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Detour production down for year

Detour Gold produced 601,566 ounces of gold in 2019, a 3% fall over 2018 despite a strong performance from its Detour Lake mine in Ontario, Canada
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Detour Lake in Ontario, Canada

Detour Lake saw a positive block model reconciliation as it produced 19.3% more ounces during the year relative to the mineral reserves, albeit at a 4.4% lower grade of 0.92 grams per tonne compared to 1.04g/t in 2018. "We are seeing more lower grade material around the periphery of the deposit which is still economic and this material is being processed as ore," said president and CEO Mick McMullen.

The company ended 2019 with a net cash balance of C$114 million compared with a net debt position of $117 million at the end of 2018, through cash generation of $231 million over the year.

Detour Gold is being acquired by Kirkland Lake Gold. The transaction is subject to approval by at least 66.6% of the votes cast by its shareholders at a special meeting scheduled on January 28.

Shares in Detour Gold are trading at C$24.75, valuing the company at $4.4 billion.