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Kirkland Lake reports record Q4'18, FY'18 gold output

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Kirkland Lake reports record Q4'18, FY'18 gold output

Kirkland Lake Gold Ltd. achieved record quarterly production for the fourth quarter of 2018 at 230,993 ounces, 28% higher than the previous record of 180,155 ounces achieved in the third quarter of 2018. Gold output was 39% higher on a yearly basis.

The company said Jan. 8 that fourth-quarter 2018 production was driven by record output at the Fosterville gold mine in Victoria, Australia, and the Macassa gold-silver mine in Ontario.

Total gold sales for the quarter stood at 225,692 ounces, compared to 165,715 a year ago.

The company also achieved record production for 2018 at 723,477 ounces, 21% higher than 2017.

Three of the company's mines achieved record annual production in 2018: Fosterville, Macassa and the Taylor gold mine in Ontario.

Gold sales for the year totaled 722,277 ounces, significantly above the 592,674 ounces sold in 2017.

President and CEO Tony Makuch said the company is targeting production of 740,000 to 800,000 ounces in 2019, 850,000 to 910,000 ounces in 2020 and 945,000 to 1,005,000 ounces in 2021.