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Royal Gold: Sales Impacted By Mount Milligan Shutdown

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Royal Gold, Inc. (NASDAQ: RGLD) reports the sale of approximately 57,000 gold-equivalent ounces in its fiscal first quarter that ended on Sept. 30. This consisted of some 48,000 gold ounces, 572,000 silver ounces and 380 tonnes of copper from streaming agreements. This is lower than in the prior quarter due to a temporary shutdown of operations at Centerra Gold’s Mount Milligan gold and copper mine. The company says it also had some 20,000 gold ounces, 545,000 silver ounces and 350 tonnes of copper in inventory as of Sept. 30. Average realized prices for the quarter were $1,221 per gold ounce, $15.25 per silver ounce, and $5,800 per tonne ($2.63 per pound) of copper, respectively, compared to $1,314, $16.55, and $6,847 ($3.11 per pound) in the prior quarter. “As previously announced and anticipated, reduced sales were experienced during the first quarter from Mount Milligan due to the temporary shutdown of the mill processing facility that occurred in early calendar 2018 resulting from a lack of sufficient water sources,” Royal Gold says. On Sept. 14, Centerra reported that both ball mill circuits at Mount Milligan had been operating from current water sources through the third calendar quarter to that date, and that approval had been received for the use of certain short-term water sources through Nov. 15.

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

 

Kirkland Lake Reports Record Quarterly Gold Output

Monday October 9, 2018 08:37

Kirkland Lake Gold Ltd. (TSX, NYSE: KL) reports record quarterly gold production of 180,155 ounces during the third quarter. This is a 30% increase from 139,091 ounces in the third quarter of 2017 and a 9% increase from 164,685 ounces in the second quarter of 2018. The company says output exceeded its targets, driven by record quarterly production from Fosterville of 90,618 ounces as well as from Canadian operations, with Macassa, Holt and Taylor collectively producing 89,537 ounces. Company-wide production during the first nine months of 2018 totaled 492,484 ounces, with Kirkland saying it is positioned to achieve improved full-year 2018 guidance of over 635,000 ounces. “At Fosterville, we commissioned a second gravity circuit during Q3 2018 and saw an immediate spike in production, with the Fosterville Mill processing over 18,000 ounces in the first week of the circuit’s operation,” says Tony Makuch, president and chief executive officer. “This spike can largely be attributed to the gravity circuit’s effectiveness in recovering gold previously contained in the recirculating load of the grinding circuit. We also mined and processed our first Swan Zone stope during the quarter, which contributed over 7,500 ounces of production at an average grade of close to 40 g/t [grams per tonne], in line with target levels.”

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

 

Pretium CEO: On Track To Meet 2H Gold Guidance

Monday October 9, 2018 08:37

Pretium Resources Inc. (TSX, NYSE: PVG) reports that 92,641 ounces of gold were produced during the third quarter at the company’s still-new Brucejack Mine in British Columbia. “We added $48 million to our cash on hand during the third quarter, and are focused on sustaining long-term profitability,” says Joseph Ovsenek, president and chief executive officer. “We are on our way to meeting our gold production guidance of 200,000 to 220,000 ounces of gold for the second half of 2018.”

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.

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