Miner Kirkland Lake Gold (TSX, NYSE: KL; ASX: KLA) expects its Detour Lake open pit mine in northern Ontario to reach a gold output rate of 900,000 oz. a year by 2032, based on the company’s latest life-of-mine plan for the asset.
This technical report also forecasts average production of 680,000 to 720,000 oz. a year between 2021 and 2024, increasing to 800,000 oz. in 2025, as announced earlier this year.
The latest forecasts do not account for any of the exploration upside realized by Kirkland Lake since acquiring the asset at the end of January 2020 and don’t fully incorporate the impact of business improvement initiatives realized since acquisition.
A follow-up mine plan, expected next year, will include the results of company’s exploration program. Starting in January 2021, the technical report forecasts an 18-year mine life, with 22 years of processing. These last few years would be dedicated to milling of low-grade stockpiles.
“Based on the new mine plan, Detour Lake is poised to become Canada’s largest gold producer and, with the potential for substantial growth in mineral reserves as our drilling programs continue, could very well become one of the largest and most profitable gold mines in the world,” Tony Makuch, Kirkland Lake president and CEO, said in a release.
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