Kirkland Lake Gold posts record quarterly production at Fosterville mine

Fosterville operation in Australia. Photo by Kirkland Lake Gold

Kirkland Lake Gold Ltd. (TSX:KL) (NYSE:KL) announced today that production across the company’s operations totaled 214,593 ounces in Q2 2019, driven by record quarterly production of 140,701 ounces at its Fosterville mine in Australia.

Fosterville’s gold output is expected to increase for each of the final two quarters of this year as well. The mine is on track to achieve full-year 2019 guidance of 570,000–610,000 ounces.

On the other hand, production at the Macassa mine in Ontario declined over the previous quarter and the same quarter last year. Tonnes processed during Q2 at Macassa were lower than expected due to excess water from the spring run-off.

“The impact of the water extended longer than anticipated, through to the end of the quarter. Water levels are receding, and we do not expect third and fourth quarter production to be impacted,” said CEO Tony Makuch.

Overall company-wide output was 30% higher in Q2 compared to the same quarter last year, but down 7% relative to the 231,879 ounces recorded in Q1. Kirkland Lake has maintained its full-year guidance of 950,000–1,000,000 ounces for 2019.

Last year, the Toronto-based miner posted a record annual gold production of 723,477 ounces, thanks to higher-than-expected output at Fosterville and its Ontario-based operations.