02:33 PM EDT, 06/30/2020 (MT Newswires) -- Kirkland Lake Gold (KL.TO) on Tuesday reissued the 2020 guidance it suspended in April because of the pandemic lockdown, forecasting production this year of between 1.35 million and 1.4 million ounces of gold, lower than its original target of 1.47 million to 1.54 million ounces.

The company said it incurred as much as US$15 million in costs due to the shutdown, though cash costs are now pegged at about US$420 per ounce, down from around US$460. All-in sustaining costs are estimated at around US$800 per ounce, down from US$830.

Kirkland Lake said the lower costs come on the continuing suspension of operations at its Holt mining complex.

"We expect improved unit costs compared to previous guidance due to the removal of Holt Complex from our 2020 guidance, which is a relatively high-cost operation, as well as changes in market conditions," chief executive Tony Makuch said in a release.

The company's shares were last seen up C$1.59 to C$55.43 on the Toronto Stock Exchange.

Price: 55.15, Change: +1.31, Percent Change: +2.43