Detour reports ‘best-ever first quarter’ – COO Frazier
Canadian miner Detour Gold is tracking well to achieve its guidance for 2019, following what COO Frazer Bourchier says has been “by far the best performing first quarter” since the start of operations six years ago.
The Detour Lake mine, in Ontario, delivered a mill throughput of 5.2-million tonnes, which was on plan, despite the cold winter conditions. Head grade averaged 1 g/t, with recoveries improving to 92.2%.
This compares with 4.6-million tonnes in the first quarter of 2018, a head grade of 1.17 g/t and recoveries of 91.1%.
The mill throughput improved from 50 860 t/d in the first quarter of last year, to 57 880 t/d in the quarter under review. Year-on-year production was lower at 154 709 oz, compared with 157 141 oz, but sales were at 157 723 oz, compared with 151 060 oz.
Total cash costs decreased from $744/oz to $739/oz and all-in sustaining costs came to $1 044/oz, compared with $1 072/oz.
Detour generated revenue of $206.1-million and its net earnings for the quarter were $38.9-million.
The company aims to produce 570 000 oz to 605 000 oz at a total cash cost of $790/oz to $840/oz and an AISC of $1 175/oz to $1 250/oz in 2019.
From May 1, Detour is under the leadership of Mick McMullen, who took over as CEO from interim CEO Bill Williams.
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