The start of production at the Young-Davidson mine contributed to a “transformational year” at AuRico Gold.
The Toronto gold miner released its four quarter and annual operational results on Jan. 18.
Company president and CEO Scott Perry was pleased with progress made at its newly commissioned Young-Davidson mine in Matachewan in northeastern Ontario.
“The commissioning of Young-Davidson has been one of the most successful in recent years with the mill facility operating consistently at, or above, nameplate. As we gain more experience with operating Young-Davidson, we become more confident in its potential. In 2013 and the coming years, we will continue to focus significant efforts on realizing that potential.”
Company-wide production in 2013 is expected to be in the range of 190,000 to 220,000 gold ounces, primarily as a result of increasing production from Young-Davidson as underground production ramps up over the year and as improved productivity is achieved through the commissioning of a new shaft during the third quarter.
The company plans to commission its Northgate shaft at Young-Davidson, which will enhance unit costs and improve productivity.
The company ended the year with a cash reserve in excess of US $600 million following the sale of its Ocampo mine in December.