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Kirkland Lake posts record earnings, production in second quarter

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.
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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

This report by The Canadian Press was first published July 29, 2021.

Companies in this story: (TSX:KL)

The Canadian Press