Detour Gold (DGC.TO) has announced its financial results for the second quarter of this year and there are no surprises as the production came in at 117,000 ounces of gold. The ramp-up is going a bit slow as the company has revised its production guidance to 450,000-480,000 ounces of gold, as compared to a previous guidance of 450,000-500,000 ounces of gold. Subsequently, the expected total cash cost will be a bit higher and is now expected to be in the range of $900-975/oz which is a relatively sharp increase from the previously used $800-900 number as guidance. That being said, a ramp-up process of a large mine never goes according to plan so we aren’t worried yet. However, we hope Detour will positively surprise us with its 2015 guidance.
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Disclosure: The author holds no position in Detour Gold. Please see our disclaimer for current positions.
