Detour Gold Corp., $10.62, symbol DGC on Toronto (Shares outstanding: 156.8 million; Market cap: $1.7 billion; www.detourgold.com), has finished building its Detour Lake mine in northeastern Ontario. It’s now close to full production.
The company reports that the mine produced 232,287 ounces of gold in 2013. In 2014, with the project at full capacity, its output will likely range between 440,000 and 500,000 ounces. That should generate cash flow as high as $0.98 a share this year.
Over the mine’s 21.5-year life, the company expects its annual production to average 660,000 ounces annually.
Detour Gold just sold 18.7 million shares at $9.25 each to raise $172.5 million. It now holds cash of about $230 million. That should be more than enough to bring Detour Lake to full production and pay off around $90 million of debt. At the end of 2013, the company’s debt stood at $520.9 million, or a reasonable 30.6% of its market cap.
The company will need to keep making good…
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