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Kirkland Lake flags up to 1.1 Moz gold output in FY'20, eyes 3 new projects

Kirkland Lake Gold Ltd. is targeting production of 950,000 ounces to 1.0 million ounces in 2020, and expects to produce an additional 100,000 ounces to 120,000 ounces from its Northern Territory operations in Australia.

The Northern Territory output, however, is not included in the company's guidance, pending the resumption of commercial operations.

Operating cash costs per ounce sold are expected to average between US$300 and US$330, and all-in sustaining costs per ounce sold are estimated between US$570 and US$630.

The company said Dec. 18 that it expects 590,000 to 610,000 ounces from its Fosterville mine in Victoria, Australia; 240,000 to 250,000 ounces from its Macassa mine in Ontario; and 120,000 to 140,000 ounces from its Holt Complex in Ontario.

Output at Fosterville is expected to increase to 550,000 to 600,000 ounces in 2021 and 2022, while production at Macassa is expected at the same level in 2021 and increase to 320,000 to 340,000 ounces in 2022. The company expects Macassa output to grow to over 400,000 ounces starting 2023.

The company did not provide a three-year guidance for the Holt Complex as an ongoing review of operations is expected to extend into 2020.

Additionally, Kirkland said it will start work on establishing two new mining operations, Robbin's Hill at Fosterville and previously identified high-grade zones near surface along the Amalgamated Break at Macassa.

Meanwhile, the company will continue advanced exploration work in the Northern Territory, which can become a potential third new source of future production.

Exploration expenditure in 2020 is estimated from US$120 million to US$140 million, sustaining capex from US$165 million to US$175 million, and growth capex from US$70 million to US$80 million.