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.