Detour Gold Corp. is a Canadian intermediate gold mining company with a primary focus on the successful ramp up of its flagship asset - the Detour Lake Mine, located in the mining-friendly territory of northeastern Ontario. Most of the company's employees are from the Cochrane and Timmins, Ontario area. Detour has continued to strive to maximize local employment in the communities surrounding the mine operation and with their Aboriginal partner communities, offering both job opportunities and training. The Detour Lake project was purchased from Pelangio Mines Ltd. in 2007 (the option property from Goldcorp in 2008).
Detour Gold's proven gold reserves of 15.6 million ounces is comparable to that of Canada's Osisko Mining, whose main property is also in the vicinity of the Abitibi gold belt.The company acquired the asset in 2006 from Pelangio Mines Ltd. for $75 million just before it went public on the Toronto Stock Exchange on January 31, 2007. Initially the mine was assessed as having an indicated mineral resource of 3.4 million ounces. In September 2009 a study suggested that the mine was capable of producing gold at a rate of 560,000 ounces per year (that was raised to 649,000 by mid-2010).The company's main asset has 2P reserves of 15.6 million ounces (up from 14.9M oz Jan 2011, up 36% since 2010) and ranks 4th among North America's gold deposits by size (up from 6, July 2010); further exploration could push that up to 20 million ounces. The mine is located in the Abitibi Greenstone Belt near the Abitibi gold belt of Quebec/Ontario.
In February 2013, Detour Gold poured its first doré bars at Detour Lake, and has since continued to ramp up its project through the remainder of the year, achieving commercial production in August.In January 2017 Detour Gold notified shareholders of an unsolicited mini-tender offer made by TRC Capital Corporation to purchase up to 5,000,000 common shares, or approximately 2.86 percent of the Company's outstanding common shares, at a price of CA$15.25 per share. Detour Gold did not endorse the unsolicited mini-tender offer and recommended shareholders not to tender their shares in response.Detour Gold produced 537,765 ounces of gold in 2016 at all-in sustaining costs of approximately $1,005 per ounce.
In 2016 Detour Gold generated US$658.3 million in revenue on gold sales of 527,727 ounces of gold at an average realized price of $1,221 per ounce of gold. The Company reported a net loss of $6.9 million or $0.04 per share and adjusted near earnings of $10.4 million or $0.06 per share. Detour ended the year with a cash and short-term investment balance of $129.4 million.
In Q1 2017 Detour produced 131,418 ounces of gold and generated $163.7 million in revenue from the sale of 134,213 ounces at an average realized price of $1,216 per ounce.
In Q2 2017 Detour produced 150,135 ounces of gold and generated $180.1 million in revenue from the sale of 142,970 ounces at an average realized price of $1,257 per ounce.