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.
Read more Business News
- Teachers disheartenedKelowna - 3:53 pm
- Dogs attacked with weaponKelowna - 4:45 pm
- Dog handler recounts chaseWest Kelowna - 4:00 pm
- Man hospitalized after assaultKelowna - 11:12 am
|QHR Technologies Inc||1.32||+0.07|
|Anavex Life Sciences||0.2261||-0.01|
|Copper Mountain Mining||2.68||-0.05|
|Sunrise Resources Ltd||0.02||-0.005|
|Mission Ready Services||0.30||+0.01|
There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...
Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...
Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...