Thursday, December 18th0.2°C
24562
23664

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

21297


Recent Trending




Today's Market
S&P TSX14213.88+352.36
S&P CDNX659.00+16.65
DJIA17356.87288.00
Nasdaq4644.312+96.477
S&P 5002012.89+40.15
CDN Dollar0.8617+0.0029
Gold1203.70+9.3999
Oil58.15+1.68
Lumber337.20+3.00
Natural Gas3.755+0.053

 
Okanagan Companies
Pacific Safety0.125+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.27+0.04
Cantex0.03-0.005
Anavex Life Sciences0.1659-0.0241
Metalex Ventures0.05-0.005
Russel Metals27.18+1.03
Copper Mountain Mining1.54+0.11
Colorado Resources0.105-0.005
ReliaBrand Inc0.0199+0.0065
Sunrise Resources Ltd0.055+0.005
Mission Ready Services0.22+0.02

 
23744


23041

FEATURED Property
21475383028 Quail Crescent
3 bedrooms 3 baths
$549,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Parenthood: Estates, insurance & taxes

It is now even more important to ensure your loved ones are well looked if anything should happen to you. Here are a few topics to consider helping you prepare for some of the unexpected events that c...


Managing your sales team

Managing a sales team can be quite a challenge. Harnessing individual personality preferences and getting everyone focused on the same goals, moving at the same pace, and working in collaboration to d...


Working under the table

They say there are only two things that are certain in life: death and taxes. Not exactly an uplifting thought, but true nonetheless. Some people try to avoid paying tax by “working under the ta...

_



24386




Member of BC Press Council


23895