Hi Pat: Just wondering if you have an opinion on Detour Gold. They have fallen back quite substantially lately, but with the mine now near completion and the gold starting to pour, I was wondering what you think of it as a long-term investment. I live in Cochrane, in northern Ontario, at present and am familiar with the story. Thanks very much.
Detour Gold, $10.17, symbol DGC on Toronto (Shares outstanding: 117.9 million; Market cap: $1.2 billion; www.detourgold.com), has finished building its Detour Lake mine in northeastern Ontario and aims have the project operating at full production in the third quarter of this year.
The company estimates that the mine will produce 171,000 ounces of gold this year. It forecasts cash flow per share of $0.67 in 2013.
In 2014, with the mine at full operating capacity, output will likely exceed 574,000 ounces. That should generate cash flow of as much as $4.49 per share.
Detour Gold holds cash of $170 million, which should be enough to bring the Detour Lake mine to full production.
The company will need to keep moving its mine toward a successful start-up to achieve its production and cash flow forecasts. As well, like most gold companies, the shares will be heavily influenced by the direction of gold prices.
Detour Gold is okay for aggressive investors to hold. …
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