid-February 2022.
Through the merger, said Mr. Makuch, “we will create a new industry leader with low unit costs, the best risk profile, excellent financial strength, an extensive growth pipeline and leadership in key areas of environmental, social and governance.”
Kirkland Lake Gold is a Canadian gold mining, development, and exploration company with a diversified portfolio of exploration projects.
Shares in Kirkland Lake Gold Ltd. (KL) are currently down 0.12 per cent, trading at $50.66 per share as of 11:06 am EST.
