Detour Gold reported its open pit gold mine north of Cochrane remains “on budget and on schedule” to start production for the first quarter of 2013.
In a July 23 release, the Toronto miner said some major milestones have been passed including a 230-kilovolt transmission line connection to the Ontario power grid.
Project construction reached 75 per cent completion on June 30 and a new peak in workforce has been achieved with 1,550 workers at the site.
“We are pleased with the performance of our contractors in achieving the 75 per cent completion mark at the end of June,” said company president Gerald Pannelton in a statement, who added Detour Gold is cashed up with $576 million to “fully finance” the remaining project spending.
“The company remains on budget with sufficient cash to complete the project construction and on schedule for gold production to commence in the first quarter of 2013.”
The company states its pre-production capital cost estimates for the Detour Lake project remain unchanged at $1.45 billion, of which $969 million had been spent by late June.
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