GUIDANCE: Northgate forecasts lower gold costs after next year

VANCOUVER - Northgate Minerals expects gold production to go up and cash costs to go down after 2011 with the startup of the Young-Davidson mine 60 km west of Kirkland Lake, ON. The company says output this year will be 195,000 to 205,000 oz of...

VANCOUVER - Northgate Minerals expects gold production to go up and cash costs to go down after 2011 with the startup of the Young-Davidson mine 60 km west of Kirkland Lake, ON. The company says output this year will be 195,000 to 205,000 oz of gold at an average net cash cost of US$810 to US$855 per ounce from the Kemess mine in British Columbia and the Fosterville and Stawell mines in Australia.

Output will go up to the 285,000-300,000-oz range at US$725-US$750/oz in 2012. For 2013, the company plans to produce 340,000 to 355,000 oz at US$615-645/oz.

In addition to gold, Northgate's Kemess south mine will produce 5.3 million lb of copper before it closes in February 2011.

More information about the individual mines is available in the news release dated Jan. 10, 2011, posted at www.NorthgateMinerals.com.

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