Kirkland Lake Gold unveils new three-year plan

A new three-year mine plan for fiscal years 2015-17 has Kirkland Lake Gold (TSX: KGI) focusing on grade over tonnage and margin over production.

The strategy envisages ore tonnages remaining steady at 1,050 to 1,1,135 t-d. But ounces will increase due to higher grades coming from the South mine complex as the 5400, 5600 and 5900 levels are opened up and mined over the ensuing years, the company said.

"The plan calls for keeping daily ore tonnes constant in order to keep labour and other mining costs stagnant, with an increase in produced ounces coming from higher grades," president and chief executive officer George Ogilvie outlined in a press release.

The company expects operating costs per ounce will continue to decrease in fiscal 2016 and 2017, with operating costs per ton remaining relatively flat. … profitability and maximize free cash flow. …

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