Detour Gold Corp., $12.99, symbol DGC on Toronto (Shares outstanding: 157.8 million; Market cap: $2.1 billion; www.detourgold.com), finished building its Detour Lake mine in northeastern Ontario in February 2013. It’s now operating at close to full production.
The mine produced 232,287 ounces of gold in 2013. This year, with the project at full capacity, its output will likely rise to between 450,000 and 480,000 ounces. That should generate cash flow of $0.80 a share in 2014, and that could rise as high as $1.46 in 2015.
Over the mine’s 21.5-year life, the company expects its production to average 600,000 ounces annually.
Detour holds cash of $138.2 million, or $0.88 a share. Its long-term debt of $524.3 million is a low 25% of its market cap.
The company will need to keep successfully operating Detour Lake to achieve its production and cash flow forecasts. As well, like most gold firms, its shares will be heavily influenced by the direction of gold prices.
Detour Gold is okay…
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