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Detour Gold books record Q4'18 production; FY'18 output meets guidance

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Detour Gold books record Q4'18 production; FY'18 output meets guidance

Detour Gold Corp. produced a record 158,200 ounces of gold from its Detour Lake mine in Ontario in the fourth quarter of 2018, bringing full-year production to 621,128 ounces, according to Jan. 15 preliminary results.

The company produced 150,046 ounces of gold in the fourth quarter of 2017.

The company's 2018 gold production hit the mid-point of its full-year production guidance of between 595,000 and 635,000 ounces, and was up 9% year over year.

Detour Gold's sales reached 172,935 gold ounces in the fourth quarter and 610,672 gold ounces in 2018. The company sold 561,974 ounces of gold in 2017.

As of Dec. 31, 2018, the company had around US$132 million of cash and cash equivalents and US$222 million available and undrawn from its US$500 million credit facility.

The company's 2018 capex is estimated to be below the guidance of US$265 million to US$285 million, while sustaining capex is expected to be lower than the US$206 million forecast.