Make Kitco Your Homepage

Yamana Tops 2017 Output Guidance For Gold, Copper

Kitco News

Yamana Gold Inc. (TSX: YRI; NYSE: AUY) says it topped guidance for gold and copper output in 2017. The company lists fourth-quarter preliminary output of 259,000 ounces of gold, 1.17 million ounces of silver and 34 million pounds of copper. For the full year, output included 977,000 ounces of gold, topping guidance of 960,000; 5 million ounces of silver, roughly matching guidance; and 127 million pounds of copper, topping guidance of 125 million. “Full-year production for both gold and copper exceeded the higher guidance levels set in October, which, for gold, was the second increase of the year,” Yamana says. Meanwhile, the company says construction of Cerro Moro in Argentina is on time and on budget. Yamana says it anticipates achieving commercial production before mid-year.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Kirkland Lake: All Mines Achieve Record Output In 2017

Thursday January 11, 2018 09:24

Kirkland Lake Gold Ltd. (TSX: KL; NYSE: KL; ASE: KLA) reports record output for 2017 as all of the company’s operating mines also posted records. Consolidated 2017 production of 596,405 ounces beat improved guidance of 580,000 to 595,000 ounces. Record full-year production at all operating mines included including 263,845 ounces at Fosterville, 194,237 ounces at Macassa, 66,677 ounces at Holt and 50,764 ounces at Taylor, Kirkland Lake says. Consolidated production in fourth quarter totaled a quarterly record 166,579 ounces, a 9% increase from the same period a year earlier and 20% higher than the third quarter. “Particularly encouraging was our strong finish to the year, with Q4 2017 being our best quarter ever for production,” says Tony Makuch, president and chief executive officer. “Leading the way was Fosterville, where full-year production increased 74% from the previous year, and record fourth-quarter results reflected an average grade of 21.5 g/t [grams per tonne], by far the highest quarterly average ever achieved by the mine. Over the last year, Fosterville has joined our Macassa mine as one of the world’s highest-grade gold producers, with mineral reserve ounces and the average reserve grade more than doubling and annual production capacity increasing to over a quarter million ounces per year, with more growth to come.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

Golden Star Meets Guidance, To Focus On High-Margin Ounces In 2018

Thursday January 11, 2018 09:24

Golden Star Resources (NYSE American: GSS; TSX: GSC; GSE: GSR) says it achieved production guidance for 2017. Officials list a 38% increase in consolidated gold production in to 267,565 ounces, plus a 34% year-on-year increase in the fourth quarter to 71,769 ounces. The company lists 2018 guidance of 230,000 to 255,000 ounces, with plans to focus higher-margin ore. However, operating costs are expected to decline, Golden Star says. Consolidated all-in sustaining costs per ounce are expected to be 7% to 17% lower than the midpoint of the 2017 guidance range, putting them at $850 to $950. “I'm particularly pleased to see the strong results from Wassa Underground in the fourth quarter of 2017, including a 55% increase in grade compared to the third quarter, and I look forward to stronger production in 2018 as we increase the mining rate further,” says Sam Coetzer, president and chief executive officer. “In 2018 our primary focus will be high-grade, high-margin underground ounces. Although production in 2018 is anticipated to be lower than in 2017, our operating cost guidance is also significantly reduced and thus we believe this strategy delivers the best value for all of our stakeholders.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

B2Gold Anticipates Shattering 2017 Output Record In 2018

Thursday January 11, 2018 08:46

B2Gold Corp. (TSX: BTO, NYSE: BTG, NSX: B2G) reports record gold production in the fourth quarter and full-year 2017, plus the company expects significantly higher output in 2018 due to its new Fekola Mine. The company says it achieved record annual gold production for the ninth consecutive year at 630,565 ounces, which includes 79,243 ounces of pre-commercial production from Fekola. The total exceeds the upper end of the revised guidance range of 580,000 to 625,000 ounces. For the fourth quarter, B2Gold’s consolidated output was a quarterly record 240,753 ounces, including 72,903 ounces of pre-commercial production from Fekola, with the total exceeding revised guidance by 5% and up 71% over the same period in 2016. The Fekola Mine achieved commercial production ahead of schedule on Nov. 30. With the planned first full year of production from Fekola, the company’s 2018 outlook calls for “dramatic production growth of approximately 300,000 ounces versus 2017, as consolidated annual gold production is expected to increase significantly to between 910,000 and 950,000 ounces.” B2Gold lists projected cash operating costs and all-in sustaining costs of between $505 and $550 per ounce and between $780 and $830 per ounce, respectively.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Alamos Gold Lists Record Quarterly, Annual Production

Thursday January 11, 2018 08:46

Alamos Gold Inc. (TSX: AGI; NYSE: AGI) lists record gold output for the fourth quarter and 2017. Alamos produced 120,300 ounces in the fourth quarter, including a record 56,500 ounces from the Young-Davidson Mine. Consolidated quarterly output was up from 105,676 ounces in the same period a year ago, while full-year output was up 10%. “With record fourth-quarter gold production, Alamos achieved a new annual record, producing 429,400 ounces of gold, while delivering a significant reduction in operating costs and capital spending. This translated into strong free cash flow growth from our operations,” says John A. McCluskey, president and chief executive officer. This includes approximately one month of production from the Island Gold Mine following completion of the acquisition. Excluding Island Gold, the company produced 420,400 ounces, above the mid-point of guidance.  “We significantly improved our outlook over the past year,” McCluskey says. Production guidance for 2018 was put at 480,000 to 520,000 ounces of gold, a 16% increase over 2017 (based on the mid-point of guidance), reflecting the inclusion of Island Gold. All-in sustaining costs are seen creeping up slightly to $950 an ounce.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Centerra Gold Receives Pastureland Permit For Öksüt Project

Thursday January 11, 2018 08:46

Centerra Gold Inc. (TSX: CG) says that its Turkish subsidiary has received approval of a “pastureland permit” for the Öksüt project in Turkey. The company has also received notice from the Kayseri Directorate of Food, Agriculture and Livestock for payment of the necessary “grass fee” of approximately $4 million and a refundable deposit to the Directorate to begin the land-delivery process that converts the pastureland to industrial usage land. The land-delivery process is expected to take up to 45 days. “Öksüt is expected to be another of the company’s low-cost operating sites, and the completion of the permitting process has now paved the way for the project’s future development,” says Scott Perry, chief executive officer of Centerra. Construction of the project is subject to board approval, which the company suggests may occur in late February.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News