Detour Gold, $8.78, symbol DGC on Toronto (Shares outstanding: 138.1 million; Market cap: $1.2 billion; www.detourgold.com), has finished building its Detour Lake mine in northeastern Ontario and aims to achieve full production soon.
The company estimates that the mine will produce 260,000 to 320,000 ounces of gold this year. In 2014, with the project operating at full capacity, its output will likely exceed 576,000 ounces. That should generate cash flow as high as $2.68 a share.
Over the mine’s 21.5-year life, the company expects its annual production to average 657,000 ounces.
Detour Gold holds cash of $196.5 million, which should be enough to bring the Detour Lake mine to full production.
The company will need to keep making good progress with 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 for aggressive investors to hold. hold…
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