Richmont Mines Announces 2015 Operating Results

2015 was a good year for Richmont Mines (it is included in my portfolio of top five miners). The company produced 98,031 ounces of gold (3% up, in comparison to 2014). The chart below demonstrates the company's results:

The biggest share in this high production belongs to the Island Gold Mine, a flagship property. In 2015 this mine delivered 56.1% of total gold production. The second biggest producer was the Beaufor Mine (26.9%). The chart below shows the production breakdown, starting from 2011:

It is easily noticeable that Island Gold is the leading property - each year this mine was delivering the majority of the company's gold production. This situation is not going to change.

Quite contrary - Island Gold is the property at which the company plans to build its strength.

According to the most recently published Preliminary Economic Assessment,  in 2016 the company will put in operation Island Gold Lower Zones, an extension of the Island Gold. The chart below shows the expected production, delivered from this new mine:

As the chart shows, at its peak, in 2019, the Island Gold Mine should deliver as many as 92.5 thousand ounces of gold (an increase of 68%, compared to 2015). Part of the construction has just been finished - in 2015 the company increased the mill capacity (from around 700 tonnes per day to 900 tonnes per day).