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2022-01-18 10:43
09:47 AM EST, 01/17/2022 (MT Newswires) -- Kirkland Lake Gold (KL.TO) on Monday said its fourth-quarter gold production rose 3% to a record on improved production from its Detour Lake and Macassa mines while annual output exceeded its guidance targets.
The company, which merging with Agnico Eagle Mines (AEM.TO), said output rose to 380,472 ounces in the quarter, up from 369,434 ounces in the fourth quarter of 2021.
Annual production rose 5% to 1.43-million ounces, aided by the 712,824 ounces mined at Detour Lake, topping November guidance for annual output of 1.35 million to 1.4 million ounces.
"We finished 2021 with a record quarter of performance, driven by record production at Detour Lake, a strong finish to the year at Macassa and higher than planned production at Fosterville as the mine continued to achieve favourable grade performance. At the same time that we generated record operating results and continued to build our financial strength, we also made significant progress towards completing the Merger with Agnico Eagle," chief executive Tony Makuch said in a release.
Kirkland Lake said it is still awaiting approval from Australia's Foreign Investment Review Board for the merger, but expects the deal to close later this month or by mid-February.
The company's shares were last seen down C$0.22 to C$50.50 on the Toronto Stock Exchange.
Price: 50.50, Change: -0.22, Percent Change: -0.43