News

Kirkland Lake posts record earnings, production in second quarter

Kirkland Lake posts record earnings, production in second quarter
Business
TORONTO - Mining company Kirkland Lake reported record production and earnings in their second quarter, despite a rise in operating costs for selling gold compared to the previous year.

The Toronto-based company reported net earnings of US$244.2 million or 91 cents per share, a 63 per cent increase from the same quarter last year and a 51 per cent increase from the previous quarter.

Kirkland Lake’s revenue reached US$662.7 million, an increase of 14 per cent from the same quarter last year and 20 per cent from the previous quarter.

The company produced more than 379,000 ounces of gold in the quarter, up 15 per cent from a year ago and 25 per cent from the last quarter.

The operating cash cost per ounce of material sold was US$431, up from US$374 a year ago but down from US$542 in the previous quarter.

The company said it has a free cash flow of US$131.2 million after their second quarter.

“We had an excellent quarter in Q2 2021 highlighted by record earnings, record quarterly production, strong revenue growth and significant increases in both operating and free cash flow,“ said President and CEO Tony Makuch in a statement.

“In addition, we benefited from solid unit costs performances at all three operations, resulting in operating cash costs and AISC for the quarter that were better than full-year guidance
Read more on Toronto Star
News Topics :
Similar Articles :
Business
TORONTO Mining company Kinross Gold Corp. reported lower earnings and increased costs around production for its second quarter report Wednesday. The company reported net earnings attributable to common shareholders of...
Business
CALGARY Investors in Canadian gold mining companies are being rewarded with higher dividends as gold prices settle near US$1, 900 per ounce after setting record highs above US$2, 070 in August....
Business
CALGARY Kirkland Lake Gold Ltd. is reporting full year 2020 gold output of 1.37 million ounces, a 41 per cent increase from 2019 and in line with guidance. The increase...
Business
TORONTO Shares in Kinross Gold Corp. rose by more than 10 per cent on Friday after it announced it would introduce its first dividend in seven years in view...
Business
If not for the blemish on its earnings in the last three months of 2020, analysts said the company would have registered a solid beat on expectations driven by strong...