{"id":1150094,"date":"2019-11-15T14:18:14","date_gmt":"2019-11-15T20:18:14","guid":{"rendered":"https:\/\/www.mining.com\/?p=1006972"},"modified":"2019-11-15T14:18:14","modified_gmt":"2019-11-15T20:18:14","slug":"detour-gold-stock-hits-two-month-high-on-strong-q3-results","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1150094","title":{"rendered":"Detour Gold stock hits two-month high on strong Q3 results"},"content":{"rendered":"<p>Shares of Detour Gold (TSX: DGC) surged over 11% to a two-month high on Friday following the release of the company&#8217;s <a aria-label=\"third quarter operational and financial results (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"https:\/\/www.detourgold.com\/investors\/news\/press-release-details\/2019\/Detour-Gold-Reports-Third-Quarter-2019-Results\/default.aspx\" >third quarter operational and financial results<\/a>. For the quarter in review, the Toronto-based gold miner reported adjusted earnings of $35.3 million compared to a net loss of $1.5 million in the same quarter last year, beating analysts\u2019 estimates.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The company is currently focused on its wholly owned Detour Lake mine in Ontario, situated in the same area as the historic Detour Lake open-pit\/underground mine operated by Placer Dome which produced 1.8 million oz gold from 1983 to 1999.<\/p>\n<p>During the third quarter, Detour Gold incurred all-in sustaining cost (AISC) of $1,198\/oz and total cash cost of $730\/oz, representing a 13% and 9% improvement respectively over the prior-year period. Accordingly, the company reduced the AISC and cash cost guidance range for the year to reflect its enhanced operating performance.<\/p>\n<p>Gold output reached137,670 oz in Q3 2019, in line with the forecast grade profile, and the company has also decided to increase the lower end of its full-year production guidance to 590,000-605,000 oz. <\/p>\n<p>Despite the lower ounces produced quarter over quarter, the company says it has made &#8220;very good progress&#8221; on reducing absolute costs, and this quarter represents its highest ever cash cost margin per ounce.<\/p>\n<p>Contractor management improved significantly in Q3, and based on the work to date, the company expects to save approximately C$15 million to C$20 million per annum from 2020 onwards on contractor spend, representing C$300 million in value life-of-mine.<\/p>\n<p>Subsequent to quarter end, the company received approval from the Ontario government for its updated closure plan for the Detour Lake mine.<\/p>\n<p>Detour Gold has a current market capitalization of C$3.8 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Toronto-based gold miner reported adjusted earnings of $35.3 million compared to a net loss of $1.5 million in the same quarter last year.<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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