Detour reports ‘best-ever’ quarterly results
Canadian miner Detour Gold has delivered its “best-ever” quarterly production result in the final three months of 2018, which interim CEO Bill Williams said on Tuesday confirmed that the operational changes throughout last year had had a positive impact.
Williams was appointed to his position earlier this month, following a proxy battle between Detour and John Paulson’s hedge fund, which pushed for a complete overhaul of the board and replacing former CEO Michael Kenyon.
The fourth-quarter production brought the total for 2018 to 621 128 oz, representing an increase of 9% from 2017. This is in line with a revised guidance of 595 000 oz to 635 000 oz, and remains in line with the original 2018 guidance of 600 000 oz to 650 000 oz.
Desjardins Capital Markets analyst Josh Wolfson said that the operating results were positive, materially exceeding estimates.
“Results were favourable across all metrics,” he said in a note to clients.
In the fourth quarter, the mill processed 5.6-million tonnes at a grade of 0.89 g/t with recoveries of 90.9%. For the year, the mill processed 20.7-million tonnes of ore at a grade of 1.04 g/t and recoveries of 90.1%.
Detour stated that the higher head grade reflected positive grade reconciliation. It also noted that advancements in fixed maintenance practices, along with processing the plant capital projects, led to increased plant operating time and higher recoveries in the fourth quarter.
A total of 28-million tonnes of ore and waste was mined in the fourth quarter, which is the equivalent of 305 000 t/d. This is the most tonnes mined in a quarter since operations resumed.
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