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Kirkland Lake Gold achieves record Q4'19, FY'19 output

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Kirkland Lake Gold achieves record Q4'19, FY'19 output

Toronto-headquartered Kirkland Lake Gold Ltd. on Jan. 9 reported record production in the fourth quarter of 2019 and full-year 2019 thanks to the strong performance of the Fosterville gold mine in Victoria, Australia.

Output in the December 2019 quarter climbed 21% year over year to 279,742, ounces while annual production surged 35% to 974,615 ounces, near the midpoint of the 950,000 to 1 million ounces guided.

Fosterville's gold production in the quarter jumped 54% to a record 191,893 ounces, and full-year 2019 output surged 74% to 619,366 ounces. The growth was attributed to improvements in the average grade due to a production ramp-up at the high-grade Swan zone.

Overall gold sales in the fourth quarter of 2019 increased to 278,438 ounces from 225,692 ounces in the previous period. For the full year, gold sales jumped to 979,733 ounces from 722,277 ounces.

Meanwhile, Kirkland Lake Gold said it will donate A$1 million to support the Australian bushfire relief efforts and help fund new projects to improve fire readiness. The company noted that its operations were not affected by the fires.