Saturday, August 23rd14.6°C
22568
21739

Detour Gold's new mine misses first-year production goal due to shutdown

TORONTO - Detour Gold Corp.'s mine in northeastern Ontario fell short of its production target in the first year of operation.

The company (TSX:DGC) says an unexpectedly long shutdown in December had a significant impact on its output, which was about three per cent below the lower end of its guidance.

It says output at the Detour Lake open pit mine has since returned to the levels achieved before the shutdown, which was 15 days longer than expected due to a problem at its mill.

Detour Gold says it produced 232,387 ounces last year, which was below the lower end of the company's guidance of 240,000 ounces.

It sold about 212,522 ounces during the year at an average realized price of US$1,318 per ounce.

Despite the shortfall, the miner says it ended 2013 with about $596 million of cash and short-term investments, which was more than projected.

The Canadian Press


Read more Business News

22908


Recent Trending




Today's Market
S&P TSX15535.55-19.71
S&P CDNX1005.583.38
DJIA17001.22-38.27
Nasdaq4538.551+6.446
S&P 5001988.40-3.97
CDN Dollar0.9137-0.0003
Gold1279.90+6.2001
Oil96.30+1.82
Lumber352.80-2.80
Natural Gas3.88-0.009

 
Okanagan Companies
Pacific Safety0.18-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.20-0.01
Cantex0.065-0.005
Anavex Life Sciences0.265+0.005
Metalex Ventures0.08+0.005
Russel Metals36.78-0.81
Copper Mountain Mining2.99+0.11
Colorado Resources0.17-0.015
ReliaBrand Inc0.115+0.02
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.26+0.045

 



22870

FEATURED Property
20103511636 Willow Cresc
4 bedrooms 3 baths
$439,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


How much mortgage should you carry?

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...


What is a journey without a destination?

Photo: ContributedI would call it a joy ride... You see a planned project or business has a destination. It may be an ongoing revenue stream, it may be a business value or an exit strategy. If you don...


Joint accounts: what you need to know!

Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...

_



23002

22885


Member of BC Press Council


22837