Kirkland Lake widens Q2 loss
TORONTO (miningweekly.com) – TSX-listed Kirkland Lake Gold on Thursday announced that it had widened its second-quarter net loss to $3.9-million, or $0.06 a share, compared with a loss of $1.8-million, or $0.03 a share, in the same period last year.
The Ontario-focused miner said that during the three months ended October 31, interest and finance expenses, in addition to increased depreciation and depletion costs, negatively impacted on its financial performance.
During the quarter, the mine produced 31 387 oz of gold from 105 670 t of ore. It sold 30 530 oz of gold in the period, which was 1% higher than the first quarter.
Kirkland Lake last week said it planned to reduce spending in the current financial year ending April 30, 2014, by $2.1-million to bring total annualised savings to about $5-million.
Some of the cost-saving initiatives included placing a freeze on hiring and terminating some staff’s employment contracts, while it would also reduce exploration drilling activity to one surface drill and two underground mills.
Kirkland Lake said that the mine plans for the balance of fiscal 2014 and 2015 were being reworked and would be reviewed in early calendar 2014.
Output for the 2014 year was expected to be at the lower end of its 150 000 oz to 180 000 oz guidance and any revisions would be available in March.
Last month, the company announced that Mark Tessier had resigned as COO and from the board. Brian Hinchcliffe had accepted a new position as deputy chairperson, and George Ogilvie replaced him as the CEO.
The company's stock on Thursday fell to as low as C$2.21 apiece, before clawing its way back to C$2.30 apiece by noon.
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